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Gold/Mining/Energy : HAWKEYE GOLD INTERNATIONAL INC. (VSE:HGO) -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (444)	7/22/1999 2:19:00 PM
From: Corporate Communications	Respond to of 472

Started By: Corporate Communications Date: Jul 13 1999 7:51PM ET HAWKEYE GOLD INTERNATIONAL INC. June 20, 1999 N E W S R E L E A S E RE: Yankee Property Option with Major General Resources Ltd. - Homerun Project - Victoria Island Diamond Play Further to its news release dated April 1, 1999, the Company is pleased to announce that it has been granted an option by Major General Resources Ltd. to acquire up to a 50% interest in the Yankee Property (approximately 90,000 acres) which is located adjacent to the new diamond discovery on Victoria Island, Nunavu, Canada. The Yankee Property is part of Major General's 1.3 million acre "Homerun Project" which covers the favourable structures in this emerging diamond field. The Yankee Property covers an area that is considered to be highly prospective for diamonds as it is situated near two diamond bearing kimberlite clusters. The first cluster owned by Major General - Ascot - Monopros (DeBeers) is located within 15 kilometres to the east of the Company's property boundary and the second cluster is located within 25 kilometres of the Monopros diamondiferous kimberlite discovery to the north. The property hosts several favourable targets that have been interpreted from remote sensing and airborne geophysical surveys. The remote sensing studies indicate that there is a close relationship between kimberlites and the dense intersections of linear features. These studies have shown a very large area of intersecting structures in the southwest portion of this property. Furthermore, the remote sensing studies have outlined the presence of numerous large and small sub-circular structures on and near the Yankee Property. Similar sub-circular structures are evident in the Lac de Gras diamond discovery area. In the northeastern portion of the property, the geophysical survey has identified a possible kimberlitic target that is defined by a circular magnetic low anomaly measuring 400 metres wide with an interpreted depth of 75 metres. The Company has the right to earn a 33 1/3% interest in the property, which is currently covered by prospecting permits, by paying staking costs (estimated at ~$70,000), issuing 100,000 shares to the optionor in two stages and incurring exploration expenses of approximately $2.00 per acre over the course of the next year. Major General will arrange for all staking and will be operator in respect of the initial exploration program. The claims will be subject to a back-in right in favour of Monopros Limited for a short period after they have been staked. If such back-in right is exercised in respect of any of the subject claims, the Company's interest in those claims will be diluted down from 33 1/3% to 16 1/3% and its obligation to incur exploration expenses on those claims will be commensurately reduced from approximately $2.00 per acre to approximately $1.00 per acre. If Monopros does not exercise its option on all of the claims, the Company will maintain its 33 1/3% interest in the claims and will, in addition, have the right to increase its interest in those claims to 50% and become the operator by issuing another 50,000 shares and incurring additional exploration expenses of approximately $2.00 per acre during each of the two ensuing years. The option agreement will be subject to acceptance by the Vancouver Stock Exchange. HAWKEYE GOLD INTERNATIONAL INC. Per: Greg Neeld President & CEO Toll Free: 1-800-665-3624 Vancouver: (604) 878-1339 Email: haw@hawkeyegold.com Web Site: www.hawkeyegold.com The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. This News Release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.