Hunt Gold Corporation (PINKSHEETS: HGLC) provides an update to its
stockholders on various issues:
1. CONTINUED DRILLING "MOCKINGBIRD GOLD MINE":
Drilling at the Company's "Mockingbird" Dandy Mine, by TonaTec
will resume by no later than January 10, 2009. Two holes are
planned at this location. Stockholders will be updated as to the
additional drilling and exploration plans being finalized at this
time.
2. ASSAY REPORTS:
A substantial amount of core from the first 6 drill holes at the
Great West and the Pocahontas Gold Mines has been split. The core
has been shipped to Jacobs Assay, an independent assay laboratory
located in Tucson, Arizona. The remainder of the core will be split
and shipped this week. Jacobs Assay will be running the Company's
core samples as a priority project, with the first assay results
expected before the end of January 2009.
3. COMPANY SHARE STRUCTURE:
The Company recently increased its Authorized Share Capital to
facilitate any deals and acquisitions which may be offered to the
Company. The Company has not issued any additional shares of its
Common Stock whatsoever. The amounts of the Company's outstanding
shares reflected on the OTC Pink Sheets web site are constantly
updated and are correct.
The Company has received a large number of enquiries in respect
of a Reverse Split of the Company's stock. This will not be
effected by the Company whatsoever and the Company's Management
consider that a Reverse Split of the Company's Common Stock is
highly detrimental to stockholder interests.
Stockholders may rest assured that no Reverse Split is being
effected by the Company whatsoever.
4. WEB SITE & INVESTOR RELATIONS:
The Company has completed the Corporate web site but is awaiting
the completion of certain very critical reports and valuations
which are required to be placed on that web site; this is not
expected to delay us for much longer.
As promised, the Company has appointed Investor Relations
companies who will deal with (a) an aggressive awareness campaign
for the Company and (b) deal directly with stockholders. These
companies will commence upon the launch of the web site and upon
receipt of the critical valuation and Mining data reports.
5. PURCHASES OF STOCK BY THE JOINT VENTURE COMPANY:
The Joint Venture Company has acquired and continues to acquire
shares of the Company's stock in the market. A full scale buying
programme by the JV will commence upon the launch of the Company's
web site. This is to ensure that all stockholders are in possession
of all of the facts; thereby allowing to decide whether to buy,
hold or sell the shares of the Company's stock. The JV will not
acquire any significant amounts of the Company's stock until that
date.
6. SALE OF THE COMPANY'S MOLYBDENUM INTERESTS:
The Company announced on November 14, 2008 the sale of its
"Molybdenum" interests held through its subsidiary company,
American Molygold Corp.
The sale amount is US$620 million to be settled in shares of
Common Stock of a USA quoted Company focussed exclusively on the
business of Molybdenum. The sale will be completed upon the
transfer of title of the various claims held by American Molygold
Corp., to the Purchaser.
This transaction will be completed by late January 2009.
As announced on August 15, 2008, the Company announced that it
intends to distribute all of the proceeds from the sale of American
Molygold Corp. to its stockholders; upon receipt of these proceeds.
This Stock Dividend has been approved in writing by stockholders
holding in excess of 75% of this Company's Common Stock.
Stockholders will be advised once the "Record Date" and "Pay
Date" of this Stock Dividend has been declared.
Hunt Gold Corporation intends to focus exclusively on the
Exploration and Mining of its existing Gold properties. The Company
does not need to place any shares for cash, nor does it need to
retain any of the proceeds from the sale of American Molygold
Corp.; as it is funding the exploration of its Gold Mining
interests through traditional Bank Mortgage Finance.
Molybdenum has become very important as demand for moly is tied
to demand for steel used in the petroleum industry (e.g. drill
pipe, pipeline construction), which will benefit from accelerated
petroleum exploration and development in an era of high oil
prices.
The molybdenum assets held by American Molygold Corp. and
disposed of by your Company; are as follows:
American Molygold
The American Molygold property is in the Cherry Mining District
in Yavapai County, Arizona approximately 10 miles from Jerome. This
1,900 acre property includes the two major historic gold producing
mines in the district, Monarch and Logan, as well as a probable
resource of 150,000 tons and an inferred resource of 5,000,000
tons, based on work by the prior owner, Alanco. It is a Precambrian
deposit in a Bradshaw Granite intrusion into Yavapai Schist,
located along the Verde Fault. There is a large, partially stripped
gold-bearing zone of alteration with vein lets of copper and
molybdenum mineralization that has been interpreted as being the
outer layer or shell of porphyry copper / moly mineralization on
the eastern portion of the claims. The vein systems may warrant
underground development and there is potential for an open pit low
gold content target with associated moly and base metals
production.
Rochester Molygold
The Rochester Molygold property is in the Rabbit Mining District
in Madison County, Montana, approximately 30 miles from Butte and
comprises approximately 2,250 acres. The project includes a
majority of the former FMC Gold project, which reported an 850,000
ounce gold resource. It also includes the former US Steel moly
project. This is also a Precambrian deposit with the gold found in
well defined veins that strike north or northeast and dip steeply
west, usually associated with granite dikes. Additionally, there
are placer gold workings along Rochester Creek, and a possible
method of mining would use water from dewatering the underground
workings for placer mining downstream. The moly is found in a
Precambrian quartz monzonite stock, which is altered to a
greisens-like vuggy aggregate of muscovite, quartz, and clots and
disseminated grains of pyrite and molybdenite, as well as quartz
veins containing same.
7. DUAL LISTING OF THE COMPANY'S STOCK IN EUROPE:
The Company confirms that it will be proceeding with the listing
of the Company's shares of Common Stock on a European Stock
Exchange; as well as on the US OTC Pink Sheets Market. The Company
has been working on this strategy with European Brokers and this
plan will be coupled with these Brokers purchasing a substantial
quantity of the Company's shares in the Open Market.
The Company will very shortly be quoted on the OTC Pink Sheets
and on a European Stock Exchange. This would bring in a substantial
amount of new investors and introduce the Company to European
markets. Stockholders would be free to trade their stock in either
US Dollars or in Euros.
The Company is proceeding with its planned strategy of becoming
"Reporting" with the SEC with a planned move thereafter; to the OTC
BB market in the United States.
The Dual listing of the Company's shares of Common Stock in
Europe will significantly reduce the "free float" of the Company's
shares of outstanding stock in the United States as this Dual
Listing will be coupled with a placement of these "free trading"
shares with various European brokerage Houses.
The Company's European Corporate Finance Advisors and Brokers
are confident that this will be achieved in January of 2009.
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," "Lookout Silver," "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, this to
be announced in January of 2009.
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.
For further information contact: Hunt Gold Corporation E Mail:
Email Contact Telephone: (954) 840-6956 Contact: Mr. Michael G.
Saner
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