Hunt Gold Corporation -- Update on Sale of "Lookout Silver Mine"

  Hunt Gold Corporation (PINKSHEETS: HGLC)
announced on January 16, 2009 that it is disposing of its "Lookout Silver"
Mine.

The Company was required to stake additional claims surrounding this mine as a condition of the sale as it is disposing of the "entire package" that being "Lookout Silver Mine and the additional surrounding claims."

The Company can confirm that the staking of the additional claims and the registration of the requisite documentation with the BLM is ongoing and will be completed this week, thereby ensuring no delays in the completion of this transaction.

This sale is being effected to allow the Company to concentrate exclusively on its Gold Mining interests and to obtain further funds to fund the massively expedited exploration and drilling campaigns currently underway.

The proceeds from the sale of the "Lookout Silver" Mine package, in the amount of US$65 million, are being retained by the Company.

The Company can confirm that this transaction will be concluded on February 2, 2009.

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 announced in January 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 companies' 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: [phone] Contact: Mr. Michael G Saner