$500,000 Private Placement
The proceeds will be used for general working capital and exploration expenditures on the Superior West property, in Arizona.
The foregoing is subject to regulatory approval.
On behalf of the Board of Directors
"Laara Shaffer"
Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Glen Hawk Corporate Update
Ms. Eichenlaub brings over 10 years of diverse geological experience consulting to major mining companies including Phelps Dodge, Rio Tinto and Asarco on major porphyry copper systems at Sierrita, Resolution, and Ray in Arizona. Previous assignments have included management of developmental drilling on behalf of Phelps Dodge as well as the management of an exploration program for Rio Tinto. Ms. Eichenlaub received her Bachelor of Science degree from Juniata College as well as her Masters Degree in the Lowell Program in Economic Geology at the University of Arizona. Ms. Eichenlaub will also join the Company as a technical consultant on the exploration of the Company's Superior West project in Arizona.
Ms. Davies has been a securities paralegal with Lang Michener LLP since 1991. Ms. Davies brings both business and paralegal skills to the board of the Corporation. She received her Graduate Diploma in Management from Athabasca University in June 2004 and completed her Masters of Business Administration from Athabasca University in September 2006.
Mr. Louis P. Lees has resigned from the Board of Directors, effective July 22, 2008. The Company would like to thank Mr. Lees for his dedicated services to the Company.
The Company has granted 850,000 incentive stock options to directors and consultants at a price of $0.10 per common share with a five year term, subject to the 18 month vesting schedule for GHM's 2008 Stock Option Plan.
On July 21, 2008 the TSX Venture Exchange accepted for filing the Letter Agreement for the Superior West Prospect acquisition announced by the Company on July 15, 2008.
The first tranche of shares required under the Letter Agreement has been issued with a hold period to November 23, 2008 and the Company has also paid the required Cdn$25,000 to Bell Copper Corporation.
On behalf of the Board of Directors of
GLEN HAWK MINERALS LTD.
"signed"
Laara Shaffer
President and Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking statements in this release are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties
Glen Hawk Minerals - Updates Property Acquisitions
Glen Hawk Minerals Ltd. (the "Company") is pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted for filing the acquisition of the Windfall Lake property and accordingly, pursuant to its option agreement, the Company has issued 1,125,000 common shares and made a cash payment in the amount of $100,000. Glen Hawk acquired the option to earn a 100% interest in the Windfall Lake property (the "Windfall Lake Property Option Agreement") subject to a 2% NSR, 50% of which the Company can purchase for $1 million or such lesser percent as it wishes to on a pro rata basis. To complete the exercise of its option Glen Hawk is required, by December 12, 2008, to issue a further 500,000 shares, pay a further $75,000 and complete $500,000 of exploration work on the Windfall Lake property.
The Windfall Lake property, which consists of 38 mineral claims (approximately 147 hectares) is located in the Chibougamau Mining District in Urban Township, Quebec, Canada, in close proximity to the Noront Resources Ltd. (TSXV: NOT) Windfall Lake project. The Company has now filed a National Instrument 43-101 Technical Report on the property on SEDAR. The Company is currently finalizing an agreement to initiate an extensive work program on the property.
Outland Silver Bar Project, British Columbia
On February 12, 2008, the TSX Venture Exchange (the "Exchange") accepted for filing a letter agreement dated December 5, 2007 between the Company and Bell Copper Corporation ("Bell") whereby the Company acquired the option to earn a 60% interest in certain mineral claims relating to properties situated in Northwest British Columbia known as the Outland Silver Bar claims (the "Outland Silver Bar Property"). The Company has issued 200,000 common shares under the terms of the letter agreement.
The Outland Silver Bar Property is situated approximately 24 kilometers north of Stewart, British Columbia and consists of 17 contiguous tenures, totaling 3,516 hectares.
Satterly Lake Project, Ontario
The Company has issued 40,000 common shares and made a cash payment of $16,000 to the underlying property owner of the Satterly Property ("1544230 Ontario Ltd.") and 200,000 common shares to Malahat Mining Corp. ("Malahat") under the terms of the letter agreement dated December 5, 2007 with Malahat whereby the Company acquired the option to earn a 60% interest in the property. The exploration expenditures required for the first year are in the amount of $36,000.
