Hawk Uranium Inc.

Hawk Uranium Inc.

November 21, 2008 11:13 ET

Hawk Uranium Inc. Extends Loan to Wits Basin Precious Minerals Inc.; Abandons Lambton County Prospect

TORONTO, ONTARIO--(Marketwire - Nov. 21, 2008) - Hawk Uranium Inc. (TSX VENTURE:HUI)(FRANKFURT:HPM) ("Hawk") is announcing that it has made a loan of US$60,000 to Wits Basin Precious Minerals Inc. ("Wits"). These funds will be used by Wits to renew certain prospecting permits held by Wits over properties in South Africa.

Hawk currently holds 3,482,500 shares of Wits, and Mr. H. Vance White, a director and the President of Hawk, is also Chairman of the board of directors of Wits. Mr. White advised Hawk's board of directors of his role with Wits when this loan was considered, and he abstained from voting on this matter when the board of directors authorized the loan.

Hawk's loan to Wits accrues interest at 10% per annum and is repayable on or before February 12, 2009. In connection with the loan, Wits has granted Hawk a security interest over the right of Wits to earn an indirect 65% interest in the company that holds the South African prospecting permits that are being renewed with the proceeds of the loan. In addition, Wits has agreed to grant Hawk a 5-year warrant exercisable for 250,000 shares of Wits, exercisable at $0.125 per share.

Lambton County Prospects

Hawk is also announcing that it has abandoned its activities on, and its interests in, its Lambton County Prospects. Hawk's interests in this project arise under an October 2005 agreement whereby Hawk acquired an 87.5% interest in certain petroleum and natural gas leases, and a 50% interest in certain gas storage leases, on four prospects in or near Lambton County, Ontario. The 87.5% interest is convertible to a 75% interest after Hawk has recovered 100% of the capital costs of this project. Hawk has determined to abandon this project and cease its activities thereon, and Hawk's interest in this prospect will therefore be written off on Hawk's financial statements.

Hawk Uranium Inc. is a Canadian based junior mining company with a portfolio of diversified exploration projects at various stages of exploration and drilling, for Nickel/Copper/PGM in the 'Ring of Fire' McFauld's Lake Area of N. Ontario, Gold in N. Ontario, Uranium in N. Saskatchewan, Ontario and Quebec, and P&NG Leases in S.W. Ontario.

More detailed information is available on the website at www.hawkuranium.com

Cautionary Statement:

The foregoing information may contain forward-looking statements relating to the future performance of Hawk Uranium Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Hawk's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Hawk with the TSX Venture Exchange and securities regulators. Hawk does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and 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.

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