VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/31/11 -- Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE: GHK) is pleased to announce additional assay drill results at the Company's Oracle Ridge Copper Mine in southern Arizona. Assays have been received for additional zones of mineralization in Holes 2011-016 and 051 and the first assays for the zone intersected in Hole 2011-130. Highlights include 20 feet of 4.62% copper, 30.30% iron and 1.05 oz/ton silver in Hole 2011-016 and 9 feet of 3.35% copper, 16.04% iron and 1.00 oz/ton silver in 2011-051.
The following tabulates the mineralized zones intersected in the additional assay drill results. Mineralized zones previously released in the media release dated May 12, 2011 are italicized and included in the table in order to put the new results in context.
---------------------------------------------------------------------------
From To Interval Cu Fe Ag
Hole (feet) (feet) (feet) (%) (%) (opt) Block
---------------------------------------------------------------------------
2011-016 180 250 70 2.53 16.17 0.54
------------------------------------------------------------ 4 Extension
Includes 220 240 20 4.62 30.30 1.05
---------------------------------------------------------------------------
2011-016 347 384.5 37.5 2.24 17.21 0.54
------------------------------------------------------------ 1 & 2
Includes 367 372 5 5.36 22.96 1.26
---------------------------------------------------------------------------
2011-051 298 305 7 1.94 6.61 0.43
------------------------------------------------------------
And 346 371 25 4.63 12.96 1.25 1 & 2
------------------------------------------------------------
Includes 351 361 10 7.75 14.39 2.07
---------------------------------------------------------------------------
2011-051 439 471 32 1.69 8.39 0.46
------------------------------------------------------------
Includes 459 468 9 3.35 16.04 1.00
------------------------------------------------------------ 1 & 2
2011-051 518 555.5 37.5 1.69 5.42 0.65
------------------------------------------------------------
2011-051 582 617 35 1.75 10.63 0.37
---------------------------------------------------------------------------
2011-130 791 806 15 2.39 7.62 0.47 12
---------------------------------------------------------------------------
Intervals were calculated using an external 1% copper cut-off. Intervals labeled "Includes" are higher-grade portions of the previous listed interval. True thickness is believed to be between 80-to-100% of the reported thicknesses. Analyses for copper, silver and iron were completed by Skyline Labs of Tucson, Arizona on 1/2 core splits using standard industry accepted techniques.
These holes were drilled as part of the Company's ongoing historic data base confirmation program. The successful completion of the validation program will allow the company to undertake an NI 43-101 compliant resource estimation. Results to date compare well with the historic data. The iron mineralization potential, which was not considered by previous mine operators, continues to show promise.
The Company considers Hole 2011-016 to be significant as the zone from 180 feet to 250 feet is currently interpreted as an up-dip extension of the Block 4 mineralization. Offset drilling to further delineate this zone is underway.
The technical information in this media release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Glenn R. Clark, P.Eng. of Glenn R. Clark & Associates Limited, a consultant for Gold Hawk and a Qualified Person under NI 43-101, who is responsible for the technical information reported herein.
For additional information regarding Gold Hawk's initial drill assay results, please see the Company's May 12, 2011 media release "Gold Hawk intercepts 25 feet of 4.63% copper, 1.25 opt silver at Oracle Ridge". For an overview of the historic copper skarn mineralization zones, see the Company's website: Oracle Ridge Copper Mine - Historic Copper Mineralization Zones (http://www.goldhawkresources.com/en/uploads/highlight-files/oracle_ridge_copper_mine_-_historic_cu_mineralization_zones.pdf).
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 $18 million, minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Gold Hawk Resources Inc. (hereinafter referred to as the "Company") does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.
In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the 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.
Contacts:
Gold Hawk Resources Inc.
Mr. Jason Mercier
Investor Relations
(604) 689-9261
info@goldhawkresources.com
www.goldhawkresources.com
