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Gold Hawk Receives US$2.0 Million Advance on Multi-Million Dollar Insurance Claim Stemming From Ground Displacement
AUG 13, 2008 - 16:12 ET VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 13, 2008) - Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:CGK) announced that the Company has received a US$2.0 million advance on its insurance claim. The claim is associated with business interruption and property insurance on assets affected by the ground displacement near its Coricancha facilities 90 kms east of Lima, Peru.
The US$2.0 million advance on the Company's claim is part of total coverage of $14.5 million included in the insurance policy. The company intends to claim all expenses incurred due to the ground displacement caused by a third-party irrigation system, which led to Gold Hawk's decision to temporarily cease production in May 2008.
Gold Hawk expects to receive additional advances following the insurance company's evaluation and as the Company submits relocation and mitigation cost estimates.
Gold Hawk anticipates Permits will be issued in the coming weeks to move the tailings and processing plant and that production will restart in the second quarter 2009.
Gold Hawk will update the production restart timeline as approvals are received and supplier contracts confirmed.
About Gold Hawk Resources Inc.
Gold Hawk is a Canada-based precious and base metals producer with reserves and resources containing gold, silver, lead, zinc and copper. Since the acquisition of the wholly owned Coricancha mine in Peru in March 2006, the mine and concentrator were refurbished and commercial production status was achieved on October 1, 2007. The rated capacity of the processing facility is approximately 600 tonnes of ore per day.
Gold Hawk is based in Vancouver, Canada and trades on the TSX-V under the symbol CGK, and is operated by an experienced management team. Gold Hawk and its wholly owned subsidiary, Compania Minera San Juan (Peru) S.A. also have exploration properties in Peru and Canada (Quebec), and are actively pursuing other growth opportunities.
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. Jason Mercier
Director Investor Relations