September 30, 2008
Press Release 08-16

HuntMountain Releases New High-Grade Assays from La Josefina
Gold-Silver Project

(Spokane, WA) 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* 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 zones – Veta Norte, Noreste (Sinter), and Central. Additional significant values include:

"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 Patagonia’s 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.

:

HOLE NUMBER

From (m)

To (m)

Interval (m)

Au g/t

Ag g/t

Cu%

Pb%

Zn%

SVN-D08-057**

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

*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.
**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.

FOR FURTHER INFORMATION PLEASE CONTACT:
Steve Taylor, Vice President of Corporate Development
HuntMountain Resources
(509) 892-5287
staylor@huntmountain.com
www.huntmountain.com