Hawk Precious Minerals Inc.
CNQ : HAWK

Hawk Precious Minerals Inc.

October 13, 2006 14:03 ET

Hawk Closes on Financing

TORONTO, ONTARIO--(CCNMatthews - Oct. 13, 2006) - Hawk Precious Minerals Inc. (CNQ:HAWK) (the "Company") is pleased to announce that effective October 13, 2006 it has closed a private placement offering (the "Offering") of approximately 1,000,000 flow-through units (each consisting of one flow-through common share and one warrant) for gross proceeds of approximately $150,000. Each whole warrant is exercisable for one common share at a price of $0.25 per share until October 12, 2008.

The Company will use an amount equal to the aggregate of the gross proceeds from the sale of the flow-through units to incur Canadian Exploration Expenses, which will be renounced to subscribers of the flow-through units. The Company intends to incur those Canadian Exploration Expenses in connection with its exploration program for Ontario and Quebec exploration projects, and otherwise in connection with general working capital purposes. Except for being the focus of the right to have Canadian Exploration Expenses renounced in favour of their holders, the flow-through common shares are identical to the common shares.

About the Company

The Company has both direct or option interests in a mineral property in Quebec, two mineral exploration properties in Ontario and a petroleum and natural gas property in Ontario, plus a core holding of approximately 3.48 million shares in Wits Basin Precious Minerals Inc. (OTCBB:WITM), which company is currently funding a mine rehabilitation in Colorado USA and a gold exploration program in South Africa operated by AfriOre Limited, and approximately 2.6 million shares and 2.0 million warrants of MacDonald Mines Exploration Limited (TSX VENTURE:BMK), which company is carrying out an active exploration program in the McFaulds Lake area of the James Bay Lowlands the site of a new potential VMS base metal play.

CAUTIONARY STATEMENT The CNQ 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. This News Release includes certain "forward-looking statements". All statements other than statements or 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 expectations are exploration risks detailed herein and from time to time in the filings made by Hawk with securities regulators.

Contact Information

  • Hawk Precious Minerals Inc.
    H. Vance White
    President
    (416) 214-2250 or 1-866-214-9486
    (416) 367-1954 (FAX)
    Email: info@hawkpreciousmeinerals
    Website: www.hawkpreciousminerals.com
    or
    Hawk Precious Minerals Inc.
    Walter Brooks
    Director
    (416) 214-2250 or 1-866-214-9486
    (416) 367-1954 (FAX)
    Email: info@hawkpreciousmeinerals
    Website: www.hawkpreciousminerals.com