Here is the relevant statute (once again, from 13-3111):
"B. This section does not apply to a person who is fourteen, fifteen, sixteen or seventeen years of age and who is any of the following:
1. Engaged in lawful hunting or shooting events or marksmanship practice at established ranges or other areas where the discharge of a firearm is not prohibited.
2. Engaged in lawful transportation of an unloaded firearm for the purpose of lawful hunting."
So, in my personal interpretation, here is what this means for you if you want to use this "loophole #2."
1. Wherever you are hunting, it must be legal to hunt on the land where you are hunting; and it must be legal to hunt the specific animal for which you are hunting (i.e., "in season"). Check with your local game warden, Fish and Wildlife organization, or equivalent for this information.
2. Unless you are actually hunting at that specific moment in time, the firearm should be unloaded. If you're not hunting or going to/from hunting grounds, don't carry it at all (at least, not under this provision).
3. Assuming you are also bringing along a long gun for the actual animal hunting, I would personally recommend that you load both the pistol and the long gun with rounds that are appropriate for game. While the statute doesn't require this, I recommend it so that an officer will be less likely to say "that pistol is not being used for hunting; so, you're a minor illegally possessing it..."
4. Have your story straight before you even leave your house. Know exactly where you're going (i.e. the location where it is lawful to hunt) and what animal you plan to hunt (that's "in season," of course). When an officer questions you, just simply say "officer, I am engaged in lawful hunting; this/these gun(s) are being lawfully used/transported for that purpose." Beyond that, keep your mouth shut! You have the Fifth Amendment for a reason; so, use it! See why here:
http://www.youtube.com/watch?v=6wXkI4t7nuc (it's a little lengthy; but it contains a lot of good information on exercising your 5th Am. rights; ask around here if you want some more information on exercising these rights).
Disclaimer (yep, gotta include it
): I am not a lawyer. None of the above is, or should be construed as, legal advice. I accept no civil or criminal responsibility for any actions you may or may not take based on this information. For actual legal advice, consult an attorney licensed in your jurisdiction.