August 5th, 2010
News Release No. 201
TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2

HAWKEYE CLOSES FIRST TRAUNCH PRIVATE PLACEMENT

HAWKEYE Gold & Diamond Inc. (the “Company”): Vancouver, British Columbia: Trading symbol: TSX.V: HGO announces that it has received TSX Venture Exchange acceptance and closed upon the first traunch of a non-brokered private placement announced July 9, 2010 at which time the Company disclosed that it intended 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.). The first traunch of this private placement closed by HAWKEYE issuing a total of 3,326,167 Units at a price of $0.15 per Unit raising the Issuer a total of $498,925 (Cdn). Each Unit consists of one (1) common share in the capital of the Corporation and one share purchase warrant.  Each Warrant will entitle the holder to purchase one (1) additional Share for $0.25 at any time prior to 4:30 p.m. (Vancouver time) on February 6, 2012, at which time the Warrants will expire; provided that if at any time after August 5, 2010 the Issuer Shares have a closing price of Cdn. $0.35 or more per Share for thirty (30) consecutive trading days on TSX-V, Hawkeye 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. Proceeds will be used for general working capital.

In connection with the closing of the first traunch of this private placement the Issuer has paid cash finder’s fees totaling $37,252 and issued finder’s warrants to purchase up to 248,350 common shares in the capital of the Company at a price of $0.15 per share exercisable under the same terms as the warrants attached to the Units for this private placement.

All securities issued in connection with this private placement are subject to a four (4) month hold expiring December 6, 2010.

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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