Message #6 From:
NewsBot Date: January 8, 2007 10:01:00 AM
HNTM News HuntMountain Signs Letter of Intent to Acquire Argentina Gold Property
SPOKANE, Wash.--(BUSINESS WIRE)--HuntMountain Resources (OTCBB:HNTM) is pleased to start off the
new year by announcing that it has signed a Letter of Intent with FK
Minera S.A. to acquire a 100% interest in the Bajo Pobré
gold property located in Santa Cruz Province, Argentina.
The Bajo Pobré gold occurrence is located in
the prolific Deseado Massif region of Santa Cruz Province, Argentina.
The property was discovered in 1970 and has been worked intermittently
by several government entities and private companies. Serious
exploration began in the 1990’s with geologic
mapping and surface sampling. This work delineated a large gold-bearing,
epithermal system where outcrop samples assayed up to 40 grams of gold
per ton. The mineralized system is comprised of numerous zones of quartz
veining, vein breccias, and stock works with a cumulative strike length
of more than 9 kilometers. Individual veins range from 0.5 meters to 6
meters in width. Drill targets identified from surface sampling were
augmented in 2002 with additional targets derived from a geophysical
survey. In 2003 and 2004, the property saw a limited amount of
exploration drilling which tested a small portion of these targets.
Matt Hughes, Vice President of Exploration, stated “I’ve
worked in Santa Cruz a long time, and Bajo Pobré
has one of the strongest and largest zones of alteration that I’ve
seen to date.It’s been my experience
in Santa Cruz that all other systems of this size host important
precious metal deposits.I’m confident
that Bajo Pobré will be no exception.We
are excited to put an aggressive exploration plan into motion.”
Upon completion of the final agreement for the acquisition of Bajo Pobré,
HuntMountain, through its wholly-owned subsidiary, Cerro Cazador S.A.,
will add approximately 120 square kilometers to its current property
position. Cerro Cazador already controls four mineral concessions
totaling 400 square kilometers in Santa Cruz, including the El Gateado
property which is presently undergoing initial exploration drilling.
HuntMountain Resources is a U.S.-based junior exploration company
engaged in acquiring, exploring and developing precious metal properties
throughout North and South America. The Company is currently exploring
prospective gold properties in Nevada, Québec,
and Santa Cruz Province, Argentina.
This news release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act. Forward-looking statements are inherently subject to risks
and uncertainties, many of which cannot be predicted with accuracy, and
some of which might not even be anticipated. This news release is
neither a prospectus nor an offer to sell securities or stocks in the
company. It is intended for informational purposes only.
