MONTREAL and VANCOUVER, July 6 /CNW Telbec/ - Blue Note Mining Inc. (TSX-V: BNT) ("Blue Note") and Gold Hawk Resources Inc. (TSX-V: GHK) ("Gold Hawk") jointly announce that Blue Note has rescinded its call for Gold Hawk's Board of Directors to be replaced and will support the incumbent Board at the upcoming Special and Annual General Meeting of Gold Hawk shareholders on August 17, 2010. Blue Note and Gold Hawk will seek opportunities to work in cooperation to increase shareholder value for both companies.
On May 11, 2010, Blue Note filed an Information Circular proposing changes to Gold Hawk's Board of Directors. Subsequently, Gold Hawk issued a media release on May 21, 2010 announcing that its Special and Annual General Meeting would be postponed to August 17, 2010.
"Our goal when we initiated this action was to ensure that Gold Hawk's Board and management team were committed to creating shareholder value in the near-term. Following recent discussions between Blue Note's new management and Gold Hawk, we believe that Gold Hawk's Board and management team are fully focused on completing a transaction and creating shareholder value," said Leon Methot, Chairman and Chief Executive Officer of Blue Note. "Accordingly, we have rescinded our call to replace the Gold Hawk Board as we believe that a proxy fight would be a costly distraction for the shareholders of both companies."
"We are pleased with the vote of confidence we have received from Blue Note and applaud their commitment to doing what is best for all shareholders," said Kevin Drover, President and Chief Executive Officer of Gold Hawk. "As we stated in our first quarter results release, the recent volatility in capital markets and access to capital for small companies has resulted in a number of opportunities for Gold Hawk that were not available earlier in the year. We are pursuing a number of these projects and we also look forward to constructive discussions with Blue Note management."
About Gold Hawk Resources Inc.
Gold Hawk (TSX-V: GHK) is a Vancouver, Canada-based precious metals company with a 15% ownership in the Coricancha Mine in central Peru. The 600 tonnes of ore per day processing facility resumed operations in June. Gold Hawk has no debt and $15 million in working capital and is exploring business opportunities in the mining sector. The Company also holds mining concessions at the Barry-Souart property northeast of Val-d'Or, Quebec - a gold mining area with existing mining operations nearby. Gold Hawk is operated by an experienced management team with significant operating experience.
About Blue Note Mining Inc.
Blue Note Mining (TSX-V: BNT) is a mineral exploration and mining company headquartered in Montreal with properties located in known gold and base metal regions of Canada, including the prolific Val-d'Or region of Quebec and northern New Brunswick. Blue Note's top priority is to put the Croinor Gold Property into production while advancing the value of its other exploration properties.
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") do not intend, and do 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.
SOURCE Blue Note Mining Inc.
For further information: For further information: Gold Hawk Shareholders contact: Mr. Jason Mercier, Director Investor Relations, Gold Hawk Resources Inc., T: (604) 689-9261, firstname.lastname@example.org; www.goldhawkresources.com; Blue Note Shareholders contact: Mr. Jean Mayer, Executive Vice President, T: 800-937-3095 x236, email@example.com; www.bluenotemining.ca