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Gold Hawk Strengthens Management Team
OCT 20, 2010 - 07:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2010) - Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:GHK) announces today that the Company is strengthening its core management team as Gold Hawk begins the pre-production phase of the Oracle Ridge mine re-start.
Mr. Vic Rozon, Gold Hawk's Vice President of Operations will lead the technical team to bring the Oracle Ridge mine back into production. In addition, Mr. Bruce Riederer has been hired as project manager and will lead the permitting process and update of the technical report to NI-43-101 compliance for the Oracle Ridge copper mine.
Mr. Riederer is experienced in permitting projects similar to the Oracle Ridge mine. For the past two decades, he has held senior level positions with companies developing new mining projects throughout the western USA, Australia and Mexico involving both precious and base metals, along with uranium, oil and gas and coal projects. Mr. Riederer is a graduate of the University of Arizona's School of Mine's Geological Department and has more than 30 years of experience in the permitting, exploration and development of metal mines.
"With the addition of Bruce to our team, Gold Hawk now has the in-house expertise to manage the permitting, design and construction operation to return the Oracle Ridge mine into production," said Mr. Vic Rozon, VP of Operations. "We have already begun the process of sourcing a technical consultant to assist with permitting and we are in discussions with drilling contractors to provide drilling services to verify assay information to be used to update a new NI-43-101 compliant technical report. We expect to announce the successful candidates in the near future," he said.
"Although Gold Hawk has owned this asset for only a few weeks, we have made good progress during that time," said Mr. Kevin Drover, Gold Hawk's Chairman and CEO. "We have filled critical path roles in our project management team, we have outlined a scope of work for permitting and the production of a technical report and we are in the process of setting up our accounting system for the project and finalizing a project budget. Our team knows how to build and operate mines and we will return the Oracle Ridge mine to operation as efficiently and cost effectively as possible."
In addition to receiving bids from contractors to assist the Company with the pre-production permitting process, Gold Hawk is in active discussions with a drilling contractor to undertake the Company's planned underground diamond drilling program to confirm and update the historical resource as well as undertake a separate exploration drilling program. Dependent upon finalization of start date and availability of drilling crews, the first assays from the program are expected early in 2011.
In conjunction with the launch of pre-production phase of development, Gold Hawk is pleased to announce the Board of Directors' approval and promotion of Mr. Vic Rozon to Vice President of Operations and Mr. Jason Mercier to Vice President and Corporate Secretary and Officer of the Company.
The Board of Directors has also approved and granted stock options to directors, officers, employees and consultants of the Company. Options were granted to purchase 860,000 common shares in the capital of the Company, exercisable for a period of five years at a price of $1.60 per share and subject to the terms and conditions of the Company's Stock Option Plan and TSX Venture Exchange approval. The non-Director share options vest one-third immediately upon the date of grant, one-third will vest 12 months from the date of grant and the final one-third of the options will vest 24 months from the date of grant. Share options granted to Directors vest immediately.
About Gold Hawk Resources Inc.
Gold Hawk (TSX VENTURE:GHK) is a Vancouver, Canada-based company with a focus on uncovering overlooked and undervalued projects to achieve superior shareholder returns. The Company is the sole owner and operator of the Oracle Ridge copper mine project 24 km northeast of Tucson, Arizona. Gold Hawk is debt-free, has working capital of more than $17 million and is managed by an experienced team of mining professionals with extensive 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gold Hawk Resources Inc.
Mr. Jason Mercier