September 30, 2008 at 07:30 AM EDT
HuntMountain Releases New High-Grade Assays from La Josefina Gold-Silver Project

HuntMountain Resources Ltd. (OTCBB: HNTM) (Frankfurt: MPT) released additional high-grade assays from its 25,000-meter diamond core drilling program at the La Josefina gold-silver project in Santa Cruz Province, Argentina. The latest results included 2.0 meters (6.6 feet) of 13.94 grams/tonne (g/t) (0.41 ounces/ton)(oz/t) gold equivalent(a) consisting of 13.46 g/t (0.39 oz/t) gold and 31.8 g/t (0.93 oz/t) silver and 0.77% copper in Hole# SVN-D08-089. The exploration program, now in its twelfth month, has focused on drill-testing targets previously identified by Fomicruz S.E. along a 10-kilometer long hydrothermal alteration belt that hosts multiple precious metal occurrences. The Company has aggressively drilled in three of four known mineralized zonesVeta Norte, Noreste (Sinter), and Central. Additional significant values include:

HOLEFromToIntervalGoldSilver

Gold Equiv.(a)

CuPbZn
# (m) (m) (m) g/t g/t g/t % % %
SVN-D08-057 151.1 151.6 0.50 6.4 242 10.07 3.68 1.41 0.53
SVN-D08-098 50.6 51.6 1.0 13.2 20.9 13.52 0.07 0.54 Nil
and 56.4 57.4 1.0 8.37 7.3 8.48 0.05 0.06 Nil
SVN-D08-099 54.3 55.5 1.2 7.67 25.6 8.06 0.26 0.05 0.01
SVN-D08-101 30.3 32.7 2.4 6.78 42.7 7.43 0.04 0.20 0.02
including 30.3 30.95 0.92 15.55 72.7 16.65 0.07 0.23 0.02

Progress continues at La Josefina, and we are pleased with the consistency of high-grade results from the Veta Norte zone, said Matt Hughes, Executive Vice President and COO. Step out and infill drilling of the Veta Amanda-Veta Sur vein system will continue over the next several months with the subsequent results supplementing our resource calculation efforts this fall. The system remains open at depth and along strike to the south, and every hole we drill has the potential of increasing a gold and silver resource.

The La Josefina Gold-Silver Project is located in the north-central portion of Santa Cruz Province in Patagonias highly prospective Deseado Massif and comprises an area of over 52,770 hectares. The property encompasses multiple precious metal occurrences within a 10 km-long hydrothermal alteration belt that is 1-3 km wide. The region hosts numerous precious metal mines in production and deposits under development. HuntMountain entered into a partnership agreement with Fomicruz S.E., the provincial mining company, to earn a 91% interest upon completion of a positive feasibility study.

Certified sample preparation, gold and silver fire assay, and 28 element ICP analysis were carried out by ALS Chemex in Mendoza, Argentina and La Serena, Chile.

A complete table of drill results can be obtained at www.huntmountain.com on the La Josefina project page and within the Technical Report. The most recent assays greater than 1 g/t gold, 1% copper, or 3% lead or zinc are included in the table below:

HOLE NUMBERFrom (m)To (m)Interval (m)Au g/tAg g/tCu %Pb %Zn %
VETA AMANDA

SVN-D08-057(b)

150.1 150.6 0.50 1.065 78 0.71 0.02 0.03
151.11 151.64 0.53 6.4 242 3.68 14.1 0.53
SVN-D08-077 57 58.09 1.09 1.405 17 0.03 2.69 0.08
84.73 85.03 0.30 1.19 105 0.80 0.30 0.13
85.03 85.43 0.40 1.845 49.7 0.58 0.03 0.05
103.4 103.8 0.40 1.52 85 0.63 1.37 1.63
SVN-D08-088 225.52 226.4 0.88 1.265 11.4 0.07 0.06 0.11
SVN-D08-089 73 74 1.00 4.08 21.6 1.24 0.06 0.01
74 75 1.00 2.15 13.4 0.50 0.08 0.01
78 79 1.00 17.65 55.5 1.54 0.11 0.04
79 80 1.00 9.27 8.1 Nil 0.06 0.05
SVN-D08-090 83.03 83.6 0.57 6.32 145 3.50 0.13 0.25
SVN-D08-098 33.4 33.85 0.45 3.53 1 Nil 0.03 0.02
50.56 51.18 0.62 15.3 10 0.04 0.64 Nil
51.18 51.6 0.42 10.1 36.9 0.11 0.39 Nil
56.4 56.9 0.5 6.68 4.7 0.04 0.09 Nil
56.9 57.4 0.5 10.35 10.1 0.07 0.03 Nil
91.2 91.55 0.35 1.435 0.5 0.02 0.07 0.07
SVN-D08-099 52.28 53.25 0.97 0.889 45.7 0.39 0.15 0.01
54.33 54.83 0.50 12.55 31.1 0.54 0.03 Nil
54.83 55.47 0.64 3.86 21.3 0.05 0.06 0.01
63 63.45 0.45 3.75 30.1 0.03 0.12 0.01
63.45 64 0.55 1.545 75 0.03 0.11 Nil
SVN-D08-101 14.8 15.25 0.45 2.37 16 0.02 0.11 Nil
21.19 21.74 0.55 1.845 4.7 0.02 0.04 Nil
30.3 30.95 0.65 15.55 72.7 0.07 0.23 0.02
30.95 31.76 0.81 5.87 44.4 0.04 0.21 0.01
31.76 32.7 0.94 1.495 20.6 0.03 0.16 0.02
SVN-D08-102 29.5 30 0.5 1.4 20 0.73 0.03 Nil
31.15 32 0.85 7.84 33.4 0.58 1.04 Nil
32 33.6 1.6 1.045 4 0.02 0.36 Nil

33.6 34 0.4 2.64 6.7 0.02 0.11 Nil

34 35 1 3.81 5.3 0.02 0.07 Nil
39.7 40.55 0.85 1.235 15.7 0.02 0.11 0.01
55.5 55.85 0.35 14.8 80.4 3.47 0.08 Nil
57.4 57.85 0.45 2.01 4.6 0.07 0.06 Nil
CENTRAL
SC-D08-043 55.4 55.8 0.4 1.86 7.9 0.30 0.21 0.05

SC-D08-044

93.8 94.45 0.65 1.095 22 0.05 0.68 0.10
94.45 95.25 0.8 5.75 21.9 0.08 2.32 0.07

SC-D08-053

12.5 13 0.5 1.555 1.9 Nil 0.03 0.04

SC-D08-062

75.07 75.6 0.53 0.12 33.2 0.18 3.21 0.11
75.6 76.23 0.63 1.325 64.1 0.78 11.1 0.32

(a)Gold equivalent grade was calculated by dividing the silver assay result by 65.95 and adding it to the gold value. Gold and silver values reflect prices on 9/26/2008.  Troy ounces/short ton was calculated by dividing grams by 34.29 and rounding to 2 decimal places. Interval calculations are based on a weighted average using a 1.00 g/t cutoff value.

(b)Additional assay interval from previously reported drill hole.

HuntMountain Resources Ltd. is a U.S.-based junior exploration company engaged in acquiring, exploring and developing precious and base metals properties throughout North and South America. The Company currently controls and operates projects in Santa Cruz Argentina, Chihuahua Mexico, Nevada USA, and Quebec Canada.

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.

Contacts:

HuntMountain Resources
Vice President of Corporate Development
Steve Taylor, 509-892-5287
staylor@huntmountain.com
www.huntmountain.com
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here