Gold Hawk Files Annual Audited Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/01/11 -- Gold Hawk Resources Inc. (TSX VENTURE: GHK) ('Gold Hawk' or the 'Company') announces its financial results for the year and quarter ended December 31, 2010. This media release should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2010, and management's discussion & analysis ('MD&A') for the year ended December 31, 2010, both available on SEDAR at www.sedar.com.

2010 Highlights

Major highlights and developments during the year ended December 31, 2010 included:

--  On July 7, the Company sold its remaining 15% interest in the operating
    subsidiary of the Coricancha Mine in Peru for US$4,425,000.

--  On September 28, Gold Hawk purchased the shares of 0830438 B.C. Ltd.
    ('Oracle Ridge') for 11,200,000 shares of the Company. Oracle Ridge's
    wholly owned US subsidiary, Oracle Ridge Mining LLC has the necessary
    property and surface rights required to explore, rebuild and operate the
    past producing Oracle Ridge Copper Mine located near Tucson, Arizona.
    The Company has commenced environmental baseline studies and permitting
    for the project in addition to a drilling program designed to validate
    the existing data.

--  On November 8, the Company closed a private placement for 6,000,000
    common shares at a subscription price of $1.25 per common share
    ('Private Placement'), for aggregate proceeds of $7.5 million. The
    Private Placement was fully subscribed to by Coalcorp Mining Inc.
    ('Coalcorp'). As a result of the Private Placement, Coalcorp now owns
    approximately 19.2% of the Company's issued and outstanding common
    shares.

As at December 31, 2010, total assets were $57.9 million compared to $15.4 million as at December 31, 2009. The increase is primarily attributed to an increase in the level of cash and cash equivalents of $11.7 million and the acquisition of the Oracle Ridge Copper Mine. The increase in cash and cash equivalents resulted from the following: the receipt of net proceeds of $7.0 million from the private placement in November, receipt of net proceeds of $4.8 million from the sale of marketable securities and receipt of net proceeds of $4.6 million from the sale of the Company's remaining 15% interest in its Peru subsidiary. These proceeds were offset by cash used in operating activities of $3.6 million.

At December 31, 2010 the Company had working capital of $22.5 million, consisting of cash and cash equivalents of $25.3 million compared to $13.5 million as at December 31, 2009. The increase in cash on hand was primarily due to the following: net proceeds of $7.0 million from private placement in November 2010, proceeds of $1.3 million from exercised options and warrants during the year, sale of the Company's remaining 15% interest in in its Peru subsidiary for proceeds of $4.6 million, and a gain on sale of investments of approximately $3.0 million dollars.

As at December 31, 2010, liabilities net of future income tax totalled approximately $3.1 million (US$ 3.2 million) and primarily consisted of promissory notes payable due as part of the acquisition of the Oracle Ridge Copper Mine compared to $0.5 million as at December 31, 2009.

About Gold Hawk Resources Inc.

Gold Hawk (TSX VENTURE: GHK) is a Vancouver, Canada-based company with a focus on uncovering overlooked deep-value projects to achieve superior shareholder returns. The Company is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Gold Hawk has cash on hand of approximately $20 million, minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.

Forward-looking Statement Disclaimer

This document may contain 'forward-looking statements' within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Gold Hawk Resources Inc. (hereinafter referred to as the 'Company') does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the 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.

Contacts:

Gold Hawk Resources Inc.

Mr. Carlos Escribano

Chief Financial Officer

(604) 689-9282
info@goldhawkresources.com
www.goldhawkresources.com