Hawk Precious Minerals Inc.

Hawk Precious Minerals Inc.

January 24, 2007 16:59 ET

Hawk Closes First Tranche of Financing

TORONTO, ONTARIO--(CCNMatthews - Jan. 24, 2007) - Hawk Precious Minerals Inc. (CNQ:HAWK) (the "Company") is pleased to announce that it has closed the first tranche of a private placement (the "Offering") and has issued and sold 3,450,000 common share units (each consisting of one common share and one share purchase warrant) at $0.20 per unit, and 100,000 flow-through units (each consisting of one flow-through common share and one half of one share purchase warrant) at $0.25 per unit, for total gross proceeds of $715,000. Each whole warrant is exercisable for one common share at a price of $0.50 per share exercisable until 24 months from its date of issue.

The net proceeds of the Offering will be used to fund the Company's exploration programs on its Ontario and Quebec exploration projects and for other permitted general corporate purposes.

About the Company

The Company has both direct or option interests in a mineral property in Quebec, two mineral exploration properties in Ontario and a petroleum and natural gas property in Ontario, plus a core holding of approximately 3.48 million shares in Wits Basin Precious Minerals Inc. (OTCBB:WITM), which company is currently funding a mine rehabilitation in Colorado USA and a gold exploration program in South Africa operated by AfriOre Limited, and approximately 2.6 million shares and 2.0 million warrants of MacDonald Mines Exploration Limited (TSX VENTURE:BMK), which company is carrying out an active exploration program in the McFaulds Lake area of the James Bay Lowlands, the site of a new potential VMS base metal play.


The CNQ does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements or historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.

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