Hunt Gold Corporation (HGLC)

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Hunt Gold Corporation -- Update on Stock RepurchasesHunt Gold CorporationHGLC | 7/18/2008 10:12:00 AMCompany Addresses Critical Issues Raised by Stockholders

NEW YORK, NY, Jul 18, 2008 (MARKET WIRE via COMTEX News Network) --
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.