Hawk Uranium Inc.

Hawk Uranium Inc.

November 21, 2007 09:18 ET

Hawk Uranium Inc. Announces Option Agreement With Noront

TORONTO, ONTARIO--(Marketwire - Nov. 21, 2007) - Hawk Uranium Inc. (TSX VENTURE:HUI) ("Hawk") is pleased to announce that it has entered into an option agreement with Noront Resources Ltd. ("Noront") pursuant to which Hawk has the option to acquire a 50% legal and beneficial interest in a property. The property includes 10 Claims (covering a total of 160 claim units, or approximately 6340 acres) in the "Ring of Fire" of the McFaulds Lake area, James Bay Lowlands, Ontario near Noront's nickel copper discovery.

To earn its interest in the property, Hawk is required to:

1. Issue 400,000 common shares of Hawk to Noront immediately following approval of the option agreement by the TSX Venture Exchange;

2. Complete an aggregate of $3,500,000 in exploration expenditures on the property over a three year period (of which $1,000,000 must be incurred in the first year); and

3. Make aggregate cash payments to Noront of $400,000 within two years of entering into the option agreement (of which $200,000 must be paid in the first year). The cash payments may be satisfied, at the option of Noront and subject to the approval of the TSX Venture Exchange, by the issuance to Noront of 800,000 common shares of Hawk (at a deemed price of $0.50 per share).

The Option Agreement remains subject to required approvals by Hawk's Board of Directors, Noront and the TSX Venture Exchange.

Upon Hawk earning its 50% interest in the property, Hawk and Noront shall form a joint management committee to further develop the property as a joint venture with Noront continuing to act as the operator.


Hawk has both direct or option interests in a uranium project in Grand Calumet Township, Quebec, two VMS/nickel/copper exploration properties in the McFaulds Lake "Ring of Fire" area of Northern Ontario in Joint Venture one with Noront Resources and one with MacDonald Mines; one gold exploration property in the Wawa area of Ontario, one uranium property in the Elliot Lake Camp of Ontario, one uranium property in the Charlebois Lake Area of the Northern Mining District of Saskatchewan, one uranium property in Gila County, Arizona, 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.

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.


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