Huakan International Mining Inc. Announces Additional Amendments to the Agreement Relating to the Net Smelter Returns Royalty on the Greenwood Gold Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/06/12 -- Huakan International Mining Inc. (TSX VENTURE: HK) (the "Company") today announced that it has entered into a second amending agreement with Gold Crown LLC and its wholly owned subsidiary, AMT Industries Canada Inc. (collectively, the "Purchasers") to amend the terms of a letter agreement (the "Letter Agreement") entered into by the Company and the Purchasers on August 7, 2012 (see the News Release of the Company dated August 8, 2012).

The amendments to the Letter Agreement include:

1.  allowing the Purchasers until December 31, 2012 to execute and deliver a
    safekeeping agreement and to post a reclamation bond with the Government
    of British Columbia in an amount and form acceptable to the Government
    of British Columbia to enable the release of the Company's reclamation
    bond of C$450,000 and the assignment of the mine permits from the
    Company to the Purchasers;
2.  requiring that the Purchasers pay to the Company the amount of C$500,000
    by December 31, 2012 and an additional C$4,000,000 by February 4, 2013,
    which shall satisfy the obligations of the Purchasers to pay the
    aggregate NSR Final Payment of C$4,500,000 to the Company pursuant to
    the Letter Agreement; and
3.  requiring that the Purchasers pay C$10,000 to the Company by November 9,
    2012 in consideration for the amendments set forth above.

All other terms and conditions of the Letter Agreement remain unchanged.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements made and information contained herein may contain forward-looking statements or forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or forward-looking information include, but are not limited to, statements concerning the sale of the Greenwood Gold Project assets. Forward-looking statements or information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof 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. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: completion of announced transactions, history of losses; requirements for additional capital; dilution; loss of its material properties; interest rates increase; global economy; limited history of production; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment; labour disputes; supply problems; commodity price fluctuations; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; legal and regulatory proceedings and community actions; title matters; regulatory restrictions; permitting and licensing; volatility of the market price of common shares; insurance; competition; hedging activities; currency fluctuations; and loss of key employees. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law, and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.

Neither the TSX Venture Exchange nor its Regulations 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:

Huakan International Mining Inc.

Fiona Leung

Chief Financial Officer

(604) 694-2344


TMX Equicom

Joe Racanelli

(416) 815-0700 ext. 243