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Gold Hawk Resources Inc.: Coricancha Mine Start Up
FEB 20, 2007 - 10:03 ET VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 20, 2007) - Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:CGK) is pleased to announce the start of commissioning of its wholly owned Coricancha Mine and processing facility in Peru. The underground mine development program was accelerated with the arrival of the first order of mining equipment in January. While commissioning work is progressing in many areas in the processing facility, we are pleased to announce that the first lead and zinc concentrates were produced during this past week, and build-up of the bacteria for the BIOX circuit, used for the recovery of gold, has been initiated.
The company is undertaking a full scale employee recruiting campaign with most of the senior staff in place. The present workforce of 260 workers will be increased to approximately 600 people by April 2007. As previously announced, the mine and mill are expected to be in full production at the rated capacity of 600 tpd in April, 2007. Management is currently examining the feasibility of expanding the operation by up to 50% from the existing capacity of 600 tonnes per day.
The Company is currently in a strong financial condition with cash of $10.9 million.
Gold Hawk is a Canadian natural resource company, based in Vancouver, B.C., engaged in the exploration, development and operating of precious and base metal mines. In addition to 100% ownership of the Coricancha Mine in Peru, the Company has exploration properties in Peru and Canada (Quebec).
This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties involved in the discovery and delineation of mineral deposits, resources; the uncertainty of resource estimates and the ability to economically exploit resources; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Gold Hawk to obtain all permits, consents or authorizations required for its operations and activities; and health and safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Gold Hawk to fund the capital and operating expenses necessary to achieve the business objectives of Gold Hawk, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Gold Hawk. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Gold Hawk should not place undue reliance on these forward-looking statements.
Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and Gold Hawk undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gold Hawk Resources Inc.
Mr. Gordon F. Bub
Chairman and C.E.O
Gold Hawk Resources Inc.
Mr. Kevin Drover
President and Chief Operating Officer