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
Hunt Gold (CE) (USOTC:HGLC)
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