Purecore Metals Inc. press release
Hawk Uranium Inc. Signs Definitive Agreement to Increase Holdings in the Ring of Fire, McFaulds Lake Area
CSE - Canadian National Stock Exchange · Canada
Apr. 29, 2010 (TheNewswire.ca) --
Toronto, April 29, 2010 - Hawk Uranium Inc. (OOTC:HWKPF) (TSXV:HUI) (TSX-V:HUI, FRANKFURT:HPM, OTC.PK:HWKPF)("Hawk") is pleased to announce that, following the execution of a Letter of Intent with Canadian Orebodies Inc. (TSXV: CO)("Orebodies") announced in Hawk's press release of April 13, 2010, Hawk and Orebodies have executed a purchase and assumption agreement whereby Hawk will acquire (1) a 100% legal and beneficial interest in Orebodies' eight 100% owned properties and (2) all of Orebodies' interests in Orebodies' seven 50% joint venture properties with Macdonald Mines Exploration Ltd. (TSXV: BMK) and Temex Resources Corp. (TSXV: TME)(the "Properties"). The Properties consist of approximately 444 100%-owned claim units comprising approximately 7,104 hectares, and approximately 891 50%-owned claim units comprising approximately 14,256 hectares, all which are located in the James Bay Lowlands "Ring of Fire", in Ontario. The 100%-owned properties would remain subject to a 10% net profits interest in favour of Orebodies, and the 50%-owned properties remain subject to a 5% net profits interest.
To complete the purchase of the Properties, Hawk is required to:
(1) Issue to Orebodies an aggregate amount of 5,000,000 common shares of Hawk;
(2) Issue to Orebodies 4,000,000 share purchase warrants of Hawk, each warrant entitling Orebodies to acquire one common share of Hawk at an exercise price of $0.15 per share for a period of four years from closing; and
(3) Grant Orebodies the right to appoint one individual to the board of directors of Hawk.
The termination of the share purchase warrants issued to Orebodies could be accelerated in the third and fourth year of their term if the closing price for Hawk's common shares is at or above $0.30 per share in the third year, and $0.40 in the fourth year, for ten consecutive trading days.
Closing of the transaction remains subject to the approval of the TSX Venture Exchange and on obtaining certain waivers from the joint venture partners on the 50%-owned properties. Assuming Hawk is satisfied with its review of the Properties and proceeds to conclude this acquisition, it will pay a total finder's fee of 450,000 shares to two parties who introduced Hawk to this opportunity, subject to the approval of the TSX Venture Exchange.
"Hawk's acquisition of this significant position in the Ring of Fire represents a strategic change in our company's direction and focus. We are excited about the opportunity to advance the exploration and development of these properties and unlock the potential of this area. For some time now, I have been convinced that the Ring of Fire has the strong potential to become the next major mining camp in Canada, and Hawk intends to play an important role in this area" said Vance White, Chairman of Hawk. "Of course, we will continue to consider the addition of other properties and interests in the area, should appropriate opportunities present themselves."
The properties to be acquired from Orebodies will complement Hawk's existing interests in the area through its joint venture properties with Macdonald Mines Exploration Ltd.
About the Properties:
Preliminary exploration work in excess of $2 million that included a Geotech heliborne VTEM Geophysical Survey together with a ground follow-up HLEM survey on a number of anomalies was carried out by Orebodies and/or its JV Partners on all the 15 Orebodies properties. Three anomalies were drill tested by four diamond drill holes on two of the 100% owned properties, while three anomalies were drill tested with three diamond drill holes on two of the 50% owned properties.
There remain a number of VTEM anomalies that merit additional detailed interpretation, ground follow-up and eventual diamond drill testing. A complete analysis of each property will be conducted in the near future.
About Hawk Uranium Inc.:
Hawk Uranium Inc. is a Canadian based junior exploration company with a portfolio of diversified projects at various stages of exploration and drilling - for Uranium in Northern Saskatchewan and Quebec, Gold in Ontario and Nickel/Copper/PGM in the ‘Ring of Fire', McFauld's Lake Area of Northern Ontario.
More detailed information on the Company is available on the website at www.hawkuranium.com.
Cautionary Statement:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Hawk Uranium Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Hawk's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Hawk with the TSX Venture Exchange and securities regulators. Hawk does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Hawk Uranium Inc.
H. Vance White, President
Phone: 416-214-2250
Phone: 866-214-9486
Fax: 416-367-1954
Corinna de Beer, Investor Relations
Phone: 416-792-0343
eMail: ir@hawkuranium.com
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