May 17th, 2011
News Release No. 212
TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2


HAWKEYE Gold & Diamond Inc. (the “Company” or “HAWKEYE”): Vancouver, British Columbia: Trading symbol: TSX.V: HGO announces that it has received TSX Venture Exchange (TSX-V) acceptance for filing of three separate but identical Option Agreements to acquire a 100% interest in each of the DART, MINT, and TOP Properties from the YES Exploration Syndicate Inc.  The properties are situated in the Carmacks Caldera located 125 km northwest of Whitehorse. The Carmacks Caldera is inferred to be a volcanic-related subsidence structure (collapsed volcano) that hosts significant northwest trending geological structures and has important gold geochemical signatures.

Total consideration for the DART, MINT and TOP Properties consists of cash payments totaling $1,050,000, $4,500,000 in exploration expenditures ($750,000 first year), the issuance of 999,000 common shares plus an additional number of shares over three years. Within 10 days from TSX-V acceptance the Company must pay $150,000 cash and issue a total of 999,000 common shares in the capital of the issuer to the vendor of the Properties. In addition, over the next three anniversaries from TSX-V acceptance the Company must pay a total of $900,000 cash and issue that number of shares that is equal to $75,000 (first anniversary), $100,000 (second anniversary) and $125,000 (third anniversary) at a deemed price of the greater of the discounted market price (as defined by Exchange policy) 10 days after the first, second and third anniversaries of TSX-V acceptance and the price of the company’s most recent equity financing during the six months preceding the pricing date.

The Option Agreement is subject to a 3% NSR over each Property. The Company can repurchase one-third (1%) of each royalty for $875,000 prior to the fifth anniversary of TSX Venture Exchange approval or for $1,250,000 at any time subsequent to the fifth anniversary and prior to the date of commencement of commercial production.

A finder’s fee of $15,000 cash and 25,000 common shares is payable in connection with the Property acquisitions.

Further news will be forthcoming in connection with commencement dates for work programs to be performed over the Properties during the summer of 2011.


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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