On behalf of the board of directors,
"Laara Shaffer"
Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Property Acquisitions and Up to $1 million Private Placement
Financing:
The brokered portion of the financing will be up to $650,000 and will be conducted on a best efforts basis by Union Securities Inc.(the "Agent") and will consist of up to 1,085 units (the "Brokered Units") at a price of $600 per Brokered Unit, with each Brokered Unit being comprised of: 5,000 flow-through common shares at $0.10 per flow-through common share; 1,000 non flow-through common shares at $0.10 per common share; and 6,000 warrants each exercisable to acquire a common share at $0.15 for a period of 12 months from closing. The Agent will receive a cash commission of 10% plus warrants ("Agent's Warrants") equal in number to 10% of the number of flow-through common shares and common shares sold through sale of the Units, such Agent's Warrants being exercisable at $.10 for two years from closing.
The non-brokered portion of the financing will raise up to an additional $350,000 by the sale of up to 3.5 million units (the "Non-Brokered Units") at a price of $0.10 per Non-Brokered Unit, each Non-Brokered Unit consisting of one flow-through common share (or in certain instances one non flow-through common share) and one warrant to purchase a further common share at $0.15 for a period of 12 months from closing.
The gross proceeds of $1,000,000 will be used for the acquisition costs of the properties detailed below, exploration expenditures and general working capital.
New Projects:
Outland Silver Bar Project, British Columbia
GHM has entered into a binding letter of intent with Bell Resources Corporation ("Bell") for an option to earn a 60% interest in Bell's interest in the Outland Silver Bar Property
consisting of 17 mineral claims situated in North West British Columbia (the "Outland Property").
Pursuant to an option agreement with the underlying owners of the Outland Property (the "Underlying Option Agreement") Bell has the right to earn a 100% interest in the Outland Property subject to a 2% NSR, 50% of which Bell can purchase for $1 million or such lesser percent as it wishes to on a pro rata basis. In accordance with the letter of intent with the Company Bell has agreed to provide the Company with the option to acquire a 60% interest in Bell's rights as provided for in the Underlying Option Agreement on the following basis:
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1.the Company will issue 600,000 common shares to Bell (200,000 upon regulatory approval and 200,000 on the 1st anniversary date, and 200,000 on 2nd anniversary date).
2.the Company will assume the terms of the Underlying Option Agreement that includes cash payments of $27,500 to each of the two underlying property owners by October 12, 2008.
3.the Company will be required to complete work programs of $133,000 in cumulative expenditures by October 20, 2008; and $150,000 in cumulative expenditures by October 20, 2009.
GHM will keep the Outland Property in good standing at all times while the Secondary Option is in effect and will provide MMC with proof of compliance 30 days prior to all applicable assessments and/or government filings having to be made.
The Outland Property is situated approximately 24 kilometers north of Stewart, British Columbia, on Outland Point, on the west side of the Salmon Glacier. The block consists of 17 contiguous tenures, totaling 3,516 hectares. There Outland Property is across the Salmon Glacier from Ascot Resources Ltd. (TSXV: AOT -- Dilworth Project).
The Outland Property has not been adequately explored to determine the possibility of economic concentrations of mineralization.
Satterly Lake Project, Ontario
GHM has entered into a binding letter of intent with Malahat Mining Corp. ("MMC") for an option to earn a 60% interest in MMC's interest in the Satterly Lake Property; consisting of 5 mineral claims (79 units / 1264 hectares) situated in the Red Mining Division of Ontario (the "Satterly Property").
Under an option agreement dated December 7, 2005 the owner (the "Underlying Owner") of the Satterly Property optioned a 100% interest in and to the Satterly Property to Malahat Mining Corp. ("MMC") (the "Underlying Option Agreement"), subject to a 2% NSR, 50% of which MMC can purchase for $500,000. In accordance with the letter of intent with the Company MMC has agreed to provide the Company with the option to acquire a 60% interest in MMC's rights as provided for in the Underlying Option Agreement on the following basis:
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1.the Company will issue 40,000 common shares to the Underlying Owner and 600,000 common shares to MMC (200,000 upon regulatory approval and 200,000 on the 1st anniversary date, and 200,000 on 2nd anniversary date).
2.the Company will assume the terms of the Underlying Option Agreement that includes cash payments of $16,000 by January 7, 2008; $20,000 by December 7, 2008 and $40,000 by December 7, 2009.
3.the Company will be required to complete work programs of $133,000 in cumulative expenditures by October 20, 2008; and $150,000 in cumulative expenditures by October 20, 2009.
