Hawk Uranium Inc.

Hawk Uranium Inc.

October 01, 2007 16:30 ET

Hawk Uranium Inc. Increases Interest in Claims in McFaulds Lake Area of the James Bay Lowlands

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2007) - Hawk Uranium Inc. (TSX VENTURE:HUI) ("Hawk") is pleased to announce that it has increased the size of its interest in a mining property located in the McFaulds Lake Area of the Thunder Bay Mining Division, Ontario, which it holds under an Option and Joint Venture Agreement between Hawk, Wits Basin Precious Minerals Inc. (OTCBB:WITM) ("Wits Basin") and MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) ("MacDonald") dated November 30, 2006.

Pursuant to a transfer agreement between Hawk, MacDonald and Wits Basin, Wits Basin will sell its 24.5% interest in the property to Hawk and MacDonald in exchange for cash payments by each of Hawk and MacDonald of $25,000 (for an aggregate total of $50,000). Upon completion of the transfer, Hawk's interest in the property will increase from 24.4% to 36.75% and MacDonald's interest in the property will increase from 51% to 63.25%. Wits Basin will own no further interest in the property. No finder's fee will be paid in connection with this transaction.

The property comprises five contiguous claims (for 80 claim units) in the Thunder Bay Mining Division, near the western edge of the James Bay Lowlands, Ontario, and is approximately 3,200 acres in size.

Prior to Hawk's Board reaching a determination as to the acquisition of the interests from Wits Basin, H. Vance White, Hawk's President and CEO, advised the Board of Directors of his interest in the transaction by virtue of his position as a senior officer and director of Hawk and Chairman and a director of Wits Basin. Mr. White abstained from the Board's decision with respect to the acquisition.

Hawk's acquisition of the interest is subject to approval by the TSX Venture Exchange.


Hawk has both direct or option interests in a uranium project in Grand Calumet Township, Quebec, one gold exploration property in Ontario, one uranium property in the Elliot Lake Camp of Ontario, one uranium property in the Charlebois Lake Area of the Northern Mining District of Saskatchewan, one Uranium property in Gila County, Arizona, one VMS exploration property in Ontario, and a core holding of 3.5 million shares in Wits Basin Precious Minerals Inc. (OTCBB:WITM). Wits Basin is currently pursuing active projects in South Africa, Colorado, Mexico and the People's Republic of China. Hawk also has petroleum and natural gas properties in Ontario.

For all Hawk Uranium Inc. investor relations needs, investors are asked to visit the Hawk Uranium IR Hub at http://www.agoracom.com/ir/hawk where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to hui@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.


This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Hawk, 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 Hawk's plans and expectations as 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 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.

Contact Information

  • Hawk Uranium Inc.
    H. Vance White
    (416) 214-2250 or 1-866-214-9486
    (416) 367-1954 (FAX)
    Hawk Uranium Inc.
    Walter Brooks
    Vice President
    (416) 214-2250 or 1-866-214-9486
    (416) 367-1954 (FAX)