Hunt Gold Corporation -- Completion of Sale of American Molygold Corp.
January 22 2009 - 10:37AM
Marketwired
Hunt Gold Corporation (PINKSHEETS: HGLC) 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 focussed 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 the 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.
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: Hunt Gold Corporation E Mail:
Email Contact Telephone: (954) 840-6956 Contact: Mr. Michael G.
Saner
Hunt Gold (CE) (USOTC:HGLC)
Historical Stock Chart
From May 2024 to Jun 2024
Hunt Gold (CE) (USOTC:HGLC)
Historical Stock Chart
From Jun 2023 to Jun 2024