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eMediaWorld.com: Hunt Gold Corporation - Completion Of Sale Of American Molygold Corp
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:22012009
NEW YORK, NY -- Hunt Gold Corporation (PINKSHEETS: HGLC.PK) confirms
that it has completed the sale of its " Molybdenum" interests held
through its subsidiary company, American Molygold Corp.
The sale amount is US$620 million to be settled in shares of Common
Stock of a USA quoted Company focused exclusively on the business of
Molybdenum and on Rare Earths. This Company is being renamed at this
time to that of Independence Strategic Minerals, Inc.
As announced on August 15, 2008, the Company confirms that it will be
distributing all of the shares in Independence Strategic Minerals, Inc.
Common Stock received from the sale of American Molygold Corp to its
stockholders; upon receipt of these shares of Independence Strategic
Minerals, Inc. Common Stock.
Stockholders will be advised once the "Record Date" and "Pay Date" of
this Stock Dividend has been declared. This will take place in February
of 2009.
Hunt Gold Corporation intends to focus exclusively on the Exploration
and Mining of its existing Gold properties. The Company does not need
to place any shares for cash, nor does it need to retain any of the
proceeds from the sale of American Molygold Corp; as it is funding the
exploration of its Gold Mining interests through traditional Bank
Mortgage Finance and secured Loans.
Molybdenum 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.
The molybdenum assets held by American Molygold Corp and disposed of by
your Company; are as follows:
1. American Molygold. The American Molygold property is in the Cherry
Mining District in Yavapai County, Arizona approximately 10 miles from
Jerome. This 1,900 acre property includes the two major historic gold
producing mines in the district, Monarch and Logan, as well as a
probable resource of 150,000 tons and an inferred resource of 5,000,000
tons, based on work by the prior owner, Alanco. It is a Precambrian
deposit in a Bradshaw Granite intrusion into Yavapai Schist, located
along the Verde Fault. There is a large, partially stripped gold -
bearing zone of alteration with vein lets of copper and molybdenum
mineralization that has been interpreted as being the outer layer or
shell of porphyry copper / moly mineralization on the eastern portion
of the claims. The vein systems may warrant underground development and
there is potential for an open pit low gold content target with
associated moly and base metals production.
2. Rochester Molygold. The Rochester Molygold property is in the Rabbit
Mining District in Madison County, Montana, approximately 30 miles from
Butte and comprises approximately 2,250 acres. The project includes a
majority of the former FMC Gold project, which reported an 850,000
ounce gold resource. It also includes the former US Steel moly project.
This is also a Precambrian deposit with the gold found in well defined
veins that strike north or northeast and dip steeply west, usually
associated with granite dikes. Additionally, there are placer gold
workings along Rochester Creek, and a possible method of mining would
use water from dewatering the underground workings for placer mining
downstream. The moly is found in a Precambrian quartz monzonite stock ,
which is altered to a greisens - like vuggy aggregate of muscovite,
quartz, and clots and disseminated grains of pyrite and molybdenite, as
well as quartz veins containing same.
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" 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 completed in
February of 2009. The Company has entered into an Agreement to dispose
of its of its "Lookout Silver" Mining Interests on February 2, 2009..
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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.
CONTACT: Mr. Michael G Saner, Hunt Gold Corporation
e-mail: investor@huntgoldcorp.com
Tel: +1 954 840 6956
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