October 10th, 2012
News Release No. 227 - 2012
TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2

TOP Property Purchase Agreement Update – Yukon

HAWKEYE Gold & Diamond Inc. (the “Company” or “HAWKEYE): Vancouver, British Columbia: announces that it has agreed with YES Exploration Syndicate, the vendor of the TOP Property, to further amend payment terms relating to the TOP Property Purchase Option Agreement (POA) dated June 20, 2012. The TOP Property has a NI 43-101-compliant report that concludes the Property has the potential to host an economic gold deposit and is strategically situated within the Carmacks Caldera, a new and developing discovery area play in the Yukon, Canada. The Company can now earn a 100% interest in the Property, by paying the vendor $61,903 in 2012, $100,000 in 2013 and $172,000 in 2014. The 2012 payments may be delayed by one month periods by paying a $5,000 premium payment at the beginning of any month when a payment might be missed.

The POA is subject to a 2% NSR whereby the Company can purchase one of the two percentage points of the NSR for $1,000,000.

“Purchasing the TOP property will allow us more flexibility in planning and staging appropriate exploration programs on this outstanding gold prospect.”, states Greg Neeld, HAWKEYE CEO.

Due to poor market conditions, uncertainty in future market conditions, and certain obligations under the DART and MINT Properties option agreements that management believes the Issuer cannot meet under prevailing market conditions, HAWKEYE has decided to drop its options on the DART and MINT Properties and focus its time and financing efforts on the TOP Property, an outstanding gold prospect.

About the Company

HAWKEYE Gold & Diamond Inc. is a junior mineral exploration and development company based in Vancouver, British Columbia, Canada and is publicly traded on the TSX Venture Exchange under the trading symbol HGO. The Company is currently focused upon the exploration and development of the TOP Property, a gold-silver prospect located in the Yukon, Canada, and DASS Mountain Property, a high grade copper-silver prospect located on Vancouver Island, BC, Canada. HAWKEYE’s corporate philosophy is to build strong asset value through diversification, the acquisition of low-cost high potential mining opportunities worldwide, managing our business activities in an environmentally responsible manner while contributing to the well-being of the local community and economy. Our ultimate goal is to achieve full time commercial production of our projects, thereby generating significant growth and early returns on investment to maximize shareholder value.

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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