|June 16th, 2008
News Release No. 179
|TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2
DIXIE LAKE 2008 WORK AND DRILL PROGRAM UPDATE – RED LAKE
HAWKEYE Gold & Diamond Inc. (the “Company”): Vancouver, British Columbia: Trading symbol: TSX.V:HGO is pleased to provide our shareholders and the investment community with results from a property report prepared by its geologist for the Dedee Rhode, Dixie Bell and Grand Dixie South Property (the “Property”) which is situated in the Dixie Lake region located in the Red Lake Mining District of northwest Ontario, Canada. The Dedee Rhode, Dixie Bell and Grand Dixie South Property are contiguous to the Grandview Gold discovery property.
The report states that the Property which totals 7,469 acres has the potential to host both base and precious metals given the presence of felsic volcanic units. Volcanogenic-hosted base metal deposits commonly occur on the felsic/mafic volcanic contact associated with massive pyrite or pyrrhotite. Iron formations are favorable hosts for gold in a structurally controlled environment. The majority of the gold showings in the Dixie Lake area appear to be structurally controlled, hosted by gold bearing quartz veining within major shears and fracture zones close to or along contacts with intrusive porphyries or felsic-mafic volcanic units underlying the area. One excellent marker used in this area for exploration is the sequences of banded iron formations that show up readily with airborne and ground magnetometer surveys.
The report recommends that two different types of work programs be performed over the western and eastern sections of the Property which could be executed simultaneously. It has been recommended that a reconnaissance program consisting of geological mapping, rock and soil sampling be undertaken on the western section of the Property. Identification of favorable geology and geochemistry will require follow-up geophysics. However, as the eastern section of the Property has been previously surveyed by an airborne and ground geophysics survey it has been recommended to us that this section of the Property be re-surveyed by magnetic and electromagnetic ground geophysical methods to aid in the delineation of drill targets. There are a number of untested ground magnetic anomalies and electromagnetic conductors that remain in this area of the Property, one of which is interpreted to be an iron formation that extends over a 4,800 metre strike length.
The Company anticipates commencing the work and drill program shortly after it has completed a private placement financing which should be announced shortly.
HAWKEYE GOLD & DIAMOND INC.
President & CEO
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