Oracle Ridge Copper Mine - Tucson, Arizona
2.17% copper - Production facility construction is expected to begin in the first half of 2012
Message: Announces Non-Brokered Private Placement
| May 20, 2009 |
| Gold Hawk Announces Non-Brokered Private Placement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2009) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:CGK) announces today that it will undertake a non-brokered private placement of up to 30,000,000 units in the capital of the Corporation (the "Units") at $0.05 per Unit raising gross proceeds of up to $1,500,000 (the "Offering"). Each unit in the Offering is comprised of one common share and one whole common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share of the Company at $0.07 per share for a period of 12 months following the closing date. Insiders have committed to subscribing for 25% of the Offering, which is the maximum allowable under TSX Venture Exchange regulations. The funds raised through the Offering will be used to support ongoing activities at the Coricancha Mine, planning for the new permanent tailings area at Chinchan and for general corporate purposes. The Company plans to restart production at Coricancha later this year once re-start financing is in place. All securities distributed pursuant to the private placement will be subject to a hold period of four months plus one day following closing in May 2009. A finder's fee may be payable on a portion of the private placement in accordance with the policies of the TSX Venture Exchange and the private placement will be subject to certain conditions, including receipt of final approval of the TSX Venture Exchange. This media release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. "Coricancha Mine has a turnkey 600 tonnes per day rated capacity concentrator and a BIOX(R) circuit for the recovery of gold and silver from the refractory ore as well as a developed mine with proven mineral resources and decades of production history," said Mr. Kevin Drover, Gold Hawk's President and CEO. "Gold Hawk's current financial model for the Coricancha Mine clearly shows that the Mine will be profitable at current metal prices with 80 per cent of revenue derived from precious metals. For a proven mine that has been mining the same veins for more than 50 years, Coricancha offers excellent value to investors and we are confident that core funding can be sourced to re-start production." About Gold Hawk Resources Inc. Gold Hawk (TSX VENTURE:CGK) is a Canada-based precious metals company with reserves and resources containing gold, silver, lead, zinc and copper and a near-term production project at the Coricancha Mine and 600 tonnes of ore per day processing facility, located 90kms east of Lima, Peru. On January 7, 2009 the Company received its final permit to construct a new permanent tailings facility at Chinchan and has all of the other permits required for the re-start of the mine. Gold Hawk is based in Vancouver, Canada and is operated by an experienced management team. Gold Hawk and its wholly owned subsidiary, Compania Minera San Juan (Peru) S.A. also have exploration properties in Peru and Canada (Quebec). |
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