Hunt Gold Corporation -- Update: Financial News

NEW YORK, NY--(MARKET WIRE)--Nov 3, 2008 -- Hunt Gold Corporation (Other OTC:HGLC.PK - News) updates its stockholders on the Company's progress on various key issues :

 
--   The Company confirms that its plans for drilling are being expedited
     on portions of its "Mockingbird" Gold Mining property in Arizona. To
     this end, the Company has initially targeted and located drill sites
     for 7 to 8 drill holes at the "Great West," "Pocahontas" and "Dandy"
     mines which form part of the "Mockingbird" Gold Mining property.
     Geochemical and Geophysical work is being overseen at these sites at
     this time to assist in the identification of the drill targets. It is
     envisaged that we intend to commence with 1,000 feet of core drilling
     at this time.

--   These drill sites are not located on State Land and permits are only
     required from the BLM. These permits will be filed shortly and upon
     final identification of the intended drill sites. The BLM permits are
     not expected to take more than 15 days to obtain the necessary
     approvals. The Company is finalizing the details with various drilling
     contractors at this time and is very confident that this initial
     drilling will commence by late November, 2008.

--   The Company has sufficient working capital to expedite and commence
     with this initial drilling and to drastically increase its drilling as
     is required and dependent upon drill results.

--   The Company has no intentions of raising any additional cash at this
     time, to fund its exploration; and is securing an initial US$5 million
     in traditional bank finance to expedite exploration plans for the
     first quarter of 2009. The Company's stock price does not in any way
     affect the Company's plans whatsoever and no placement of shares of
     the Company's Common Stock is being contemplated whatsoever. The
     Company will be securing this funding through a Mortgage over the
     title of the Mockingbird Gold Mine. The Lender will have no recourse
     to Hunt Gold Corporation in respect of this Loan as the Mockingbird
     Gold Mine is held by a subsidiary company of Hunt Gold Corporation.
     The Company will be drawing upon this facility as funds are required
     and expects to finalize this Mortgage at prevailing interest rates.

     Given prevailing low interest rates and our Company's undervalued
     stock price; the Management of your Company has elected to borrow the
     funds required through traditional Mortgage Finance over an issue of
     shares for cash. This strategy will remain unchanged in respect of the
     working capital financing requirements of all of our Gold Mining
     properties until such time as our stock price correct itself to its
     net asset value.

--   The Company has been extremely fortunate to secure the services of
     additional full time Geologists and other Mining specialists; which
     are facilitating and are now "fast tracking" (a) the Company's
     physical exploration work and (b) The completion of the Industry
     Standard Mining Reports and valuations on all of the Companies Gold
     Mining & Exploration properties. The Company has the necessary
     expertise "on site" at this time and at the various targeted drill
     sites.

--   The Company is acutely aware of the unwarranted and substantial fall
     in its stock price of late and comments as follows :

         The Company has never been in a stronger position than it is at
         this time and the Company's stock is trading at a very substantial
         discount to its actual provable and tangible value; and

         The Company is commencing physical exploration without any delays
         which will further serve to increase the value of the Company; and

         Management of your Company is extremely bullish on the prospects
         for Gold and on the prices for Gold in the short to long term; and

         The Company has a strong and very highly experienced Mining Team
         which is complemented by the necessary experts retained by the
         Company on a full time basis and others on a Consultative basis;
         and

         Certain of the Company's Gold Mining properties have Proven
         Reserves and have completed bankable feasibility studies. This
         coupled with the fact that certain of the Company's Gold Mining
         properties are historic producers; has placed the Company is a
         very strong position in terms of its Net Asset Value and its
         ability to secure traditional bank finance to fund operations; and

         The Company is completing the sale of its "non gold" assets, being
         its  Molybdenum interests. This commodity 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. These assets held
         through your Company's, American Molygold Corporation; the sale
         proceeds of these assets this will create a windfall for our
         Company's stockholders in the first quarter of 2009; and

         This Company, unlike many other Gold Exploration Companies has no
         need to raise cash to fulfill its objectives.

--   The Company sees absolutely no reason to effect any Reverse Split of
     the Company's shares of Common Stock and has absolutely no intention
     of doing so. Management of the Company is now extremely confident
     that the Company's stock price will recover and fast without any
     Stock Split being necessary.

     This will be achieved through an aggressive "Investor Awareness
     Campaign" to introduce the Company and its Management to
     Investors, the release of the Reports on the Company's Gold Mining
     Assets, its true valuations; this being coupled with the
     commencement of the physical drilling and exploration of the
     Company's Gold Mining properties, with the immediate targeted
     drilling sites being exploited and commencing this month with
     weekly results being announced to investors; resulting in tangible
     results being made available to our stockholders.

--   Your Company's Management is urgently reviewing its Public and
     Investor Relations requirements and is extremely confident that it
     will be in a position to report back to stockholders this week as to
     the necessary and urgent steps being taken by your Company's
     Management to rectify this problem. Your Company's Management
     realizes that resolution of this issue is key to Company's success
     and will in all likelihood result in an immediate and very positive
     effect its stock price as Investors will then be in a position to
     easily access key Company data which will enable them to assess the
     Company and its merits.

--   Your Company is at this time completing its Audited Financial
     Statements and Management can guarantee stockholders that Company will
     be filing the requisite documentation in order to become a "Reporting
     Company" with the SEC. Once achieved, we will be seeking a quotation
     on the OTC BB.

     Your Company's Management wishes to place on Record its outlook
     for Gold over the coming months and years; this being a key issue
     for any investors in Gold Mining and Exploration Companies:

     It is our view that Gold mining companies have spent nowhere near
     what their counterparts in base metals have poured into new
     operations and this, along with other fundamentals, will kick gold
     back up to $1,000/oz. The gold industry, from a production
     perspective, is in crisis. In the last seven years, there's been a
     reduction production capacity. It is expected that we will see
     another five years of decline in this industry, with the estimated
     rate of decline is around three percent a year for the next five
     years. We expect to see the fundamentals fully assert themselves.

     On a fundamentals basis, the industry is not investing enough in
     future production. As a consequence, you'll also see increasing
     cost pressures on those operations going deeper, increasing strip
     ratios; mine grades have dropped 30% over the last five years. On
     fundamentals, we believe the gold price will be strong and
     certainly we've been encouraged in the fact it's performed
     relatively well through the current crisis. In the industry we are
     seeing a structural break and we believe the fundamentals will
     drive where the price goes. The gold price has been driven by
     movements in the dollar, the oil price and inflation fears. It has
     also been driven by investment flows as people look for a safe
     haven for their cash in times of turbulence.

     It could be within the next month, the next three months or only
     within six months that we'll see the fundamentals fully assert
     themselves and again move towards the $1,000 an ounce target which
     we see as long-term sustainable.

     Stockholder enquiries should be directed to the Company's E Mail
     address in the interim whilst the Company assesses its immediate
     objective of the appointment of the appropriate Investor and
     Public Relations company to interact with our stockholders and
     whilst the Company implements its "Investor Awareness Campaign."

     The Company's Corporate web site, upon its completion, will be
     extremely detailed and will provide the answers to large
     number of stockholder and investor questions. It is guaranteed
     that this web site will go "live" very shortly and stockholders
     may rest assured that its Management is fully aware of the
     urgency in the expediting of this web site.

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 shortly.

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.