VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2008) - Canadian Gold Hunter Corp. (TSX:CGH) (the "Company") is pleased to announce that it has signed an option with Eastfield Resources Ltd. (TSX VENTURE:ETF) to earn up to a 75% interest in the Zymo Property, 40 km west of Smithers, BC. The 10,250 hectare property is accessed by good quality logging roads from Smithers.
CGH may earn an initial 60% interest in the property by making cash payments totaling $350,000, issuing 50,000 shares and completing exploration expenditures of $4 million over five years. CGH may earn a further 10% interest by completing a feasibility study and a further 5% by arranging mine financing for Eastfield. A minimum exploration expenditure of $800,000 must be completed in calendar 2008. The program will include extensive geochemical sampling, IP geophysical surveying and diamond drilling.
The Zymo property hosts at least two large copper-gold porphyry, or intrusion related, mineralized zones. Historical work, dating primarily from pre-2000, outlined a large geochemical anomaly measuring approximately 1 km by 1 km within which numerous mineral occurrences have been located. This area is now referred to as the main zone.
In 2007 Eastfield completed a reconnaissance exploration program on the Zymo property (see Eastfield news release dated 1/17/08 for summary). In the main zone area chip sampling along a creek exposure returned 0.13% copper and 0.26 g/t gold. Grab samples in this area have returned up to 1.0% copper. Another new showing was located by prospecting 800 m southeast of the main showing where a grab sample returned a grade of 0.92% copper, 0.26 g/t gold and 4.5 g/t silver.
A new discovery of porphyry style mineralization called the Hobbes zone was made by prospecting approximately 4.5 km west of the main showing. Grab samples from this area returned copper grades to 0.33% and gold grades to 1.13 g/t indicating a significant copper gold system associated with a magnetic high that measures 1.0 km in length. The host rocks are intensely altered intrusives.
G.L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release. Analyses were performed by Acme Analytical Laboratories, a certified facility located in Vancouver, BC, using multi-element (ICP-ES) procedures, with gold and silver determined by fire assay procedures.
CGH is engaged in gold exploration focused on North American projects. The Company has a 100% interest in the GJ/Kinaskan copper/gold project in British Columbia. In addition, the Company is currently drilling its Caballo Blanco gold project in Veracruz State Mexico.
ON BEHALF OF THE BOARD
Richard J. Bailes, President