Hawk Uranium Inc. Announces Amendments to Terms of Warrants; Nominee to Serve as New Member of Board of Directors

TORONTO, ONTARIO--(Marketwire - Feb. 12, 2009) - Hawk Uranium Inc. (TSX VENTURE:HUI)(FRANKFURT:HPM) ("Hawk" or the "Company") is pleased to announce that it has received approval from the TSX Venture Exchange (the "Exchange") to extend the term and reduce the exercise price of issued and outstanding warrants exercisable for a total of 20,348,316 common shares (the "Warrants"). The Warrants were issued as part of a private placement that closed in three tranches on January 19, 2007, January 29, 2007 and February 9, 2007.

The Warrants had an original term of two years from the date of issuance. On January 16, 2009, the term of the Warrants was extended with the approval of the Exchange to a term of three years with expiry dates of January 19, 2010, January 29, 2010 or February 9, 2010 (depending on the date of issuance). With the approval of the Exchange, the term of the Warrants has now been extended for an additional two years, for a total term of five years for the initial date of issuance. The Warrants now expire on January 19, 2012, January 29, 2012 and February 9, 2012, respectively.

As originally issued, the Warrants were exercisable at a price of $0.50 per common share (the "Exercise Price"). Hawk has reduced the Exercise Price to (i) $0.10 per share from the effective date of the amendment until the end of the third year of each Warrant's term, (ii) $0.15 per share during the fourth year of each Warrant's term and (iii) $0.20 per share during the fifth year of each Warrant's term. In addition, consistent with the policies of the Exchange, the term of these Warrants would be shortened to 30 days (commencing seven calendar days after the tenth Premium Trading Day as hereinafter defined) if, for ten consecutive trading days (the "Premium Trading Days") the closing price of Hawk's common shares is greater than a pre-determined price (the "Premium Price") in excess the current Exercise Price. While the Exercise Price is $0.10 per share (in essence during the third year of each Warrant's term), the Premium Price will be $0.133 per share. During the fourth year of each Warrant's term, the Premium Price will be $0.20 per share. During the fifth year of each Warrant's term, the Premium Price will be $0.266 per share.

As previously disclosed in Hawk's press release of January 19, 2009, under Exchange policies, it is a pre-condition that Hawk obtain the written consent of all of the Warrant-holders to the exercise-price amendments described above. As Hawk had not received consents from all Warrant-holders prior to the original expiry date of the first series of Warrants, it proceeded with a one-year extension to the term of the Warrants. Having subsequently obtained all required consents from Warrant-holders, Hawk then applied for and obtained Exchange approval of the amendments announced in this press release.

Hawk will be issuing replacement warrant certificates to applicable Warrant-holders containing the new terms of the Warrants. The replacement Warrant certificates will amend and entirely replace the original Warrant certificates, which will no longer have any force or effect.

Nominee to Board of Directors

Hawk is also pleased to announce that Mr. Richard Nemis, Chairman Emeritus of Noront Resources Ltd., has agreed to stand as a nominee for election to Hawk's Board of Directors. The election of directors will take place at the next annual and special meeting of the shareholders of Hawk, which will be held on Thursday February 26, 2009. If elected, Mr. Nemis will become the newest member of Hawk's Board of Directors.

About Hawk Uranium

Hawk Uranium Inc. is a Canadian based junior mining company with a portfolio of diversified exploration projects at various stages of exploration and drilling, for Nickel/Copper/PGM in the 'Ring of Fire' McFauld's Lake Area of N. Ontario, Gold in N. Ontario and Uranium in N. Saskatchewan, Ontario and Quebec.

More detailed information is available on the website at www.hawkuranium.com.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

The foregoing information may contain forward-looking statements relating to the future performance of Hawk Uranium Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Hawk's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Hawk with the TSX Venture Exchange and securities regulators. Hawk does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.