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VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - Gold Hawk Resources Inc. (TSX VENTURE:GHK) ("Gold Hawk" or the "Company") announces its financial results for the year and quarter ended December 31, 2010. This media release should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2010, and management's discussion & analysis ("MD&A") for the year ended December 31, 2010, both available on SEDAR


2010 Highlights




Major highlights and developments during the year ended December 31, 2010 included:


On July 7, the Company sold its remaining 15% interest in the operating subsidiary of the Coricancha Mine in Peru for US$4,425,000.


On September 28, Gold Hawk purchased the shares of 0830438 B.C. Ltd. ("Oracle Ridge") for 11,200,000 shares of the Company. Oracle Ridge's wholly owned US subsidiary, Oracle Ridge Mining LLC has the necessary property and surface rights required to explore, rebuild and operate the past producing Oracle Ridge Copper Mine located near Tucson, Arizona. The Company has commenced environmental baseline studies and permitting for the project in addition to a drilling program designed to validate the existing data.


On November 8, the Company closed a private placement for 6,000,000 common shares at a subscription price of $1.25 per common share ("Private Placement"), for aggregate proceeds of $7.5 million. The Private Placement was fully subscribed to by Coalcorp Mining Inc. ("Coalcorp"). As a result of the Private Placement, Coalcorp now owns approximately 19.2% of the Company's issued and outstanding common shares.



As at December 31, 2010, total assets were $57.9 million compared to $15.4 million as at December 31, 2009. The increase is primarily attributed to an increase in the level of cash and cash equivalents of $11.7 million and the acquisition of the Oracle Ridge Copper Mine. The increase in cash and cash equivalents resulted from the following: the receipt of net proceeds of $7.0 million from the private placement in November, receipt of net proceeds of $4.8 million from the sale of marketable securities and receipt of net proceeds of $4.6 million from the sale of the Company's remaining 15% interest in its Peru subsidiary. These proceeds were offset by cash used in operating activities of $3.6 million.


At December 31, 2010 the Company had working capital of $22.5 million, consisting of cash and cash equivalents of $25.3 million compared to $13.5 million as at December 31, 2009. The increase in cash on hand was primarily due to the following: net proceeds of $7.0 million from private placement in November 2010, proceeds of $1.3 million from exercised options and warrants during the year, sale of the Company's remaining 15% interest in in its Peru subsidiary for proceeds of $4.6 million, and a gain on sale of investments of approximately $3.0 million dollars.


As at December 31, 2010, liabilities net of future income tax totalled approximately $3.1 million (US$ 3.2 million) and primarily consisted of promissory notes payable due as part of the acquisition of the Oracle Ridge Copper Mine compared to $0.5 million as at December 31, 2009.



About Gold Hawk Resources Inc.



Gold Hawk (TSX VENTURE:GHK) is a Vancouver, Canada-based company with a focus on uncovering overlooked deep-value projects to achieve superior shareholder returns. The Company is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Gold Hawk has cash on hand of approximately $20 million, minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.