Hawk Precious Minerals Inc.
CNQ : HAWK

Hawk Precious Minerals Inc.

December 29, 2006 10:35 ET

Hawk Reports Departure of a Director

TORONTO, ONTARIO--(CCNMatthews - Dec. 29, 2006) - Hawk Precious Minerals Inc. (CNQ:HAWK)(the "Company") has received a resignation from Zoran Arandjelovic, one of the members of its Board of Directors and of its audit committee. The resignation is effective as of December 26, 2006. The Company would like to thank Mr. Arandjelovic for his service and for the valuable insight and experience he made available to the Company during his tenure as a Board member. The Company also wishes Mr. Arandjelovic every success in his future endeavours.

Following Mr. Arandjelovic's resignation, the Board of Directors appointed Michael Newbury to its audit committee, such that the audit committee of the Company's Board of Directors is now comprised of all of the members of the Company's Board, namely Michael Newbury, Walter Brooks and Vance White.

The Board is now considering potential candidates to join its Board of Directors and will work to identify a qualified nominee in advance of its next shareholders' meeting.

About the Company

The Company has both direct or option interests in a mineral property in Quebec, two mineral exploration properties in Ontario and petroleum and natural gas properties 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 1 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.

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