Hawkeye Gold & Diamond Inc.

Hawkeye Gold & Diamond Inc.

September 24, 2007 09:00 ET

Hawkeye Gold & Diamond Inc.: Increased Trading and Swiss Bank Property Drill Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2007) - HAWKEYE Gold & Diamond Inc. (TSX VENTURE:HKO) (the "Company") wishes to comment on the significant increase in trading volume that has occurred in the Company's shares over the past few days.

The Company owns a 100% interest in the Dedee Rhode and Dixie Bell Property (4,900 acres) which are situated contiguous to claims held by Grandview Gold Inc. located in the Dixie Lake region of the Red Lake Mining District of northern Ontario. Grandview has released results from its recent diamond drilling program in Dixie Lake. (See Grandview Gold News Release's dated September 11, 18 and 19, 2007).

The Company believes that these drill results released by Grandview combined with HAWKEYE's 100% interest in its Dedee Rhode and Dixie Bell Property has prompted the increased trading activity in HKO's own shares.

HAWKEYE announces that it has received assay results relating to its Swiss Bank Property which is located approximately 15 kilometres north-west of the city of Lovelock, Nevada, where the Company drilled a total of eighteen reverse circulation holes totaling 11,460 feet of drilling completed in two separate target areas. In the north area, nine holes were drilled to test the deeper portions of a major north-south mineralized structural zone identified by mapping and surface sampling. In the south area, nine holes were drilled to test the southern extension of the same structural zone and, as well, an east-west, dike-filled fault zone identified by surface mapping that contained anomalous gold values and pathfinder chemistry at surface. Geological and alteration mapping at Swiss Bank indicates that surface rock exposures represent the upper portion of an epithermal system and accordingly holes were drilled to test deeper levels of the mineral system. The target structural zones were intercepted in most holes and five of the holes contained anomalous gold values (greater than 100 parts per billion) and elevated pathfinder chemistry in zones of quartz veining. Gold assay results greater than 0.01 ounces/ton are as follows:

Drill Hole Total Depth From To Thickness Grade
Number (in feet) (in feet) (in feet) (in feet) (in ounces/ton)
SB-006 600 455 460 5 0.012
SB-015 760 440 455 15 0.015
750 755 5 0.015

Holes with anomalous gold values are as follows;

SB-004 420 335 340 5 anomalous
SB-009 500 90 95 5 anomalous
255 320 65 anomalous
SB-010 440 45 70 25 anomalous
140 165 25 anomalous
SB-012 460 280 340 60 anomalous
SB-013 700 365 390 25 anomalous

Hole 15 and most of the holes with anomalous gold values are located in the southern target area including the east-west dike filled fault zone. Additional dike material was also encountered in the holes drilled to test the north-south fault zone suggesting that the intersection of the east-west dike and the north-south fault could be important. As a result, the company has decided to drill at least two more reverse circulation drill holes to test these target zones at greater depth to determine if higher grade gold values are present. Generally, in an epithermal type deposit which is situated in the upper portion of the system, grades may increase as you penetrate deeper into the deposit. The drilling will be completed later this year or next spring depending upon drill rig availability and field conditions.

All drill samples were collected following standard industry practice and were assayed by American Assay Laboratories, Inc. of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. QA/QC included the insertion of numerous standards and blanks into the sample stream. All intercepts are reported as drilled; true widths have not been calculated. All data reported as disclosed in this press release including sampling, analytical and test data have been reviewed by the Company's qualified person Mr. David Mayes. Further details concerning the Swiss Bank are on the Company's website at www.hawkeyegold.com.


Greg Neeld, President & CEO

CUSIP NO: 42016R 10 4


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

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