Gold Hawk Resources Inc.

Gold Hawk Resources Inc.

August 30, 2010 18:28 ET

Gold Hawk Files Second Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2010) - Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:GHK) announces today that it has filed on its financial results for the three and six months ended June 30, 2010.

This media release should be read in conjunction with the unaudited financial statements and notes thereto for the period ended June 30, 2010, and management's discussion & analysis ("MD&A") for the period ended June 30, 2010 available on the Company's website and filed on SEDAR at

The Company retains a strong balance sheet with $12.5 million in cash and equivalents and investments of $2.4 million at the end of the second quarter of 2010. Gold Hawk reported a net loss of $2.0 million ($0.16 per share) for the period ended June 30, 2010, as compared with a net loss of $8.26 million ($0.75 per share) in the same period of 2009. The loss for the second quarter of 2010 is primarily derived from an unrealized loss of $1.5 million on investments.

During the second quarter of 2010, management focused its efforts on conducting due diligence on a number of potential transactions. Subsequent to the end of the quarter, the Company began its technical due diligence on the Oracle Ridge Copper Mine and on August 17, 2010, Gold Hawk announced that a Letter of Intent had been signed to acquire the project. Also subsequent to June 30, in early July the Company signed a Share Purchase Agreement to sell its remaining 15% interest in the operating subsidiary of the Coricancha Mine in Peru for US$4,425,000 cash.

"Gold Hawk has been successful in uncovering the Oracle Ridge Mine as an overlooked asset with value that can be unlocked through additional investment in a an updated technical report and establishing a modern production facility on site," said Kevin Drover, Gold Hawk's President and CEO. "The sale of the Company's remaining interests in Peru in July and the announcement of the Oracle Ridge Mine transaction set a new course for Gold Hawk as we aggressively pursue additional transactions to grow the Company."

For additional information on the proposed acquisition of the Oracle Ridge Copper Mine, please see the Company's August 17, 2010 media release "Gold Hawk signs Letter of Intent to acquire the Oracle Ridge Copper Mine".

About Gold Hawk Resources Inc.

Gold Hawk (TSX VENTURE:GHK) is a Vancouver, Canada-based company actively exploring business opportunities in the mining sector. The Company has no debt, approximately $19 million in working capital and holds mining concessions at the Barry-Souart property northeast of Val-d'Or, Quebec – a gold mining area with existing mining operations nearby. Gold Hawk is operated by an experienced management team with significant operating experience.

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 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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