|September 15th, 2010
News Release No. 203
|TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2
SCOTIA PROPERTY RECEIVES TSX APPROVAL – WORK PROGRAM TO COMMENCE -
HAWKEYE Gold & Diamond Inc. (the “Company” or “HAWKEYE): Vancouver, British Columbia: Trading symbol: TSX.V: HGO is pleased to announce that it has received TSX Venture Exchange acceptance for the option agreement with Geo Minerals Ltd. (TSX.V: GM) whereby the Company can acquire up to a 60% interest in the Scotia Massive Sulphide Property, which totals 8,366.41 hectares and is located 42 kilometers southeast of Prince Rupert situated in the Skeena mining district of British Columbia.
HAWKEYE may acquire up to a 60% interest in the Scotia Property by making payments totaling $210,000, issuing 1,000,000 shares over three years and incurring $1,150,000 in property expenditures on the Scotia Property over a four year period to earn a 51% interest and thereafter, may earn an additional 9% interest (total 60%) by incurring $500,000 in property expenditures until a feasibility study is completed and issuing an additional 500,000 shares to Geo within fifteen (15) days upon completion of the feasibility study.
The Scotia Property is a poly-metallic zinc, silver, lead, copper and gold massive sulfide occurrence which has incurred previous drilling on the principle mineralized zone called the Albere Zone.
A resource estimate utilizing a 1% Zinc cut-off for the Albere Zone conducted by Giroux Consultants Ltd. (2009) is incorporated into a 43-101 report for Geo Minerals Ltd. and announced by Geo Minerals Ltd. via a news release dated January 11, 2010 has estimated that the Measured + Indicated resource within the Mineralized Shell is 802,000 grading 4.87% Zn, 13.87 g/t Ag, 0.53% Pb, 0.09% Cu and 0.17g/t Au. The Total Measured plus Indicated Resource for the Albere Zone was calculated to be 876,000 tonnes grading 4.35% Zn, 12.29 g/t Ag, 0.47% Pb, 0.08% Cu, and 0.15 g/t Au.
The same resource estimate indicates that there is an additional 702,000 tonnes within the mineralized shell at the Albere Zone classed as Inferred Resource grading 4.47 % Zn, 13.74 g/t Ag, 0.45 % Pb, 0.10 % Cu, and 0.19 g/t Au. No economic parameters have been defined by the current Resource Estimate as to an appropriate cut-off for various types of mining. The Albere zone is open on strike to the northwest and open down dip to the west.
An airborne geophysical survey performed over the property during 2008 detected four (4) new primary anomalies similar to the Albere Zone and ten (10) additional secondary anomalies.
HAWKEYE is coordinating a work program and crew for planned mobilization to the Scotia Property in a few days to perform prospecting and mapping, trenching, stream sediment sampling, soil and rock chip geochemical sampling at the locations of the new airborne geophysical anomalies.
Further news will be forthcoming upon commencement of the work program over the Scotia.
Upon a positive recommendation from our geologists from the 2010 work program these airborne anomalies will be followed up by a drilling program as would the Albere zone to test its extension along strike to the northwest and down dip to the west.
Mr. Arne O. Birkeland, P.Eng., is the Qualified Person for the Scotia Property and is responsible for the technical information reported in this news release.
HAWKEYE GOLD & DIAMOND INC.
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.