July 18, 2008
Hunt Gold Corporation — Update on Stock Repurchases
Hunt Gold Corporation (PINKSHEETS: HGLC) confirmed on July 16, 2007 that the Board of Directors of the Company is aware that Fortress Financial Group, Inc. holds an amount of 483 million shares which are eligible to be "free trading" and that Fortress Financial Group, Inc. has been inundated with offers for these shares of the Company's Common Stock.
This does not present a problem as Fortress Financial Group, Inc. has undertaken not to dispose of these shares at a price lower than 2 cents per share of Hunt Gold Corporation Common Stock; and would only dispose of these shares in an "off the market" transaction. Fortress Financial Group, Inc. holds additional but Restricted Shares of the Company's Stock and has no desire to see the Company's stock price damaged by any such sales by themselves.
The Company has agreed the terms of the sale of its "American Molygold" Mining & Exploration interests. An amount of US$10 million of the proceeds from the sale of these "American Molygold" interests are to be utilized to effect a substantial share buyback of the Company's "free float" of Common Stock.
Given the fact that the Company has circa 480 million "free float" shares; the value of the Company's "free float" is in amount of US$2,400,000; based upon July 17, 2008's stock price close of US$0.005 per share.
It is expected that the Company's stock price will rise to well over 1 cent per share over the coming weeks; the Company is comfortable with these price levels in respect of its planned stock repurchases.
This equates to less than 5% of the Company's sale proceeds from the sale of its "American Molygold" interests.
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.
For further information contact: Hunt Gold Corporation E Mail: Email Contact Telephone: (954) 840-6956 Contact: Mr. Michael G Saner
SOURCE: Hunt Gold Corporation