Gold Hawk Resources Inc.
TSX VENTURE : CGK

Gold Hawk Resources Inc.

June 04, 2009 17:13 ET

Gold Hawk Files First Quarter 2009 Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2009) - Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:CGK) announces today that it has filed its financial results for the first quarter ended March 31, 2009 on www.SEDAR.com.

Major highlights and developments during the first quarter of 2009 included:

- Receiving final construction permit for new tailing facilities;

- Receiving US$2.0 million advance of new funds related to new US$13.0 million loan facility;

- Completion and submission of environmental impact assessment study (EIA) for the new tailing facilities and receipt of construction permit;

- Completion of a $1.0 million private placement financing in March;

- Update of mineral resources and reserve estimates for the re-start of the Coricancha Mine (43-101 compliant technical report); and

Subsequent to March 31, 2009 the Company:

- Completed a non-brokered private placement of 25,050,000 million units at a price of $0.05 per Unit for maximum aggregate proceeds of $1,252,500 million; and

- Signed a final loan agreement with its lender in connection with the Company's US$13.0 million restructured loan facility.

During the first quarter, management achieved several key goals including obtaining the construction permits for the new permanent tailings facility, restructuring the debt and obtaining interim financing. These achievements have placed Gold Hawk in a favourable position to seek a complete solution to its financing needs leading to the re-start of operations at the Coricancha Mine.

With the above three objectives met and a second financing completed, management is evaluating a number of opportunities, which include a merger, joint venture, equity and other financing mechanisms. The resulting proceeds will be used to fund the building of the new tailings facility, begin moving historical tailings and allow the Company to resume operations. Once this re-start financing is in place, the Company expects to resume production within a five- to six-month period.

With the discovery in 2007 of the downward extension of the Constancia Vein on the 3,140-metre elevation level, there is significant exploration up-side to provide future organic growth for the Company. One of management's primary goals is to begin the exploration of this area and conduct a drilling program to prove what we believe to be a significant ore body in this area. A timeline will be established regarding the exploration program following the return to production. Management remains confident and is committed to the re-start of operations at the Coricancha Mine and then continue on the path toward achieving the goal of growing the Company and increasing shareholder value.

"Gold Hawk's first quarter achievements have positioned the Company for a return to production once financing for the restart is secured," said Mr. Kevin Drover, Gold Hawk's President and CEO. "The management team is committed to resuming operations at the Coricancha Mine and then continuing toward the goal of growing the Company and increasing shareholder value."

For complete details of the first quarter ended March 31, 2009, as well as the annual audited Financial Statements and Management's Discussion and Analysis, please see the Company's filings on SEDAR (www.sedar.com).

About Gold Hawk Resources Inc.

Gold Hawk (TSX VENTURE:CGK) is a Canada-based precious metals company with reserves and resources containing gold, silver, lead, zinc and copper and a near-term production project at the Coricancha Mine and 600 tonnes of ore per day processing facility, located 90kms east of Lima, Peru.

On January 7, 2009 the Company received its final permit to construct a new permanent tailings facility at Chinchan and has all of the other permits required for the re-start of the mine.

Gold Hawk is based in Vancouver, Canada and is operated by an experienced management team. Gold Hawk and its wholly owned subsidiary, Compania Minera San Juan (Peru) S.A. also have exploration properties in Peru and Canada (Quebec).

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Gold Hawk Resources Inc. (hereinafter referred to as the "Company") do not intend, and do not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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