Hunt Gold Corporation - Exploration Update

Company updates on its exploration plans
NEW YORK--(Business Wire)--
Hunt Gold Corporation (PINKSHEETS: HGLC.PK) confirms that it will
be concentrating its exploration efforts in the immediate term on its
"Mockingbird" Gold property.

It is intended that the Company have "Mockingbird" restored as an
operating and producing gold mine in 2008.

The previous exploration work on this property has proven that
these further exploration plans will yield significant results very
rapidly; which will lead to production of gold on this property.
"Mockingbird" is an historic gold producer and Management and their
consulting Geologists are in possession of a huge amount of data in
respect of this property.

The Company is not expecting to raise any cash to fund the
development of "Mockingbird" and does not expect to issue any
additional shares as a placing for cash. It is intended to utilize
bank borrowing facilities, which are being negotiated at this time.

The Chairman of the Company's Advisory Committee, Professor Wayne
P Colliston, is continuing with his re-assessment of the "Mockingbird"
property. Professor Colliston is preparing an updated report on this
property at this time and upon its completion, this report will be
made available to our stockholders.

At the gold price of approximately US$400/oz (in August 2004),
this provides a value estimate for the deposit in the range of up to
$400 million. The estimated gold resource does not include the
potential of the 16 gold placers identified on the property. At the
current Gold price of circa US$900/oz, the revised and updated
valuation report being prepared by Professor Colliston, will be
significantly higher.

INTRODUCTION:

The Projects are located in the historic Mockingbird Mining
District, about 50 miles (80 kilometres) southeast of Las Vegas. The
project area is on federal lands about 5 miles (8 km) west of the
major Las Vegas / Phoenix highway and within 10 miles (16km) of the
Colorado River; it comprises of 4 claim groups spread over 2,500
acres.

As such, enough is known about the Projects to warrant
reassessments of their mineral resource potential.

Significant reserves and gold mineralization are expected at
depth, constrained by the structural controls associated with the
Mockingbird detachment fault.

The sources of information available at the time of compilation of
this report have been extracted from reports of the US Geological
Survey, reports prepared for the Company and references from the gold
industry including other Arizonian gold projects.

The resource potential available to the proposed future operations
has been estimated by the project managers and consultants based on
data drawn from reports and records related to "Mockingbird" and
previous operations. There is no reason to doubt the authenticity or
substance of those records and we believe that for the purposes of
this report the estimates extracted from those reports could be
acceptable.

A complete audit of the information available at the time of
compilation has not been carried out, and the valuation of the mineral
potential contained in this report assumes that confirmation of
certain of the resources will be carried out at an early stage of
exploration.

The investigations have concentrated on the review of the gold
resource within the Mockingbird Project area and have relied on
estimates and proposals as provided by the Company and previous data
to make the review and estimates. There is no reason to doubt the
information so obtained.

TITLE

Mining title consists of 2500 acres (1,011.72 HA) of mineral
rights and comprise a number of federal claims namely:

Lode deposits: three

Placer deposits: sixteen.

And Claim Groups, which consist of:

The Mockingbird Claims, the Dandy Claims, the Great West Claims
and the MP Claims.

It is significant to note that the claim block includes four
existing mines namely, Mockingbird , Great West, Hall (Dandy) and
Pocahontas; all these mines contributed significantly to the past gold
production in this important gold producing mining district.

PROJECT OVERVIEW AND PAST EXPLORATION

The Mockingbird Project involves an important new type of Arizona
gold deposit, called a "detachment fault" deposit. Detachment fault
deposits were first recognized as a separate form of gold deposit in
the 1980's. The best example of an Arizona detachment gold deposit is
Copperstone, which, like Mockingbird is in the highly extended Western
Arizona terrain near the Colorado River.

Copperstone was the biggest gold discovery in Arizona in at least
50 years. Cyprus Gold profitably mined the 500,000 oz open pit
resource during the 1980's. Based upon the underground drilling by
American Bonanza, it appears that the underground high-grade resource
is even larger. This is however to be expected from the style of
mineralization associated with detachment faults.

