Gold Hawk Resources Inc.

Gold Hawk Resources Inc.

May 12, 2011 06:00 ET

Gold Hawk Intercepts 25 Feet of 4.63% Copper, 1.25 opt Silver at Oracle Ridge

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2011) - Gold Hawk Resources Inc. (TSX VENTURE:GHK) ("Gold Hawk" or the "Company") is pleased to announce that the assay results of its core drilling program at the Company's Oracle Ridge Copper Mine confirm the high-grade nature of the copper deposit. Assays have been received for seven of the holes drilled to date with more assays expected in the near future. Assay data for the seven drill holes are presented in the table below.

The confirmation drill program at the Oracle Ridge Copper Mine is advancing on schedule with approximately 10 holes completed at this time. Gold Hawk is taking the necessary time to analyze for a full suite of elements and have identified silver and iron as two likely byproducts that could provide additional positive project economic value. More detailed evaluation of this potential will be conducted as the project progresses.

HoleFromToInterval%Cu%FeAg oz/tonZone
2011-016347384.537.52.2417.210.541 & 2
2011-05129830571.946.610.431 & 2
2011-071573596.523.51.801.240.441 & 2
2011-74Low Grade5

Intervals were calculated using an external 1% copper cut-off. Intervals labeled "Includes" are higher-grade portions of the previous listed interval. True thickness is believed to be between 80-to-100% of the reported thicknesses. Analyses for copper, silver and iron were completed by Skyline Labs of Tucson, Arizona on ½ core splits using standard industry accepted techniques.

For an overview of the historic copper skarn mineralization zones, see the Company's website: Oracle Ridge Copper Mine - Historic Copper Mineralization Zones (

The technical information in this media release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Glenn R. Clark, P.Eng. of Glenn R. Clark & Associates Limited, a consultant for Gold Hawk, Qualified Person under NI 43-101, and is responsible for the technical information reported herein.

Drill Program update

A total of 9,800 feet of drilling has been completed to date of the initial 15,000 feet of surface Phase One drilling designed to validate the existing drill hole data. To date, the results are within expectations. The Phase One drill core assay results will be compared against and used to verify the historic data and to complete a new, NI 43-101 compliant technical report on reserves and resources. Gold Hawk is in possession of the historic data base consisting of 534 drill holes totalling more than 163,000 feet of drilling. The available historic drill core samples are in good condition and stored on site and are in the process of being catalogued, logged and assayed as part of the study to bring the project to NI 43-101 standards.

Gold Hawk is in the process of re-activating the underground Oracle Ridge Copper Mine, located in rural Pima County, Arizona north of Tucson, last in production in 1996. Both the mine and the tailings facilities are located on private property. Engineering and design work is underway using a 15% cost estimation level consistent with industry standards for project debt financing should the company elect to utilize this method for construction financing. The study will be based on a 2,000 tons-per-day processing facility and related facilities including the tailings impoundment. Preliminary production estimates indicate that approximately 140 tons of high-grade copper concentrate could be produced on a daily basis.

The Oracle Ridge Copper Mine hosts at least 12 known zones containing multiple beds of primary copper skarn mineralization. Copper grades as high as 22% are reported in the historic drill hole data. During previous operations gold and silver were produced as by-products. Given current precious metal prices a silver/gold credit could potentially enhance project economics. Past ore produced by the mine were not consistently tested for the presence of other minerals, such as magnetite, and the Company has undertaken detailed metallurgy studies as part of the engineering and design studies.

Historically there have been a number of resource and reserve estimates available that were made by reliable, knowledgeable professionals. As part of a 1995 feasibility study for a 2,000 tons-per-day processing plant, the former operator developed a mine plan containing 8.8 million tons grading 2.3% copper diluted, in all categories. This mine plan conformed to United States Securities and Exchange Commission mining reserve definitions in place at that time. The reader is cautioned that the foregoing estimate is not in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and is cited for historical purposes only and should not be relied upon until further work is carried out. Gold Hawk believes, however, that the historical resource estimates reported above are material and should be disclosed as these historical results provide an indication of the potential of the property and are relevant to future exploration.

For additional information on the Oracle Ridge Copper Mine, please see the August 20, 2010 Technical Report, Review of the Oracle Ridge Mine Project, available on SEDAR and on the Company's website (

Annual and Special Meeting of Shareholders

Gold Hawk will hold its Annual and Special General Meeting on Tuesday, June 7, 2011 at 10:00 a.m. (Pacific Time) at the Seymour Room of the Coast Coal Harbour Hotel, 1180 West Hastings Street, Vancouver, B.C. Shareholders of record as at the close of business on May 2, 2011 are entitled to vote at the meeting. Voting instructions will be sent to shareholders with the Notice of Meeting, Management Information Circular and Proxy and have been filed on SEDAR.

About Gold Hawk Resources Inc.

Gold Hawk (TSX VENTURE:GHK) is a Vancouver, Canada-based company with a focus on uncovering overlooked deep-value projects to achieve superior shareholder returns. The Company is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Gold Hawk has cash on hand of approximately $19 million, minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.

Forward-looking Statement Disclaimer

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") does not intend, and does 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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