SOURCE: Hunt Gold Corporation

February 19, 2009 12:07 ET

Hunt Gold Corporation -- Substantial JV Stock Purchases

Joint Venture Company Acquires 800 Million Additional Shares of the Company's Common Stock

NEW YORK, NY--(Marketwire - February 19, 2009) - Hunt Gold Corporation (PINKSHEETS: HGLC) announced on November 14, 2008 that your Company had formed a Joint Venture Company, being a 50/50 partnership between your Company and a Mining Fund, to acquire shares of your Company's Common Stock as a short to medium term investment.

-- Total purchases to date by the Joint Venture Company now amount to 2,603,863,000 shares of your Company's "free trading" Common Stock after the Joint Venture Company acquired an additional 800 million shares of the Company's "free trading" Common Stock yesterday afternoon. This will have resulted in a massive reduction of the amount of the Company's shares being offered in the market, as from today.

-- Joint Venture Company's purchases are now definitely resulting in very significant reductions of your Company's shares of Common Stock being offered in the market by these Sellers. The Joint Venture Company and the Company's Management is now of the opinion that that they will be unable to purchase any further shares of your Company's Common Stock in these "off the market" transactions as we have been unable to attract any further Sellers at these prices after having identified all of the Sellers of the Company's shares of Common Stock who were prepared to sell all or part of their stockholdings. Additional purchases of the Company's shares of Common Stock by the Joint Venture Company will be effected in the market upon the launch of the Company's web site by the Company's IR Firm, MDM Worldwide Solutions, Inc.

The Joint Venture Company is not purchasing these shares of your Company's shares of Common Stock to increase your Company's stock price; this is a short to medium term investment in terms of the agreement between the Joint Venture Company partners.

The Joint Venture Company purchased an amount of 156,983,000 "free trading" shares of your Company's Common Stock on November 17, 2008, and at a price of US$0.00035 per share. The Joint Venture Company purchased on November 26, 2008, an additional amount of 196,880,000 "free trading" shares of the Company's Common Stock from another Seller and at a price of US$0.0003 per share of your Company's Common Stock.

The Joint Venture Company purchased on February 11, 2009, an additional amount of 750,000,000 "free trading" shares of the Company's Common Stock from another Seller and at a price of US$0.00007 per share of your Company's Common Stock.

The Joint Venture Company purchased on February 12, 2009, an additional amount of 300,000,000 "free trading" shares of the Company's Common Stock from another Seller and at a price of US$0.00007 per share of your Company's Common Stock.

The Joint Venture Company purchased on February 17, 2009, an additional amount of 400,000,000 "free trading" shares of the Company's Common Stock from another Seller and at a price of US$0.00008 per share of your Company's Common Stock.

The Joint Venture Company purchased on February 18, 2009, an additional amount of 800,000,000 "free trading" shares of the Company's Common Stock from another Seller and at a price of US$0.000075 per share of your Company's Common Stock. That Seller has cancelled its sales order in the market which was being offered at a price of US$0.0001 per share.

The Joint Venture Company is now holding an amount of 2,603,863,000 shares of your Company's Common Stock. All of these purchases were settled in cash.

These purchase by the Joint Venture Company were transacted "off market" to eliminate brokerage costs and to avoid the distortion of the Company's trading volumes.

Your Company's Management wishes to stress that the Sellers of your Company's shares of Common Stock were being forced to dispose of these shares due to financial pressures beyond their control and the Sellers were made fully aware that if they were in a financial position to enable them to hold these shares of your Company's Common Stock for a longer period of time, they would have achieved a far greater price per share.

These acquisitions of these additional shares of your Company's Common Stock by the Joint Venture Company will now result in a massive reduction in the amount of your Company's shares on offer in the market.

ABOUT HUNT GOLD CORPORATION

Hunt Gold Corporation is a Gold Mining & Exploration Company focused on the development and exploration of its Gold properties, namely "Mockingbird," "Ambassador," "Golden Eagle," "Gladstone Lookout," "Lady Alde," "Williamson," "Blue Copper Mine," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal." The Company has completed the sale of its "American Molygold" interests and will be distributing the entire sale proceeds through a Stock Dividend to its stockholders. The Company has disposed of its "Lookout" Silver Projects and will be retaining an amount of US$65 million in quoted stock from that disposal.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.

Contact Information

  • For further information contact:

    MDM Worldwide Solutions, Inc. (Investor Relations Enquiries)
    E Mail: Email Contact
    Telephone: (646) 961-4458
    Contact: Richard Hausig

    Hunt Gold Corporation (Corporate Enquiries)
    E Mail: Email Contact
    Telephone: (954) 840-6956
    Contact: Mr. Michael G Saner