July 22nd, 2010
News Release No. 199
TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2

PRIVATE PLACEMENT UPDATE

HAWKEYE Gold & Diamond Inc. (the “Company”): Vancouver, British Columbia: Trading symbol: TSX.V: HGO announces that subsequent to a news release dated July 9, 2010 whereby the Company announced that it had arranged for a non-brokered private placement to sell up to 6,000,000 units (the “Units”) in the capital of the Company at a price of $0.15 per Unit for total proceeds of $900,000 (Cdn.), that the Issuer has made an adjustment to the closing price that the holder of each Warrant connected to the private placement may be forced to exercise the Warrant in the case that the Company shares trade over $0.35 per share for thirty (30) consecutive trading days.

Therefore, each Warrant will now entitle the holder to purchase one (1) additional Share (a “Warrant Share”) for $0.25 (as originally announced) at any time prior to 4:30 p.m. (Vancouver time) on the date which is eighteen months from the Closing Date, at which time the Warrants will expire; provided that if at any time after the Closing Date the Corporation’s Shares have a closing price of Cdn. $0.35 or more per Share (not $0.25 per share as originally announced) for thirty (30) consecutive trading days on TSX-V, the Corporation shall be entitled to give notice to the holders of the Warrants, that the Warrants will expire 30 days from the date of mailing of such notice unless exercised before the expiry of that period, and in such event all unexercised Warrants will expire at 4:30 p.m. (Vancouver Time) on the last day of such 30 day period.

The Company also announces that Ms. Andrea Plourde has agreed to become a member of the Company’s board of directors.

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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