HGLC Hunt Gold Corporation (CE)

Hunt Gold Corporation (PINKSHEETS: HGLC), formerly Prime Time Group, Inc. confirms that confirms its Transfer Agent has now commenced the process of issuing Hunt Gold Corporation shares of Common Stock to all stockholders of Sentinel Resource Holdings plc, Ambassador Gold Holdings plc and Golden Eagle Mining Holdings plc; being the three Gold Mining & Exploration companies acquired by Hunt Gold Corporation. Hunt Gold Corporation effected a �Reverse Split� of its outstanding stock on a 3,000 for 1 basis, effective Friday November 30, 2007. The outstanding shares of Hunt Gold Corporation are 138,147 outstanding shares of its Common Stock. An amount of 58,616 of these outstanding shares are �free trading� and not restricted. Following this acquisition, an amount of 990 million restricted shares of Hunt Gold Corporation Common Stock will be issued. Stockholders in Hunt Gold Corporation, following these acquisitions, who are not �Insiders� or �Affiliates�, may apply to the Transfer Agent to have the restrictive legends removed (as from January 4, 2008) from their Hunt Gold Corporation Stock Certificates; as they have held their stock in Sentinel Resource Holdings plc, Ambassador Gold Holdings plc and in Golden Eagle Mining Resources plc, for a period of two years. This applies only, to stockholders of Fortress Financial Group, Inc. (PINKSHEETS: FFGO) (formerly Great West Gold, Inc.) who received their stockholdings in Hunt Gold Corporation, through Stock Dividends (in Sentinel Resource Holdings plc, Ambassador Gold Holdings plc and in Golden Eagle Mining Resources plc) distributed to Fortress Financial Group, Inc. (formerly Great West Gold, Inc.) stockholders in November, 2005 and in January, 2006. Fortress Financial Group, Inc. (PINKSHEETS: FFGO) has received an amount of 483,750,099 shares of Hunt Gold Corporation Common Stock, representing 48% of the outstanding stock in Hunt Gold Corporation. The amount of 407,250,000 shares of Hunt Gold Corporation Common Stock, representing 41% of the outstanding shares in Hunt Gold Corporation are being issued, by the Transfer Agent to Hunt Gold Corporation; to Fortress Financial Group, Inc. (formerly Great West Gold, Inc.) eligible stockholders. Stockholders may request information on their stockholdings in Hunt Gold Corporation, in writing, to:- Action Stock Transfer Corp 7069 S. Highland Drive Suite 300 Salt Lake City UT 84121 � Fax: (801) 274-1099 The Company�s new Mailing Address and Contact Details are as follows:- Hunt Gold Corporation 1903 60th Place E. Suite M9042 Bradenton Florida 34203 � Telephone: (954) 840-6956 The Directors of Hunt Gold Corporation (formerly Prime Time Group, Inc.) have resigned with immediate effect, following the acquisitions of these three Gold Mining & Exploration companies. As announced, Fortress Financial Group, Inc. has appointed representatives, on an interim basis, to constitute the Board of Directors of Hunt Gold Corporation. This to implement and complete all �Non Mining� and �Corporate� transactions required in and during this month, being the transition period for Hunt Gold Corporation. Mr Peter J Bezzano, the Chairman for Fortress Financial Group, Inc. has assumed the role of Chairman of Hunt Gold Corporation, in the interim. Peter J Bezzano, age 40, is a United Kingdom qualified and admitted solicitor who completed his academic law training at Oxford. He has extensive commercial experience gained working for high profile commercial clients while working for City of London commercial law practices. Mr. Bezzano has previously played a pivotal role in large scale land acquisition and development programs, working with both local and national governmental agencies and departments and major well known high profile PLCs. In 2005, Mr. Bezzano left private practice to devote more time to the St James Group of companies and during this period, he has risen to the position of Chief Counsel to the entire group. Peter is now practising Law with a substantial firm of Solicitors in Dubai, focusing on very large property transactions. Previously Peter has advised and acted for overseas government departments active in the tourism sector. Peter has extensive experience in the purchase and sale of large companies gained primarily in the real estate, recreation and health sectors. Peter has also acted for mining groups active in Africa. As well as being a qualified solicitor, Peter has both under graduate and post graduate degrees in Town Planning and has advised large private companies in Town Planning matters and has successfully run a number of high profile appeals. Hunt Gold Corporation will announce in January, 2008, a new Board of Directors and its Management Team, all of whom are experienced in Gold Mining & Exploration. Hunt Gold Corporation is preparing a new Corporate and Investor Relations web site, www.huntgoldcorp.com and it is expected that this will be launched shortly. Hunt Gold Corporation has cancelled the Convertible Loan Note in respect of its stockholding in PR-7, Inc. and surrendered its entire stockholding in that Company. PR-7, Inc., is the exclusive master Franchise�of the largest Convenience store chain in the World for Puerto Rico and the Caribbean, which operates 14 convenience stores in San Juan, Puerto Rico. This termination was by mutual consent between the parties. Hunt Gold Corporation is now exclusively focused on its Gold Mining & Exploration Companies. VALUATIONS AND DETAILS OF THE GOLD MINING & EXPLORATION ASSETS ACQUIRED:- The Company will be making the very extensive reports available for download on its new corporate web site. The Company�s new Management Team will update these reports and value at the current gold price of circa US$800/oz. This data will be available to stockholders in and during January, 2008. This is a very brief overview of these mining projects. The �Mockingbird� Property:- Dr Wayne P Colliston, compiled this report in August, 2004 on the �Mockingbird� gold (silver � copper) property. 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$800/oz, the revised and updated valuation report being prepared by Dr 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. In Arizona, the Company will enter one of the most exciting and historical gold producing areas in the USA with its new high potential gold projects namely, the Mockingbird and Great West Gold Project including the four claim groups. 