March 2nd, 2011
News Release No. 210
TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2

HAWKEYE CLOSES $907,750 PRIVATE PLACEMENT

HAWKEYE Gold & Diamond Inc. (the “Company” or “HAWKEYE”): Vancouver, British Columbia: Trading symbol: TSX.V: HGO announces that the private placement which was initially announced November 26, 2010 for total proceeds of $500,000 and subsequently increased to $815,000 through a news release dated February 18, 2011 has been oversubscribed by HAWKEYE closing the financing for total proceeds of $907,750. The Company closed upon the  private placement by issuing 6,051,670 Units at a price of $0.15 per share. Each Unit consists of one common share and one common share purchase warrant. Each whole warrant shall be exercisable into one common share at a price of $0.25 per common share for a period of 18 months expiring September 1, 2012. If the Issuer Shares have a closing price of Cdn. $0.35 or more per Share for thirty (30) consecutive trading days on the TSX-V after the closing date, 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.

In connection with the closing of the private placement the Issuer has paid cash finder’s fees totaling $71,920 and issued finder’s warrants to purchase up to 479,467 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 July 1, 2011.

Proceeds of the private placement will be used for general working capital purposes, acquisition and exploration work over the Company’s mineral properties.

The Company also announces that it has granted incentive stock options under its 2010 stock option plan to directors, officers and consultants of the Company for the purchase of up to 605,000 common shares in the company for a period of five years at a price of $0.18 per common share expiring on March 2, 2016

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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