Unlike Copperstone, Mockingbird is an historic gold producer,
producing some 15,000 ounces from high-grade ore at a weighted average
grade of 0.8 oz/T. A majority of this production was from the
Mockingbird Mine itself, which is the centerpiece of the Company's
land position. Other mines producing gold were the Great West, Hall
(Dandy) and Pocahontas Mines, all of which are included in the claim
block (see Wilkins 1982).

A gold rush was initiated at Mockingbird during the 1980's, with
many companies providing large amounts of exploration activity.
Anaconda, who acquired the Mockingbird Project, focused exploration on
the area east of the historic Mockingbird and Great West mines, and
lying beneath the surface trace of the Mockingbird detachment fault.

Anaconda estimated a deposit of at least 10 million tons of .05 to
0.1 oz / T gold. This means the deposit is in the range of 500,000 to
1,000,000 ounces of gold, approximately the same size as Copperstone.
This estimate does not include the additional vein material included
in the earlier mentioned Wilkins Report. Joe Wilkins assessed the
deposit for Gulf Mineral Resources in 1982 (see "Economic Geology of
the Mockingbird Mine Area") and assumed a deposit of at least 500,000
tons at 0.1 oz / T from just the surface veins. The project was turned
down as Gulf was of the opinion that the project was not big enough.

Next, Santa Fe Gold (now part of Newmont) acquired a claim block
at the historic Mockingbird mine. Although their work showed anomalous
gold in numerous samples, Santa Fe cancelled the project without
drilling on the erroneous theory that the gold was largely found in
veins and not in wall rock.

It is clear that in making this decision, the structural geology
controls on the mineralization were poorly understood. This left the
door open for Anaconda, which acquired two square miles of claims (all
included in the Companies' land position). Anaconda geochemistry
delineated numerous gold anomalies. A seismic survey confirmed that
the detachment fault was largely horizontal under the eastern portion
of their claim block.

There is little subsequent exploration history on the property.
Arco (Anaconda's parent company) shut Anaconda down and abandoned the
project. Chevron then staked the same area, did their geochemistry and
selected drill targets. Chevron then merged with Gulf, and the
combined unit was under the management of former Gulf personnel. As
explained above, Gulf had previously turned down the project and now
moved to terminate it. Western States next acquired the property for
several years and apparently only did some trenching.

GEOLOGY OVERVIEW:

The Mockingbird Mining District is situated along an undulating
pediment along the east flank of the Black Mountains and occurs in the
"basin and "range" province of the south-western United States. The
province has undergone crustal extension, with the development of
symmetric structural arrays such as horsts and grabens, with the
horsts being the ranges and the grabens being the basins in the
"basin-and-range topography. Igneous activity (basaltic volcanism)
occurred with the extensional faulting during the Mesozoic to the
Cenozoic. The Mines in the district are situated along a distinct N30
degree west linear feature that cuts across the Black Mountains and
displaces all older lithologic and tectonic features. The NW trend is
probably a late tertiary, basin and range fault zone that localized
and preserved the mineralization at the mines

The geology and mineralization of the Mockingbird District is
strongly influenced by Tertiary-age detachment faults and younger
high-angle normal faults, associated with the abovementioned crustal
extension. The regional geological setting is a major detachment fault
(called the "Mockingbird Mine Fault"; Faulds et al., 2000) separating
tertiary volcanics in the upper plate from Precambrian gneiss in the
lower plate.

Mineralization is found in both quartz veins and breccia zones
hosted by steep faults. The mines in the Mockingbird district are
located along northwest to east west striking, north-dipping to flat
quartz veins containing specular hematite, oxidized copper minerals
and free gold.

The nature of the structures and mineralization further suggest
potential for another type of ore deposit - that of the strong
likelihood of a major detachment fault associated gold / copper
deposit, similar to the proven and mined Copperstone and Mesquite
deposits. This was the working hypothesis of Anaconda and, later,
Chevron. Unfortunately, the hypothesis could not be tested; neither
company drilled the property because of project cancellation resulting
from shutdown of the company (in the case of Anaconda) or merger (with
Gulf, in the case of Chevron).

