SOURCE: HuntMountain Resources

March 15, 2007 10:40 ET

HuntMountain Wins Bid for La Josefina Gold Property in Argentina!

SPOKANE, WA -- (MARKET WIRE) -- March 15, 2007 -- HuntMountain Resources (OTCBB: HNTM) is very pleased to announce that its Argentine subsidiary, Cerro Cazador S.A., was selected as the winning bidder for the La Josefina gold property in Santa Cruz Province, Argentina. Through a public bidding process carried out by Fomento Minero de Santa Cruz Sociedad del Estado (Fomicruz S.E.), Cerro Cazador S.A. was awarded the right to explore and develop mineral deposits on La Josefina. Fomicruz will study the technical details of the bid, and the parties plan to execute a definitive Exploration Agreement within the next 30 days.

La Josefina has a long history of successful exploration and the results have never been publicized. Excellent results were returned from many of the previously drilled diamond core holes, including intercepts of 12.20 meters at 23 grams per ton of gold and 2 meters at 164 grams per ton of gold. Historical trenching has also returned outstanding values, including an interval of 7 meters at 114 grams per ton of gold and 3 meters of 176 grams per ton of gold. Upon completion of the Exploration Agreement with Fomicruz, Cerro Cazador will begin its analysis of the voluminous data package and an exploration plan will be formulated.

Danilo Silva, President of Cerro Cazador, and General Manager - South America for HuntMountain Resources, explained, "This is a very large property package that has the potential to host a number of precious metal deposits. We have toured the property many times over the last ten years and have always believed that La Josefina holds great potential for discovery and development of significant gold and/or silver resources. The existing drill and trenching results are very impressive and support our belief in La Josefina. We look forward to building on Fomicruz's results and realizing the value in this very prospective property."

The property is 52,770 hectares in size (130,395 acres, 204 square miles, or 527 square kilometers), and has already undergone considerable exploration during the last 13 years. Exploration, including detailed geological mapping; soil, regolith, and rock sampling; trenching; geophysical surveys; and drilling, was performed by Fomicruz with collaboration by the Instituto de Recursos Minerales (INREMI) of the La Plata University. Nearly US$ 3,000,000 has been spent on exploration at La Josefina, including 8,000 assay samples, 3,900 meters of trenching, and 4,100 meters of drilling. Significant gold and silver occurrences have been discovered in four of the most promising areas on the property.

"This property may very well be one of the best kept secrets in Santa Cruz gold exploration!" declared Randal Hardy, President of HuntMountain Resources. "The award of this bid is a testament to our team's hard work, knowledge of the local geology, and the strong relationships we have developed during our many years of working in Argentina. With this opportunity to develop the La Josefina property, we have catapulted ourselves into a position as one of the premier exploration companies in Santa Cruz Province. This is an important project for the Province, and we are delighted to have this opportunity to further explore and develop the La Josefina property."

HuntMountain Resources is a U.S.-based junior exploration company engaged in acquiring, exploring and developing precious metal properties throughout North and South America. The Company is currently exploring prospective gold and silver 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.

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Jonathan Smith
    Investor Relations Manager
    (509) 892-5287
    jsmith@huntmountain.com