Hunt Gold Corporation -- Further JV Stock Purchases
February 13 2009 - 2:10PM
Marketwired
Hunt Gold Corporation (PINKSHEETS: HGLC) announced on November 14,
2008 that your Company had formed a Joint Venture Company; being a
50/50 partnership between your Company and a Mining Fund, to
acquire shares of your Company's Common Stock as a short to medium
term investment.
-- Total purchases to date by the Joint Venture Company now amount to
1,403,863,000 shares of your Company's "free trading" Common Stock after
the Joint Venture Company acquired an additional 300 million shares of the
Company's "free trading" Common Stock yesterday afternoon.
-- Joint Venture Company's purchases now definitely resulting in very
significant reductions of your Company's shares of Common Stock being
offered in the market by these Sellers.
The Joint Venture Company is not purchasing these shares of your
Company's shares of Common Stock to increase your Company's stock
price, this is a short to medium term investment in terms of the
agreement between the Joint Venture Company partners.
The Joint Venture Company purchased an amount of 156,983,000
"free trading" shares of your Company's Common Stock on November
17, 2008; and at a price of US$0.00035 per share. The Joint Venture
Company purchased on November 26, 2008; an additional amount of
196,880,000 "free trading" shares of the Company's Common Stock
from another Seller and at a price of US$0.0003 per share of your
Company's Common Stock.
The Joint Venture Company purchased on February 11, 2009; an
additional amount of 750,000,000 "free trading" shares of the
Company's Common Stock from another Seller and at a price of
US$0.00007 per share of your Company's Common Stock. That Seller
has now cancelled their offer to sell these shares in the
market.
The Joint Venture Company purchased on February 12, 2009; an
additional amount of 300,000,000 "free trading" shares of the
Company's Common Stock from another Seller and at a price of
US$0.00007 per share of your Company's Common Stock. That Seller
has now cancelled their offer to sell these shares in the
market.
The Joint Venture Company is now holding an amount of
1,403,863,000 shares of your Company's Common Stock. All of these
purchases were settled in cash.
These purchases by the Joint Venture Company were transacted
"off market" to eliminate brokerage costs and to avoid the
distortion of the Company's trading volumes.
Your Company's Management wishes to stress that the Sellers of
your Company's shares of Common Stock were being forced to dispose
of these shares due to financial pressures beyond their control and
the Sellers were made fully aware that if they were in a financial
position to enable them to hold these shares of your Company's
Common Stock for a longer period of time, they would have achieved
a far greater price per share.
These acquisitions of these additional shares of your Company's
Common Stock by the Joint Venture Company are definitely now making
a significant reduction in the amount of your Company's shares on
offer in the market.
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," "Williamson," "Blue Copper Mine,"
"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. The Company has disposed of its "Lookout" Silver
Projects and will be retaining an amount of US$65 million in quoted
stock from that disposal.
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: MDM Worldwide Solutions, Inc.
(Investor Relations Enquiries) E Mail: Email Contact Telephone:
(646) 961-4458 Contact: Richard Hausig Hunt Gold Corporation
(Corporate Enquiries) E Mail: Email Contact Telephone: (954)
840-6956 Contact: Mr. Michael G Saner
Hunt Gold (CE) (USOTC:HGLC)
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