Hawk Uranium Inc.
TSX VENTURE : HUI

Hawk Uranium Inc.

August 15, 2007 16:30 ET

Hawk Uranium Inc. Acquires Uranium Exploration Properties in Northern Saskatchewan

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2007) - Hawk Uranium Inc. (TSX VENTURE:HUI) ("Hawk") is pleased to announce that it has entered into two agreements to acquire options over a total of nine (9) mining claims in the Charlebois Lake Area of the Northern Mining District, Saskatchewan. The 9 claims cover approximately 4,254 hectares. The region in which the claims are located has been explored by a number of other uranium exploration companies since the early 1950s. These companies and academics have contributed to the approximately 70 assessment reports on file with the Government of Saskatchewan. Those reports indicate that there is potential that significant quantities of low grade uranium may be found in the area. Tests of some samples from the area by the University of Saskatchewan indicate "excellent recovery of uranium values and good milling characteristics".

An option over 6 of the 9 claims was acquired from prospectors Mr. B. Scott Bell and Mr. Chris Knudsen (the "Bell-Knudsen Claims") on the terms set out below.

In order to maintain its option to acquire a one hundred percent (100%) interest in 6 of the claims, Hawk shall:



(a) make the following option payments to Messrs. Bell and Knudsen:

(i) $50,000 immediately;
(ii) $30,000 on or before August 7, 2008;
(iii) $35,000 on or before August 7, 2009; and
(iv) $40,000 on or before August 7, 2010.

(b) issue shares to Messrs. Bell and Knudsen as follows:

(i) 150,000 common shares immediately;
(ii) 150,000 common shares on or before February 7, 2008;
(iii) 100,000 common shares on or before August 7, 2008;
(iv) 100,000 common shares on or before August 7, 2009; and
(v) 100,000 common shares on or before August 7, 2010.


In addition, Mr. Bell and Mr. Knudsen will retain a 2.5% Net Smelter Return Royalty ("NSR") subject to Hawk's right to repurchase up to 2% of the NSR for $1,000,000 per 1% of the NSR.

An option over 3 of the 9 claims was acquired from Mr. Bell (the "Bell Claims") on the terms set out below.

In order to maintain its option to acquire a one hundred percent (100%) interest in the 3 claims, Hawk shall:



(a) make the following option payments to Mr. Bell:

(v) $80,000 immediately;
(vi) $40,000 on or before August 7, 2008;
(vii) $40,000 on or before August 7, 2009; and
(viii) $40,000 on or before August 7, 2010.

(b) issue shares to Mr. Bell as follows:

(vi) 100,000 common shares immediately;
(vii) 100,000 common shares on or before February 7, 2008;
(viii) 100,000 common shares on or before August 7, 2008;
(ix) 100,000 common shares on or before August 7, 2009; and
(x) 100,000 common shares on or before August 7, 2010.


In addition, Mr. Bell will retain a 2.5% NSR subject to Hawk's right to repurchase up to 2% of the NSR for $1,000,000 per 1% of the NSR.

Hawk has also retained Mr. Bell to locate and stake other properties which show interesting geological features.

Hawk will pay a finder's fee of 50,000 common shares in connection with the acquisition of the Bell-Knudsen Claims option, plus 50,000 common shares in connection with the acquisition of the Bell Claims option, to Mr. David Parfitt. This amount of shares, being 100,000 common shares in total, corresponds to less than 10% of the shares issued as consideration for the options.

Hawk's acquisition of these options and payment of the finder's fee are subject to approval by the TSX Venture Exchange. All of the shares issued to Messrs. Bell, Knudsen and Parfitt will be subject to a hold period expiring four months and one day after approval of the acquisitions and finder's fee by the TSX Venture Exchange.

ABOUT HAWK URANIUM INC.

Hawk has both direct or option interests in a uranium project in Grand Calumet Township, Quebec, one gold exploration property in Ontario, one Uranium property in the Elliot Lake Camp of Ontario, one VMS exploration property in Ontario, and a core holding of 3.5 million shares in Wits Basin Precious Minerals Inc. (OTCBB:WITM). Wits Basin is currently pursuing active projects in South Africa, Colorado, Mexico and the People's Republic of China. Hawk also has petroleum and natural gas properties in Ontario. Hawk holds approximately 2.6 million shares 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.

For all Hawk Uranium Inc. investor relations needs, investors are asked to visit the Hawk Uranium IR Hub at http://www.agoracom.com/ir/hawk where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to hui@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

CAUTIONARY STATEMENT

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 of 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 plans and expectations as 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 does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Hawk Uranium Inc.
    H. Vance White
    President
    (416) 214-2250 or 1-866-214-9486
    (416) 367-1954 (FAX)
    or
    Hawk Uranium Inc.
    Walter Brooks
    Vice President
    (416) 214-2250 or 1-866-214-9486
    (416) 367-1954 (FAX)