HGLC Hunt Gold Corporation (CE)

Hunt Gold Corporation (PINKSHEETS: HGLC) confirms that it has acquired "Van Deeman" Gold Mine in Arizona.

-- Company acquires "Van Deeman" Gold Mine in Arizona with established and defined gold resources.

-- Company acquires additional 1,100 acres surrounding the "Van Deeman" Gold Mine.

-- Company to put its "Van Deeman" Mine into production at a cost of US$5 million.

-- Company moves from an "Exploration" to a "Producing Mining" Company at least a year ahead of Management's plans.

The Company has made initial payment under the agreement today and will be completing its due diligence review of the property; closing is expected to occur by April 1, 2009. The Company is purchasing the "Van Deeman" Gold Mine for cash, no stock of the Company is being issued and no Royalty Payments are being paid to either the Sellers or to any third party.

Hunt Gold Corporation's CEO Michal G. Saner stated, "The acquisition of the 'Van Deeman' Gold Mine is a huge step forward by Hunt Gold Corporation to fulfill its objective of being a profitable gold producer. 'Van Deeman' is an advanced stage project with a substantial drill indicated gold resource that can rapidly be moved toward the feasibility stage and obtaining the necessary permits to mine. We will also be able to share facilities and personnel with the nearby Mockingbird Gold project, the Company's flagship property."

The "Van Deeman" Gold Mine consists of 5 unpatented lode mining claims, totaling 100 acres. "Van Deeman" is 5 miles north from the Company's "Mockingbird" Gold Project, and there is a direct road linking the two properties.

"Van Deeman" includes an existing drill indicated gold resource of 34,111 ounces. This is contained in four ore bodies located in Areas II-A, II-B, III and IV. The defined gold resource is 988,700 tons grading at .034 ounces of gold per ton. This assumes a cut-off grade of .015 ounces of gold per ton. Mining would be done in three or four open pits, and the estimated strip ratio would be 3:1.

In a report prepared for Arizona Star Resource Corp, the "drill-indicated gold reserve" was broken down as follows: proven - 9,566 ounces, probable - 16,105 ounces and possible - 8,440 ounces.

The Company will be doing a confirmatory drilling of 10 to 20 holes in order to move the drill indicated gold resource to a "proven reserve" level. The Company has decided to move the drill rig to "Van Deeman" from the Company's "Mockingbird" Gold Mine at the end of the upcoming Phase II drilling at Mockingbird, failing which it will obtain additional drilling in the area.

Initial metallurgical work suggests good recovery by cyanide heap leaching. Following the confirmatory drilling this spring, the Company will have its own professional metallurgical testing done, design of the open pits and recovery circuit will proceed, a feasibility study will be prepared and the Company will use its existing financing resources to move this mine into production.

The company will also file for the permits required to mine the presently known and defined gold resource. Hunt Gold Corporation also intends to explore "Van Deeman" to add to the established gold resource. The Company is separately acquiring an additional 1,100 acres of mining claims surrounding the 100 acre core of the "Van Deeman" Gold Mine. These additional claims have already been staked and were filed with the United States Bureau of Land Management (BLM) and the Mohave County Recorder upon the signing of the agreement to acquire the "Van Deeman" Gold Mine. Ownership of the additional claims will be transferred to the Company once they are processed by the BLM and Mohave County. The additional claims include "Van Deeman" Area I, which is the second largest altered zone in the "Van Deeman" Gold Mine vicinity and has been reported to have a significant surface gold anomaly.

Not much drilling has been done in Area I, and it represents an obvious opportunity to add to the established "Van Deeman" gold resource through further exploratory drilling. Additionally, past work by Arizona Star indicates that the Area III ore body is open on the northwest flank and to the southwest and there is the potential to increase the Area III resource (presently 17,602 ounces of gold) by 20 to 30% on the northwest flank and by 50 to 100% to the southwest. Likewise, the Arizona Star work indicates that the Area IV ore body is open to the north, with the potential to add 20% to 40% to the Area IV gold resource (presently 12,282 ounces of gold).

The low temperature epithermal gold mineralization at the "Van Deeman" occurs as elongate northeast-trending tabular bodies within breccias associated with the low angle Van Deeman fault, which has been identified by some past workers as a "detachment fault." The gold mineralization is associated with fracturing and brecciation in the contact zone between the upper and lower plates of this fault. The country rock hosting gold at the "Van Deeman" Gold Mine is lower plate Precambrian gneiss, intruded by Tertiary or Mesozoic dike swarms. This is strikingly similar to the Company's "Mockingbird" Gold Property geology, where the gold is also hosted in lower plate Precambrian gneiss, and is frequently associated spatially with lamprophyre dikes.

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," "Federal" and "Van Deeman." 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 has retained 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 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: 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