Receives Debt Acceleration Notice From Lender

Oracle Ridge Copper Mine - Tucson, Arizona

2.17% copper - Production facility construction is expected to begin in the first half of 2012

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Receives Debt Acceleration Notice From Lender

posted on Jan 23, 2009 01:13PM

January 23, 2009

Gold Hawk Receives Debt Acceleration Notice From Lender

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2009) - Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:CGK) received today from one of its lenders an acceleration notice regarding its loan facility stating that, in light of a recent update that the Company provided its lenders regarding its current financial status and inability to pay debts, the lenders consider that an event of default has occurred under the loan agreement. As a result, the entire amount of the indebtedness is due and payable immediately.

The Company's US$9.7 million total debt was to become due on January 29, 2009 following the receipt of approval from its lenders to extend the debt repayment date from December 31, 2008. The extension was granted to allow the Company to continue discussions with current and other lenders regarding alternative financing arrangements. The Company continues to pursue several alternative financing transactions but there are no assurances that any transaction will come to fruition.

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