June 4th, 2010
News Release No. 191
TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2

CORPORATE UPDATE AND DEBT SETTLEMENT

HAWKEYE Gold & Diamond Inc. (the “Company”): Vancouver, British Columbia: Trading symbol: TSX.V:HGO announces that it has submitted final documentation to the TSX Venture Exchange (the “Exchange”) for a $425,000 private placement that was previously announced  22/01/10 via news release No. 189. Upon Exchange final acceptance for this private placement the Company will close the placement by issuing a total of 426,658 shares at a price of $0.21 per Unit for total proceeds of $89,598.

The Company has arranged for a Debt Settlement with a certain arms length creditor by issuing 633,333 common shares in the capital of the Company at a deemed price of $0.15 per share for a total Debt Settlement of $95,000. The Shares for Debt transaction is subject to regulatory approval.

The Company has allowed 711.36 acres of its Dedee Rhode and Dixie Bell Property located in the Red Lake mining district of northwest Ontario, Canada to lapse.

HAWKEYE GOLD & DIAMOND INC.


Greg Neeld
President & CEO


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.

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