Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:CGK) is pleased to provide the Company's financial results for the first quarter ended March 31, 2008.

First Quarter Highlights

- Generating first quarter revenue from metal sales of $2.7 million

- Completed the Company's second full quarter of commercial production, with more than 36,000 tonnes of ore processed and producing 1,511 ounces of gold, 81,622 ounces of silver, 804,616 pounds of lead and 885,009 pounds of zinc;

- Improving gold recoveries and production with more than 1,500 ounces of gold produced in the first quarter;

- Increasing throughput in the first quarter with an average of 405 tonnes milled per day;

- Advancing the construction of the Southern Extension tailings handling area; and

- Strengthening the leadership team with the appointment of Victor Rozon as Vice President Projects.

"Gold Hawk achieved steady operational improvements in the first quarter of 2008, with gains in improving ore grade and metal recoveries," said Mr. Kevin Drover, President and CEO of Gold Hawk. "While the gains that were made in the first quarter are now overshadowed by the recent temporary suspension of the crushing and milling operations, our entire team is working hard and taking the necessary steps to develop a mitigation plan that will stabilize the area and return our operations to full production as quickly as possible."

The results for the three months ended March 31, 2008, which is the second full quarter of operation of the Coricancha mine, were affected by the same temporary tailings handling limitations encountered in the fourth quarter 2007.

For this three-month period ended March 31, 2008 and December 31, 2007, the mine production is summarized as follows:

                                                    Mar 31,      Dec 31,
                                                      2008         2007
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Ore processed/tonnes milled                         36,908       35,207
Average tonnes milled per day                          405          382
Average gold grade (grams/tonne)                      3.13         2.66
Gold recovery (%)                                       41           21
Gold ounces produced                                 1,511          647
Average silver grade (grams/tonne)                      95           81
Silver recovery (%)                                     79           77
Silver ounces produced                              81,622       70,676
Pounds of lead produced                            804,616      561,076
Pounds of zinc produced                            885,009      814,828
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Subsequent to the end of the first quarter and prior to the temporary suspension of crushing and milling operations, there have been further improvements in the operating rate, metal recoveries, concentrate grades and production.

For the three-month period ended March 31, 2008, revenues from the sale of gold and silver dore, and from lead and zinc concentrates, totaled $2,703,855 (Q1, 2007 $Nil) for the period, and direct operating costs totaled $5,246,362 (Q1, 2007 $Nil). Direct operating costs include non-cash expenses of depreciation and depletion of $1,075,529 (Q1, 2007 $Nil) and accretion of asset retirement obligation of $258,510 (Q1, 2007 $Nil).

Transportation costs to move wet tailings as well as dike maintenance costs for the tailings handling area added US$798,161 of direct costs to the three-month period ended March 31, 2008. The tailings handling costs are expected to be significantly reduced once the Southern Extension tailings handling area is operational.

Summary of Quarterly Results

                          Mar 31,       Dec 31,      Sept 30,      June 30,
                            2008          2007          2007          2007
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Sales revenue       $  2,703,855  $  1,665,525  $          -  $          -
Interest income     $     10,967  $     57,695  $     64,946  $     50,235
Net loss            $ (3,731,226) $ (3,199,124) $ (3,567,558) $ (4,795,153)
Basic and diluted
 net loss per share $      (0.02) $      (0.02) $      (0.02) $      (0.03)
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                          Mar 31,       Dec 31,      Sept 30,       Jun 30,
                            2007          2006          2006          2006
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Sales revenue       $          -  $          -  $          -  $          -
Interest income     $     99,073  $     16,609  $     23,704  $     39,682
Net loss for the
 period             $   (699,969) $ (2,296,531) $   (449,475) $ (5,583,085)
Basic and diluted
 net loss per share $          -  $      (0.02) $          -  $      (0.05)
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During the quarter, the Company recorded a net loss of $3,731,226 ($0.02 basic and diluted loss per share) as compared with a net loss of $699,969 ($Nil basic and diluted loss per share) in 2007. The loss for the current year includes a loss from mining operations for the quarter ended March 31, 2008 of $2,542,507 (Q1, 2007 $Nil), incurred in the Company's second full quarter of commercial production at its Coricancha Mine in Peru.

Additional items contributing to the quarterly loss included stock-based compensation expense of $75,837 (Q1, 2007 $24,170). During the period, a loss on the Company's lead and zinc derivative instruments of $307,918 (Q1, 2007 ($327,361)) was also incurred, consisting of both losses incurred on derivative settlements as they came due and a mark-to-market adjustment on the Company's existing derivative instruments as at March 31, 2008. Although the Company has entered into these derivatives with the intent of minimizing price risks associated with fluctuating metal commodity prices, the Company's derivative undertakings do not qualify for 'hedge accounting' treatment under Canadian GAAP. Also contributing to the first quarter loss were increased general and administration expenses of $756,296 (Q1, 2007 $575,330), which have increased (see below) as the Company strengthened its management team and incurred additional expenditures while actively pursuing its growth strategy.

