SOURCE: Hunt Gold Corporation

July 14, 2008 12:06 ET

Hunt Gold Corporation -- Update on Sale and Share Buyback

Company Confirms Its Intentions to Sell Its "Molygold" Interests and Effect a Share Buyback

NEW YORK, NY--(Marketwire - July 14, 2008) - Hunt Gold Corporation (PINKSHEETS: HGLC) announced on July 11, 2008 that certain Investment Groups had now assumed voting control of the Company and that the Board of Directors, with the assistance of these Investment Groups, was in discussions to dispose of its recently acquired "Molygold" assets.

The Board of Directors can now confirm that the Company will definitely be disposing of its "Molygold" interests.

The proceeds from the sale of these "Molygold" interests are to be utilized to effect a share buyback of the Company's "free float" of Common Stock.

The Company will focus its attention on its Gold Mining & Exploration assets.

The Company has no plans to effect any Placement of its stock for cash whatsoever, as it has the necessary funding facilities in place in order to execute its plans for its Gold Mining & Exploration assets, commencing with its "Mockingbird" mine on September 1, 2008.

Stockholders will continually be advised accordingly, as your Company's Management becomes aware of further details and developments.

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," "American Molygold," "Gladstone Lookout," "Lady Alde," "Lookout Silver," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal" interests.

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 companies' 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:

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