Hawk Uranium Inc.

Hawk Uranium Inc.

October 21, 2008 13:27 ET

Hawk Updates Disclosure on First Phase of Drilling on the Soocana Vein System; Metallurgical Testing of the Black Sands Zone Underway From the Holdsworth Gold Project, Wawa Area, Northern Ontario

This press release amends and entirely replaces the press release issued on October 20, 2008. This press release contains cautionary language relating to the historical estimates disclosed below.

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2008) - Hawk Uranium Inc. (TSX VENTURE:HUI)(FRANKFURT:HPM)("Hawk") is pleased to announce that the initial phase of diamond drill testing of the Gold Mineralized Soocana Vein System, on its wholly-owned Holdsworth Gold Property, Hawk Junction-Wawa Area, Northern Ontario has been completed with a total of 5,498 meters being drilled in 34 holes. A total of 2,871 samples have been submitted to ActLabs in Thunder Bay for gold (Au), silver (Ag) and 36 element ICP analysis with results to be reported as received. All but one of 34 holes drilled intersected what is believed to be the Soocana Vein System. Hawk had previously announced the extension of the Soocana Vein from 300m to 750m and Gold results from nine (9) surface samples taken from the vein.

The Company is also pleased to announce that it has submitted a 250 kg composite sample from 4 pit locations from the Black Sands Zone to SGS Labs, Lakefield, Ontario for metallurgical testing. Initial indications from a ground magnetic geophysical survey with 12.5 meter station spacing on 100 meter spaced lines has outlined two 2,200 meter zones of the Black Sands traversing the property. The zones appear to have a width of a minimum of 4 meters.

An excerpt from the Sears Barry and Associates Ltd. Report of October 2002 (the "Sears Report") prepared for Hawk Junction Capital Corp. (the predecessor company of Hawk Uranium Inc.) and authored by Seymour Sears P.Geo. includes the following comment in the summary to that report:

"The Black Sand Zone is at least 8 meters (25 feet) deep. This oxide material contains highly elevated gold values ranging from trace to 14.2 g/t (0.42 oz/ton). Systematic sampling of the black material by Hawk Junction Capital Corp. in 1999, from a portion of one of these zones, the East Zone, has outlined an indicated resource of 11,760 tonnes having a grade of 3.45 g/t Au (0.10 oz/ton) and 29.99 g/t Ag (0.87 oz/ton). Additional material beneath the delineated zone as well as three other blocks of black sand occur within the immediate area, although these were not properly sampled and are therefore of undetermined size and grade.

Four other zones of black sand are identified in other parts of the Holdsworth property, as well as geophysical conductors that may represent sulphides zones that have not been investigated.

A preliminary mill test carried out by an independent consultant (Welch, Appendix 2) indicated an average of 98.7% recovery in a 48 hour agitated leach without crushing."

The Sears Report was prepared in accordance with National Instrument 43-101. The results of the Sears Report have not been verified or confirmed by Hawk. The Report is filed on SEDAR as Schedule "H" to the December 12, 2002 Hawk Junction Capital Corp. Management Information Circular. The mill test referred to in the above excerpt was carried out by Dave Welch and is dated September 9, 1999.

A qualified person has not done sufficient work to classify the historical estimate from the above excerpt as current mineral resources or mineral reserves. Hawk is not treating the historical estimate as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of National Instrument 43-101, and the historical estimate should not be relied upon.

Hawk is investigating the possibility of custom processing this material, and evaluating the technical feasibility of applying custom processing to the zone.

The Holdsworth Property consists of 19 contiguous patented mining claims (304 hectares) in the Corbiere and Esquega Townships, Ontario.

Holdsworth Project

The Holdsworth Property has the potential to host gold and silver mineralization within three (3) distinct geological environments namely (1) lode gold in traditional quartz veins û "The Soocana Vein" (2) an oxidized cap at surface developed over a massive pyrite zone (Algoma Iron Formation) - "The Black Sands" and (3) the precursor to the black sands - a massive pyrite zone (Algoma Iron Formation) at depths û "The Massive Sulphide". All three Gold & Silver prospects occur within Archean aged mafic to intermediate metavolcanic rocks of the Michipicoten Greenstone Belt.

The samples for which results are disclosed in this press release were collected under the supervision of Randy Singh, Hawk's Senior Geologist. Michael Newbury, P.Eng, a "qualified person" as such term is defined by National Instrument 43-101, and a director of Hawk has verified the data disclosed in this news release (except for the data excerpted from the Sears Report), and has otherwise reviewed and approved the technical information in this news release on behalf of Hawk.

Hawk Uranium Inc. is a Canadian based junior mining company with a portfolio of diversified exploration projects at various stages of exploration and drilling, for Nickel/Copper/PGM in the 'Ring of Fire' McFauld's Lake Area of N. Ontario, Gold in N. Ontario, Uranium in N. Saskatchewan, Ontario and Quebec, and P&NG Leases in S.W. Ontario.

More detailed information is available on the website at www.hawkuranium.com

Cautionary Statement:

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

The foregoing information may contain forward-looking statements relating to the future performance of Hawk Uranium Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Hawk's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Hawk with the TSX Venture Exchange and securities regulators. Hawk does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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