Gold Hawk Files Second Quarter Financial Results – MarketWatch (press release)

VANCOUVER, BRITISH COLUMBIA, Aug 30, 2010 (MARKETWIRE via COMTEX) –
Gold Hawk Resources Inc. (“Gold Hawk” or the “Company”) (TSX
VENTURE: GHK) announces today that it has filed on SEDAR.com its
financial results for the three and six months ended June 30, 2010.

This media release should be read in conjunction with the unaudited
financial statements and notes thereto for the period ended June 30,
2010, and management’s discussion & analysis (“MD&A”) for the period
ended June 30, 2010 available on the Company’s website and filed on
SEDAR at www.sedar.com.

The Company retains a strong balance sheet with $12.5 million in cash
and equivalents and investments of $2.4 million at the end of the
second quarter of 2010. Gold Hawk reported a net loss of $2.0 million
($0.16 per share) for the period ended June 30, 2010, as compared
with a net loss of $8.26 million ($0.75 per share) in the same period
of 2009. The loss for the second quarter of 2010 is primarily derived
from an unrealized loss of $1.5 million on investments.

During the second quarter of 2010, management focused its efforts on
conducting due diligence on a number of potential transactions.
Subsequent to the end of the quarter, the Company began its technical
due diligence on the Oracle Ridge Copper Mine and on August 17, 2010,
Gold Hawk announced that a Letter of Intent had been signed to
acquire the project. Also subsequent to June 30, in early July the
Company signed a Share Purchase Agreement to sell its remaining 15%
interest in the operating subsidiary of the Coricancha Mine in Peru
for US$4,425,000 cash.

“Gold Hawk has been successful in uncovering the Oracle Ridge Mine as
an overlooked asset with value that can be unlocked through
additional investment in a an updated technical report and
establishing a modern production facility on site,” said Kevin
Drover, Gold Hawk’s President and CEO. “The sale of the Company’s
remaining interests in Peru in July and the announcement of the
Oracle Ridge Mine transaction set a new course for Gold Hawk as we
aggressively pursue additional transactions to grow the Company.”

For additional information on the proposed acquisition of the Oracle
Ridge Copper Mine, please see the Company’s August 17, 2010 media
release “Gold Hawk signs Letter of Intent to acquire the Oracle Ridge
Copper Mine”.

About Gold Hawk Resources Inc.

Gold Hawk
/quotes/comstock/11v!ghk
(CA:GHK
1.07,
0.00,
0.00%)
is a Vancouver, Canada-based company
actively exploring business opportunities in the mining sector. The
Company has no debt, approximately $19 million in working capital and
holds mining concessions at the Barry-Souart property northeast of
Val-d’Or, Quebec – a gold mining area with existing mining operations
nearby. Gold Hawk is operated by an experienced management team with
significant operating experience.

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”) do not
intend, and do 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
Director Investor Relations
(604) 689-9261
info@goldhawkresources.com
www.goldhawkresources.com

SOURCE: Gold Hawk Resources Inc.

mailto:info@goldhawkresources.com

http://www.goldhawkresources.com

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