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 Golden Sierra Limited (a wholly owned subsidiary Company of Hunt Gold Corporation) 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 the Golden Sierra Limited 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 Golden Sierra 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 (Figure 1), 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. 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 US$400 million. At the current Gold price of US$800/oz, this Project has a considerably greater value. 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 The �Golden Eagle� Property:- The Gold and Silver Mining Exploration Projects controlled by Golden Eagle Limited are situated in Imperial County, California and extend to an area of 3,345 acres. The historical Geological work indicates potential reserves of up to 5 million ounces of Gold. GEOLOGY:- The regional geological setting is dominated by a major low angle fault system that occurs throughout the south-eastern Chocolate Mountains, and which is commonly known as the Sortan fault. At the Golden Eagle, this structure probably connects up with a similar structure to the north. Most of the gold occurs in a breccia unit related to the Sortan fault that strikes northwest, dips northeast and juxtaposes Jurassic Winterhaven Formation against lower plate gneisses which have been extensively intruded by biotite alaskite phases of the Marcus Wash peraluminous granitic complex. Previous drilling by Santa Fe Resources did not test any along-strike or down-dip projections of this structure, which appears to be concealed by shallow Tertiary to Quaternary alluvial cover. Possible additional targets include mineralized megabreccia lenses of gneiss within the Bear Canyon conglomerate unit. POTENTIAL:- The Golden Eagle property is located between the Mesquite gold mine and the Picacho gold mine. Mesquite was mined by Newmont for over 15 years and produced 154MM tons of ore at an average grade of .026 OPT, for a total of 4MM ounces gold. Newmont proved an additional 42.9MM tons at .021 OPT, which the present owner (Western Goldfields) plans to develop. Picacho was the flagship gold mine of Glamis Gold, producing 388,000 ounces of gold from 1981 until the mine�s closure in 2000. Geochemical work by MagnaChem Exploration demonstrated the similarity of the mineralization at Golden Eagle to the arsenic-rich peraluminous gold systems at both Mesquite and Picacho. The �Ambassador� Property:- COMMODITIES: Gold, silver, copper. LOCATION STATE Arizona, COUNTY Yavapai SECTION(s): 21, 22, 27, 34 TOWNSHIP: 14 North RANGE: 2 East BASE and MERIDIAN: Gila and Salt River Base and Meridian NUMBER OF FEDERAL CLAIMS (US Forest Service Land) LODE: 1 PLACER: 10 TOTAL ACREAGE OF PROPERTY: Approximately 1,600 acres CLAIM GROUPS OWNED or CONTROLLED: AM Claims, Ambassador Lode Claim PROSPECTING PERMITS: None Needed MINERAL LEASES: None Needed TYPES OF WORKINGS: 3 adits, 2 inclined shafts, 600+ feet of drifts and 3 stopes following the known ore shoots. RESERVES: POTENTIAL: 3,125,000 tons oxide ore @ .071 OPT gold and .210 OPT silver. 2,058,000 tons sulfide mineralization @ .387 OPT gold, .771 OPT silver and .253% copper. GEOLOGY: The regional geological setting is predominantly preCambrian, with an embayment of quartz diorite bounded by schist to the north and east and by the Shylock Fault Zone to the west. Locally, the principal types of gold deposits are (1) preCambrian gold-quartz veins in igneous rocks (the type of deposit at the Ambassador), (2) Mesozoic or Tertiary gold and gold-silver veins in metamorphic rocks and (3) scattered preCambrian gold-quartz-tourmaline VMS deposits. In the Ambassador project area, the dominant rock type is quartz diorite. In the western part of the claim block (West Hills), dikes of granodiorite porphyry cut across the quartz diorite. At the Ambassador mine and in the East Hills Area east of the mine, there are gold-quartz hypothermal veins, which were deposited under conditions of high temperature and pressure, probably genetically related to the later stages of emplacement of the preCambrian age quartz diorite mass. The project is located in the Black Hills Mining District, which is immediately south of the Verde Mining District and immediately west of the Cherry Creek Mining District. Each of these districts has seen significant past production of gold, silver and copper. Well-known area mines include the United Verde, United Verde Extension, Yaeger, Monarch and Logan Mines. POTENTIAL: Past exploration by UNC focused on sampling of the underground workings of the Ambassador Mine, and also delineated mineralized areas for further exploration in the East Hills and the West Hills. The sampling showed good gold grades at the mine exposures and the potential for developing an economic ore deposit of over 1,000,000 ounces of gold and gold equivalent silver and copper credits through a staged exploration program. UNC abandoned its mining business in order to focus on its milling business, allowing this promising project to lapse prior to initiating drilling. The locally available infrastructure is excellent. While the neighboring ranch has since been subdivided, the mine is over .5 mile from the nearest development and there is a separate access road directly to the mine. In light of the present level of precious metals prices and obvious prospects for further increases, the time is ripe to resume exploration of this promising property. ABOUT HUNT GOLD CORPORATION Hunt Gold Corporation (formerly Prime Time Group, Inc. had interests in wireless products and services for today's youth market. Prime Time Group also has had interests in the retail oil and gas, convenience store, all of which were complimentary. The Company had an interest in PR-7, Inc., the exclusive master Franchise�of the largest Convenience store chain in the World for Puerto Rico and the Caribbean, which operates 14 convenience stores in San Juan, Puerto Rico. Hunt Gold Corporation no longer has any of these interests, all have been terminated. Hunt Gold Corporation is now exclusively focused on its Gold Mining & Exploration properties, acquired from Fortress Financial Group, Inc. and other minority stockholders. 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.