Surface and dump sampling shows a close correlation to Copperstone
mineralization with the following average grades for all samples:

Gold - 0.09 oz/T; Silver - 0.3 oz/T and Copper -0.4%.

Chevron's geochemical work suggests two undrilled anomalies in
Sections 26 and 35.

Sixteen Placer gold deposits have been identified on the claims
area, but have not been tested to date.

EXPLORATION MODEL:

The Mockingbird Project area has the potential for the development
of a large gold reserve.

Expectations are high that a resource will be confirmed by
following the known mineralization, (a) eastward (in the case of the
Mockingbird Mine) and (b) north-eastward (in the case of the Dandy and
Great West) under the detachment fault. The deeper Mockingbird gold
mineralization is expected to occur in northwest-striking, moderate to
shallow dipping fault zones related to the Mockingbird fault
structural horizon in the footwall of the fault (Precambrian basement
gneiss). The expected gold mineralization will be associated with
breccia zones where the fault rock has been intensely sheared, altered
and replaced with intense hematite and magnetite, chloritization,
silicification and copper oxides related to the fault. Without the
benefit of Anaconda's work, it will be necessary to re-do some
geochemical and geophysical work to select drill sites.

The Mockingbird Area is modelled as a lower plate deposit, and
east of the Mockingbird detachment fault the lower plate is buried.
This area east of the fault is where most of the former claims occur;
however large scale mining did not acquire the historic Mockingbird,
Dandy and Great West Mines which are west of the fault where the lower
plate is exposed.

RESERVE REVIEW

Anaconda estimated an Inferred Resource of at least 10 million
tons of 0.05 to 0.1 oz/T gold with additional resources of silver and
copper. US Geological Survey Open File Report 92-002 and the Arizona
Department of Mines and Mineral Resources corroborated these
estimates. Underground operations and an open pit have previously been
established with initial assay results and informal sampling
confirming widespread surface gold mineralization, some of which is
high grade gold (2 oz/T).

The deposit size may be in the range of 500,000 to 1,000,000
ounces of gold. At the gold price (in August 2004) of approximately
US$400/oz, this provides an estimated value for the deposit of USD 400
million. The updated report will reflect the revaluation with gold now
trading at circa US$900/oz.

The estimated gold resource does not include the potential of the
16 gold placers identified on the property.

CONCLUSIONS AND RECOMMENDATIONS

Conclusion

From the assessment of the Mockingbird Project Area the following
conclusions are made:

1. The Mockingbird Project is a relatively high tonnage, low-grade
potential deposit. It has an Inferred Resource of at least 10 million
tons with variable grade of 0.05 - 0.10 oz/T (1.55 - 3.1 gram/ton).

2. The gold resource is estimated to be of the order of 500,000 to
1,000,000 ounces of gold; this excludes the potential of the 16 gold
placers on the property.

3. Silver (0.3 oz/T) and Sulphide mineralization (copper: 0.4%)
may also show potential during future development on the whole
property.

4. The gold resource can be raised significantly by drilling for
the subsurface extension of the Mockingbird Detachment Fault, with the
expectation of discovering high volume mineralised detachment fault
deposits.

5. The sixteen identified placer deposits are easily mineable and
also have the potential of raising the gold resource.

Recommendations

Extensive exploration at greater depth should be considered as
very important to increase the resource of the property and
appropriate technology applied for its exploitation.

The other Gold Projects held by the Company will continue to be
assessed but Management will be concentrating its efforts on the
"Mockingbird" Property on an exclusive basis insofar as exploration
and production planning for 2008.

Management will be releasing a very detailed report on the
"Mockingbird" Property late next week.

ABOUT HUNT GOLD CORPORATION

Hunt Gold Corporation is a Gold Mining & Exploration Company
focused on the development and exploration of its properties, namely
"Mockingbird", "Ambassador", "Golden Eagle", "American Molygold" and
"Rochester Molygold".

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.

Hunt Gold Corporation
Michael G Saner, 954-840-6956
investor@huntgoldcorp.com

Copyright Business Wire 2008