SOURCE: HuntMountain Resources

June 22, 2006 15:27 ET

HuntMountain Resources Completes Option Agreement for Québec Gold Properties

SPOKANE, WA -- (MARKET WIRE) -- June 22, 2006 -- HuntMountain Resources (OTCBB: HNTM) announced today that it has finalized a formal option agreement with Diagnos, Inc. to acquire a 100 percent interest in the Lac à l'Eau Jaune and Malartic Surimau prospective gold properties in the Abitibi region of northwestern Québec.

The Lac à l'Eau Jaune Project is located approximately twenty miles southwest of the Town of Chibougamau and consists of 21 claims totaling 2,900 acres. The prominent Chibougamau District, 210 miles northeast of Val d'Or, has reportedly produced over 33 million ounces of gold from 28 mines. Gold projects in the vicinity include the Joe Mann Mine, Chevrier, Lac Meston, and Philibert Deposits.

The Malartic Surimau Project lies within the prolific Abitibi Gold Belt and is comprised of 25 claims covering 3554 acres approximately 10 miles southwest of the Town of Malartic and 25 miles west of Val d'Or. Major precious metal exploration and development programs in the area include Osisko's Canadian Malartic and Agnico-Eagle's Goldex projects. Osisko recently announced the acquisition and future exploration of an additional 241 claims staked to the north and east of the Malartic Surimau property. The Abitibi Gold Belt of western Québec and eastern Ontario has produced nearly 150 million ounces of gold and remains one of the world's richest mining regions.

"We are pleased with the acquisition of the Lac à l'Eau Jaune and Malartic Surimau Projects and are excited to begin working in Québec," said President and Chairman Tim Hunt. "Our agreement with Diagnos has not only yielded valuable property positions within prominent Abitibi mining districts, but also the enhancement of our exploration efforts through the use of their comprehensive resource detection software."

HuntMountain will earn its interest in the properties after paying Diagnos $70,000 and performing initial exploration programs consisting of at least three drill holes on each property. Diagnos will assist in the identification of potential drill targets. Following completion of the exploration programs, HuntMountain will have the option to acquire up to an additional seven properties currently held by Diagnos in Québec. The terms of the option agreement can be viewed at www.sec.gov.

HuntMountain Resources is a U.S.-based junior exploration company engaged in acquiring, exploring and developing precious and base metals properties throughout North and South America. The Company currently holds properties in Nevada, Québec, and Santa Cruz Province, Argentina.

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not even be anticipated. This news release is neither a prospectus nor an offer to sell securities or stocks in the company. It is intended for informational purposes only.

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