Hawthorne Gold Corp.
TSX VENTURE : HGC
PINK SHEETS : HWTHF

Hawthorne Gold Corp.

February 02, 2011 12:40 ET

Hawthorne Gold Corp.: Update on Private Placement With Skyocean

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2011) - Hawthorne Gold Corp. ("Hawthorne" or the "Company") (TSX VENTURE:HGC)(PINK SHEETS:HWTHF) Further to the Company's news release of January 6, 2011, the Company anticipates final closing of the Private Placement with Skyocean Ventures Investment Fund ("Skyocean") to close in February 2011. Funding of the Private Placement by Skyocean is subject to a number of regulatory approvals, including applicable Chinese government approvals for the transfer of funds from China to Canada. To date, Skyocean has received final approval of the Beijing Commercial and Trade Bureau and has applied for registration of the transaction with the Beijing Foreign Exchange Administration. Although registration has been delayed due to extended government office closure during the Chinese New Year holiday period, such registration is expected shortly.

About Hawthorne Gold Corp.

Hawthorne Gold Corp. is a Canadian-based gold exploration and development company with key properties located in British Columbia, Canada. Hawthorne is led by well-respected mining leaders Richard Barclay and Michael Beley. Hawthorne's goal is to become a junior gold producer by working towards production at Table Mountain and the continued resource development at the nearby Taurus deposit.

ON BEHALF OF HAWTHORNE GOLD CORP.

Michael J. Beley, Chairman

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Hawthorne's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information