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NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: GOLD HAWK RESOURCES INC. TSX VENTURE SYMBOL: CGK FEBRUARY 16, 2004 - 08:30 ET Gold Hawk Announces Closing of $2 Million Private Placement MONTREAL, QUEBEC--Gold Hawk Resources Inc. (TSX Venture: CGK) has completed a previously announced private placement of 8,000,000 units at a price of $0.25 per unit for gross proceeds to Gold Hawk of $2 million. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of $0.35 per share for a period of 18 months from closing. The common shares and warrants issued under the private placement, including 460,500 broker warrants have a four-month hold period, which expires on June 3 and 12, 2004. The net proceeds from the private placement will be used for exploration work on Gold Hawk's Machacala gold-silver property, located in Peru, property acquisitions and working capital. Previous exploration work on the Machacala property outlined a inferred mineral resource of 635,000 tonnes averaging 7.6 grams per tonne gold and 216 grams per tonne silver in four of the twelve veins identified to date. The resources in these four veins are included within an overall estimate of Inferred Mineral Resources totalling 1.56 million tonnes. The objective of the current exploration program is to upgrade the current inferred resources to reserves and to add to the resource base, sufficient to justify a mill of up to 500 tonnes per day capacity. The exploration program will consist of surface mapping and sampling, diamond drilling and underground exploration. In addition, diamond drilling has commenced on Gold Hawk's 100% owned Barry-Souart gold project, located in the central Abitibi belt, between Val d'Or and Chibougamau, Quebec. With this financing, the Company currently has 42,167,801 common shares outstanding. -30-FOR FURTHER INFORMATION PLEASE CONTACT:
Gold Hawk Resources Inc.
Mr. Gordon F. Bub
President and C.E.O.
(905) 773 8137
(905) 773 8679 (FAX)
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press