The loss was reduced by a foreign exchange gain of $464,949 (Q1, 2007 ($188,264)), which resulted primarily from the weakening of the $Canadian/$US exchange rate on the Company's US dollar loan advances to its foreign subsidiary.

Financial position

The Company had a working capital deficiency of $3,774,296 as at March 31, 2008. The decrease in working capital is due to the ongoing expenditures made since January 1, 2007 relating to the development of the Coricancha mine, the delays incurred in reaching full rated operating capacity, and the fact that the Company's loan facility is now all current. Subsequent to quarter end, repayment of the Company's current short-term debt commenced June 2, 2008, with an initial payment of US$937,500.

Also subsequent to quarter end, on May 9, Gold Hawk temporarily suspended operations at its Coricancha mine in Peru due to natural ground displacement in and around its tailings area. Following an initial assessment performed by a senior engineering and geotechnical consulting firm, the Company was advised that due to the limited monitoring data set collected to date, more data will be required to make a decision regarding future actions to be taken. The Company was also advised that based on the available information collected to date, and considering the actions already taken by the Company to control the displacement, it is unlikely that a major ground displacement could occur under current normal conditions.

The Company's cash flow has been adversely affected by the temporary suspension of crushing and milling operations at the Coricancha mine. To mitigate this situation, management has initiated a strict cost control program. In spite of these cost control efforts, it is expected that cash on hand at March 31, 2008, will not be sufficient to fund the Company's needs in the near-term.

Management is currently reviewing several funding options including equity and debt financing and is in active discussions with its primary lenders. Specifically, the Company has negotiated a "standstill" agreement with its primary lender that postpones all scheduled payments until October 1, 2008 and expects to complete a new US$2.0 million secured bridge loan with one of its existing lenders shortly. Proceeds of the loan will be used by the Company solely for expenditures related to its Coricancha Mine. The secured bridge loan lender conducted a recent on-site technical due diligence visit to the Coricancha Mine in Peru.

Outlook

At writing, the May 9, 2008 temporary suspension of crushing and milling operations remained in effect and following start-up Management will review its 2008 production targets and provide an update at the appropriate time. Re-starting production relies upon a number of pre-conditions, including adequate financing, geotechnical counsel regarding the ground displacement and approval and completion of a new tailings area to accept tailings from the new filter press.

The ground displacement reported May 9, 2008 led to management's decision to voluntarily cease use of the current tailings handling area. The current tailings area was approaching its designed capacity and was scheduled to close by July 2008, when a new, Southern Extension tailings handling area was scheduled to be ready to accept dry tailings from the new filter press. Currently there has been no indication of any ground displacement in or around the Southern Extension as it is shadowed by outcropping bedrock above and below the designed area. The Company has submitted for approval all of the related design documents for the Southern Extension. The construction of the Southern Extension and commissioning of the new filter press are expected to be completed within the next 60 days.

Although the timing of the re-start of operations at Coricancha cannot be determined at this time, management's three priorities subsequent to start-up will be increasing the head grades and production rate and improving the recovery rates. Improving head grades from the mine will improve metal production and recovery.

Planned development on the 3,140 meter level is expected to continue to expose more of the vein in the near term and is scheduled as a priority project. An internal shaft is planned for installation between the 3,140 meter level and the upper mine levels to allow access over the 315 vertical meters for additional exploration and development as well as improve mine efficiencies. In addition, it is planned to conduct exploration drilling to test the down dip extension of the Constancia Vein below the 3,140 meter level. This development plan has the potential to significantly increase the total resources in the Constancia Vein.

In addition to organic growth, it is management's objective to grow the Company and build value for shareholders by aggressively pursuing external opportunities.

For complete details of the first quarter ended March 31, 2008, as well as the audited annual Financial Statements and Management's Discussion and Analysis please see the Company's filings on SEDAR (www.sedar.com).

Annual General Meeting

Gold Hawk Resources will hold its 2007 Annual General Meeting on Thursday, June 26, 2008 at 2 p.m. PDT at the Wedgewood Hotel, Liaisons Room, 845 Hornby Street Vancouver, B.C. Shareholders of record as at the close of business on May 20, 2008 are entitled to notice of, and vote at, the meeting.

The Company's 2007 information circular, Form of Proxy and 2007 annual report have been filed with SEDAR and were recently mailed to shareholders of record as of May 20, 2008.

About Gold Hawk Resources Inc.

Gold Hawk is a Canadian 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, with potential for expansion to 900 tonnes by the end of 2008. The Company, through its subsidiary, Compania Minera San Juan (Peru) S.A., has approximately 600 employees.

Gold Hawk is based in Vancouver, British Columbia, Canada and trades on the TSX-V under the symbol CGK, and is operated by an experienced management team. The Company also has exploration properties in Peru and Canada (Quebec), and is 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.

SOURCE: Gold Hawk Resources Inc.

Gold Hawk Resources Inc. Mr. Jason Mercier Director Investor Relations (604) 689-9282 Email: info@goldhawkresources.com Website: www.goldhawkresources.com