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Hunt Mining Corp. (the
"Corporation") (TSX VENTURE:HMX - News), would like to announce
a new Gold and Silver resource estimate for its flagship La Josefina Project
located in the Santa Cruz Province of Argentina. The new resource calculation
demonstrates a Measured Resource of 155,562 Gold Equivalent Ounces, with an
additional Indicated Resource of 41,812 Gold Equivalent Ounces and an
additional Inferred Resource of 6,744 Gold Equivalent Ounces. All mineralized
zones included in this resource remain open to expansion and do not
incorporate, or reflect, high grade precious metal intercepts reported from
more than 5,000 meters of core drilling completed prior to the Corporation's
involvement on the project. The NI 43-101 compliant technical report
supporting this new resource calculation is intended to supersede the
technical report filed on SEDAR on July 26, 2010. At this early stage of
resource development, the Corporation would contemplate a bulk minable or
open pitable scenario. A copy of the revised
National Instrument 43-101 Technical report is available on SEDAR and on the
Corporation's web site at www.huntmining.com.
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Measured Resources
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Cutoff Tonnes x 1000 Grade Grade Grade
Au Eq g/t Au g/t Ag g/t Au Eq g/t
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0.2 4, 998,667 0.719 16.602 0.968
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0.5 2, 405,435 1.150 21.616 1.474
0.8 1, 404,575 1.521 24.630 1.891
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Measured Resources
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Cutoff Ounces Ounces Ounces
Au Eq g/t Au Ag Au Eq
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0.2 115, 538.190 2 ,668, 357.667 155 ,561.554
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0.5 88, 928.131 1 ,671, 858.109 114 ,004.749
0.8 68, 697.970 1 ,112, 370.515 85 ,382.694
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Indicated Resources
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Cutoff Tonnes x 1000 Grade Grade Grade
Au Eq g/t Au g/t Ag g/t Au Eq g/t
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0.2 1 ,525,934 0.825 1.808 0.852
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0.5 815,950 1.274 1.952 1.303
0.8 502,245 1.675 2.050 1.705
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Indicated Resources
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Cutoff Ounces Ounces Ounces
Au Eq g/t Au Ag Au Eq
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0.2 40, 481.166 88 ,730.079 41, 812.051
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0.5 33, 420.289 51 ,214.991 34, 188.474
0.8 27, 043.725 33 ,103.752 27, 537.371
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Inferred Resources
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Cutoff Tonnes x1000 Grade Grade Grade
Au Eq g/t Au g/t Ag g/t Au Eq g/t
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0.2 452,143 0.446 1.209 0.464
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0.5 111,220 0.875 1.280 0.894
0.8 34,866 1.441 2.209 1.474
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Inferred Resources
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Cutoff Ounces Ounces Ounces
Au Eq g/t Au Ag Au Eq
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0.2 6, 479.887 17, 577.670 6 ,743.539
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0.5 3, 128.802 4, 579.244 3 ,197.487
0.8 1, 615.069 2, 476.214 1 ,652.210
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The geologic modeling and resource
estimate was constructed using Gems 6.1 commercial mine modeling software and
was based on results taken from 240 drill holes, totaling 37,499 meters of HQ
core drilling, completed between 2006 and 2009. 18,645 drill sample assays
were used from more than 20 steeply dipping veins exposed on surface with the
majority analyzed for gold, silver, copper, lead, zinc and multi-element
inductively coupled plasma mass spectrometry ("ICP"). Seven of
these zones - Sinter, Amanda, Cecilia, Sur, Belen, Latitas
and Ailin - provided sufficient drill density for
the creation of a measured, indicated and inferred mineral resource.
The Corporation intends to initiate
additional drilling on the La Josefina property in 2010 where more than 12
kilometers of identified mineralized structures remain untested. The 2010
drilling program will focus on resource expansion drilling, the twinning of
mineralized holes drilled prior to the Corporation's exploration programs and
testing of new and existing geophysical and geochemical targets. The
Corporation also plans to drill several other projects including its 100%
owned El Gateado and Bajo
Pobre projects.
Historic exploration at La Josefina,
conducted by the provincial mining authority, Fomento
Minero de Santa Cruz Sociedad
del Estado ("FOMICRUZ"), led to a special designation for the
property in the early 1990s as a provincial "Mineral Reserve". The
same designation was given to Cerro Vanguardia,
which is now the largest gold mine in the region operated as a joint venture
company between AngloGold Ashanti Ltd. ("Anglo Ashanti") and FOMICRUZ.
The Cerro Vanguardia gold mine is located
approximately 100 km southeast of La Josefina.
The Gold Equivalent calculation is as
follows (Metallurgical recoveries and net smelter returns are assumed to be
100%):
AuEq
= Au(g/t) + (Ag g/t / 66.67)
Qualified Person Statement
Mr. C. Gustavo Fernandez is a
Professional Geoscientist in the Province of Ontario and has sufficient
experience which is relevant to the style of mineralization and type of
deposit under consideration and to the activity which he is undertaking to
qualify as a Qualified Person as defined in the Canadian National Instrument
43-101 (standards of Disclosure for Mineral Projects). Mr. Fernandez
supervised the preparation of the technical information in this press
release.
About Hunt Mining Corp.
Hunt Mining Corp. has been an active and
aggressive explorer in the highly prospective Deseado
Massif region of Santa Cruz since 2006. The Corporation's wholly owned
subsidiary, Cerro Cazador S.A., has completed
extensive exploration including more than 37,000 meters of HQ core drilling,
416 line kilometers of Induced Polarization geophysical surveys and more than
10,000 surface channel, chip, and trench samples. Historical results and
additional information can be viewed at www.huntmining.com.
FORWARD-LOOKING STATEMENTS
This announcement contains certain
forward-looking statements, relating to, but not limited to Hunt Mining's
expectations, intentions, plans and beliefs. Specifically, this announcement
contains forward-looking statements regarding the Corporation's expected
drilling activities. Forward-looking statements can often be identified by
forward-looking words such as 'anticipate', 'believe', 'expect', 'goal',
'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting
future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future outcomes, or statements
about future events or performance. Forward-looking statements may include
reserve and resource estimates, estimates of future production, unit costs,
costs of capital projects, planned exploration activities and timing of
commencement of operations and is based on current expectations that involve
a number of business risks and uncertainties including but not limited to the
Corporation's ability to secure public and/or private financing. Factors that
could cause actual results to differ materially from any forward-looking
statement include, but are not limited to, failure to secure funds necessary
to conduct business, failure to establish estimated resources and reserves,
the grade and recovery of ore which is mined varying from estimates, capital
and operating costs varying significantly from estimates, delays in obtaining
or failures to obtain required governmental, environmental or other project
approvals, inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects and other factors.
Forward-looking statements are subject to a variety of known and unknown
risks, uncertainties and other factors that could cause actual events or
results to differ materially from those expressed or implied. The Corporation
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements contained herein whether as a result of new
information or future events or otherwise, except as may be required by law.
Neither the TSX Venture nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture) accepts responsibility for the adequacy or accuracy of this
release.
Contact:
Dean Stuart
Hunt Mining Corp.
Investor Relations
(403) 517 2270
dstuart@huntmining.com
Matthew J. Hughes
Hunt Mining Corp.
President and CEO
(509) 892-5287
mhughes@huntmining.com |
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