Glen Hawk Minerals Ltd.
TSX VENTURE : GHM

Glen Hawk Minerals Ltd.

July 15, 2008 19:36 ET

Glen Hawk Signs Option Agreement on Arizona Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2008) - Glen Hawk Minerals Ltd. ("GHM") (TSX VENTURE:GHM) reports that it has entered into an option agreement with Bell Copper Corporation ("BCU.V") whereby GHM has, subject to regulatory approval, the right (the "option") to earn up to a 65% interest in the Superior West Prospect (the "Property") based upon GHM completing the following:

a) Paying to BCU Can $25,000 upon TSX Venture Exchange (the "Exchange") approval;

b) Issuing to BCU the following shares:

i. 1,000,000 shares upon Exchange approval;

ii. 1,000,000 shares on August 31, 2009;

iii. 1,000,000 shares on August 31, 2010; and

iv. 1,000,000 shares upon production of a bankable feasibility study on the Property;

c) Completing the following exploration expenditures on the Property:

i. a minimum of US $250,000 by May 15, 2009;

ii. a further amount, in the minimum of US $250,000 by August 31, 2009; and

iii. an aggregate total of US $1 million by May 15, 2010;

d) Keeping the claims comprising the Property in good standing during the term of the Option, and for a further six months if the Option is terminated; and

e) Paying to BCU an operators administration fee of 10% of exploration funds expended.

Upon GHM having spent the US $1 million of exploration expenditures in accordance with the above, GHM will have earned a 65% interest in the Property and GHM, BCU and Bronco Creek Exploration Inc ("Bronco") will, in accordance with the underlying alliance agreement between BCU and Bronco (the "Alliance Agreement") form a joint venture for the further development of the Property with the initial interests in the joint venture being GHM as to 65%; BCU as to 10% and Bronco as to 25%. Under the terms of the joint venture, Bronco will be carried to feasibility with GHM and BCU being required, in proportion to their respective interests, to arrange for financing based on certain minimum annual funding requirements with preferential payback from production for reimbursements for having funded Bronco's joint venture share of costs.

On behalf of the Board of Directors of GLEN HAWK MINERALS LTD.

Laara Shaffer, President and Director

Forward-looking statements in this release are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Glen Hawk Minerals Ltd.
    Laara Shaffer
    President and Director
    (604) 618-4515
    (604) 608-4804 (FAX)
    Website: www.glenhawkminerals.com