GHM will keep the Satterly Property in good standing at all times while the Secondary Option is in effect and will provide MMC with proof of compliance 30 days prior to all applicable assessments and/or government filings having to be made.
The Satterly Property has not been adequately explored to determine the possibility of economic concentrations of mineralization.
Windfall Lake Project, Quebec
GHM The Company has entered into a binding letter of intent with Berthe Lambert and Richard M. Lacasse (the "Optionors") for an option (the "Windfall Option") to earn a 100% interest in the Windfall Lake Property in Quebec, subject to a 2% NSR, 50% of which the Company can purchase for $1 million or such lesser percent as it wishes to on a pro rata basis.
The Windfall Lake Property is located in the Chibougamau Mining District in Urban Township, Quebec, Canada, in close proximity to the Noront Resources Ltd. (TSXV: NOT) Windfall Lake project. The property consists of 38 mineral claims (approximately 147 hectares).
The Company can exercise the Windfall Option on the following basis:
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1.the Company will issue 1,125,000 common shares to the Optionors upon regulatory approval and 500,000 common shares on the first anniversary of the letter of intent.
2.the Company will make cash payments to the Optionors in the total amount of $175,000 with $20,000 to be paid upon regulatory approval of the agreement, $80,000 on December 31, 2007; and $75,000 on December 31, 2008.
3.the Company will be required to complete work expenditures of $500,000 by December 12, 2008.
The Windfall Lake Property has not been adequately explored to determine the possibility of economic concentrations of mineralization.
On behalf of the Board of Directors
"Laara Shaffer"
Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Glen Hawk acquires Spray Creek Molybdenum-Gold Prospect.
The Spray Creek property is located in mountainous terrain 15 km south-southeast of Lillooet and 6 km southwest of the Fraser River.
The Spray Creek prospect is underlain by a thick sequence of schistose argillites of the Jurassic-Cretaceous Relay Mountain Group. These have been intruded by a 200 meter plus thick sill-like body of porphyritic quartz diorite. The porphyritic quartz diorite and the enclosing sediments are cut by quartz stockworks and later quartz veins. Molybdenum mineralization is associated with the earlier quartz stockworks. Gold values have been found in quartz veins crosscutting porphyry molybdenum mineralization.
The Spray Creek prospect was discovered during a regional program for porphyry molybdenum mineralization in the late 1970's. It was subsequently investigated for its molybdenum and gold potential. Drilling was carried out by Duval Corporation in 1981, Southern Gold Resources in 1986 and Kerr Addison Mining in 1988. Most of the drilling was focused on the gold potential of the property, following the discovery of a broad gold intercept (21 m at 3.67 g/t Au) in Duval's hole 81-4. The latest drilling by Kerr Addison (5 holes totaling 746 metres) was exclusively directed to investigate the gold potential of this prospect. The drilling failed to locate new gold mineralization. However, it encountered molybdenum mineralization in all five holes as tabulated below (source : Assessment Report 18,160)
Hole 88-10: 158 metres of 0.05% Mo including 20 metres of 0.12% Mo
Hole 88-11: 38 metres of 0.05 % Mo
Hole 88-12: 17 meters of 0.05% Mo
Hole 88-13: 31 metres of 0.04% Mo
Hole 88-14: 92 metres of 0.03 % Mo
Note: The drill core assays reported above are historical results and are supplied for general interest only. They are not compliant with National Instrument 43-101, and should not be relied upon.
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Based on the favourable geology, past drill results, and in view of the current high molybdenum prices, the Company plans to fully investigate the molybdenum potential of the Spray Creek prospect.
Dr. Luca Riccio, P.Geo has reviewed the content of this news release.
1.5 MILLION UNIT PRIVATE PLACEMENT
The Company also wishes to announce a non-brokered private placement to issue up to 1.5 million Units at $0.10. Each unit will consist of one common share and one share purchase warrant, exercisable at $0.15 for a one year term. The proceeds of $150,000 will be utilized for working capital purposes and $80,000 will be designated for flow through exploration expenditures. Finder's fees may be paid in certain instances.
The foregoing will be subject to regulatory approval.
On behalf of the Board of
GLEN HAWK MINERALS LTD.
"signed"
Laara Shaffer
Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Website: www.glenhawkminerals.com
E-mail: info@glenhawkminerals.com