July 9th, 2010
News Release No. 196
TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2

PROPERTY ACQUISITION AND FINANCING

HAWKEYE Gold & Diamond Inc. (the “Company”): Vancouver, British Columbia: Trading symbol: TSX.V: HGO announces that it has acquired and option to purchase up to a 60% interest in the Scotia massive sulfide property, which totals 8,366.41 hectares and is located 42 kilometers east-southeast of Prince Rupert situated in the Skeena mining district of British Columbia. HAWKEYE may earn a 51% interest in the Scotia Property by paying $210,000, issuing 1,000,000 shares to the vendor of the property over a three (3) year period and by incurring $1,200,000 in work program expenditures over a four year period. The Company may earn an additional 9% (total 60%) interest in the Scotia Property by incurring $500,000 per year in property expenditures until a positive Bankable Feasibility Study is completed and by issuing 500,000 shares in the capital of the Company to the vendor of the Property within fifteen (15) days upon completion and delivery of the Bankable Feasibility Study to the vendor.

The property acquisition is subject to applicable regulatory approvals and a finder’s fee will be paid in connection with the acquisition.

Further technical information regarding the Property will be forthcoming.

The Company also announces that it has 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.).  Each Unit shall consist of one (1) common share (a “Share”) in the capital of the Corporation and one share purchase warrant.  Each Warrant will entitle the holder to purchase one (1) additional Share (a “Warrant Share”) for $0.25 at any time prior to 4:30 p.m. (Vancouver time) on the date which is eighteen months from the Closing Date (as defined herein), 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. $0.25 or more per Share for thirty (30) consecutive trading days on TSX-V (as defined herein), the Corporation shall be entitled to give notice to the holders of the Warrants, including the Subscriber, 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 private placement will be subject to a four (4) month hold from closing and completion is subject to receipt of applicable regulatory approvals and finder’s fees may be paid on a portion of the offering. Proceeds from the private placement will be used for trades, general working capital and property work programs.

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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