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NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: GOLD HAWK RESOURCES INC. OCTOBER 11 2000 - 15:17 EDT *Correction from Source* Gold Hawk Resources Inc. - Announcement Corrections to tabular data in Press Release dated October 10, 2000 /T/ Machacala, an important, possible large-tonnage high grade gold-silver discovery in Peru. Vein and stockwork mineralization. /T/ Gold Hawk Resources Inc. (CGK-MSE), is very pleased to announce recent diamond drill (8 holes) and surface exploration results from its wholly owned gold-silver Machacala property in Peru. The property had never been drilled before. /T/ 1. Drill results - Holes 7 & 8 not reported before. All assays from Bondar-Clegg. Total Au Equiv- Hole From - Inter- Au Ag alent Vein & I.P. No. To (m) val (g/t) (g/t) (g/t) Anomaly --------------------------------------------------------------- 1* Back sample 1.54 5.4 108 7.1 Casa Fuerza from old Vein drift hit at 60 m from surface --------------------------------------------------------------- 2* 189.35-193.00 3.65 11.32 23.6 11.69 Casa Fuerza, 180 m N-W of hole 1 --------------------------------------------------------------- 3* 118.76-121.85 3.1 4.73 298.1 9.53 Fragua vein --------------------------------------------------------------- 4* 156.00-159.15 3.15 13.55 164 17.3 Fragua, 80 m N_W of hole 3 --------------------------------------------------------------- 7 58.00-59.80 1.5 6.55 387 12.8 Caridad 2 --------------------------------------------------------------- 8 0-86.50 86.5 - - Several Large IP & anoma- MAG anomaly lous (IP2).Anomaly values in yet to be copper, explained manganese & cobalt --------------------------------------------------------------- Note : (1) * Drilling results given on Sept. 19th press release. (2) Holes 5* & 6* drilled on San Juan de Velarde vein ended up in a transverse shear zone - No values or significant values obtained. 2. Surface Exploration During the Aug-Sept. drilling campaign some limited prospection was conducted along some known veins on the property. What follows are the highlights of observations: 2.1 New veins of interest, although known to exist, had never been investigated. 2.1.1 Veta Tres - 3 m wide. Veta Tres is located in the western part of the property. Veins are well exposed over a length of 1.0 km. Shows a highly altered 30 m wide stockwork system all along the vein. First class drill target. 2.1.2 Veta Felipe - 3 m wide. Parallel to and some 300 m N-E of San Juan de Velarde vein, which was the most productive on the property. Veta Filipe has been traced over a distance of more than 500 m and is within a strong alteration zone. First class drill target. 2.2 San Juan de Velarde Vein * Some sampling (channel and panel) was done along a poorly explored 500 m long portion of the vein, S-E of a 40 m wide open pit site which gave 0.45 oz Au/t and 120 oz Ag/t in the days of initial exploitation (Goffaux, 1997). Vein is in the 3 m wide range and is flanked by a 10 to 15 m wide rusty alteration zone - stockwork. * L-23 N - old shaft, 15 m deep. - at a depth of 3.0 m: 1.56 g/t Au & 61.0 g/t Ag across 3.0 m. - at a depth of 15.0 m: low values across 3.0 m. * L-20 N trench: 3.27 g/t Au & 36.75 g/t Ag across 2 m of sampling * L-19 N trench: 1.86 g/t Au & 40.9 g/t Ag across 2 m of sampling These results are considered excellent since, on account of leaching, surface samples do not usually run at Machacala. Moreover, San Juan de Velarde is the best vein on the property in terms of past production. 3. Conclusions Limited surface exploration conducted during the drilling campaign has reconfirmed that all the veins are mineralized with gold and silver along strike. Length varies from 0.5 km to over 3.0 km and width from about 1.5 to 10 m. Although we realize the property has had very little exploration work done, we can already state that; - From surface exposures, diamond drill intersections, results and difference in elevation, ore is there at depths of 300 m from surface. Veins have a tendency to widen with depth. - From length, width and number of veins, the underground mining potential of Machacala is very significant. - Grades obtained by diamond drilling are consistent with the average grade of the 200,000 tonnes of ore extracted from three veins at Machacala between 1971 and 1991 by Minera Santa Isabel S.A., i.e. 6.0 g/t Au and 310 g/t Ag (10 oz) for total equivalent of 11.0 g/t Au. (Goffaux 1997). These grades are more than economical at current prices for gold and silver. For further information, contact: Jean Depatie, President & C.E.O. Tel. : (514) 878-3551, Fax: (514) 878-4427 e-mail: goldhawk@colba.net Please visit us on our web site www.goldhawkresources.com * Maps are available on the BCE Emergis website at www.ccnmatthews.com /T/ *Correction from Source* Gold Hawk Resources Inc. - Announcement -30- |