| ||March 15, 2010|
Hawthorne Gold Announces Update On Non-Brokered Special Warrant Offering
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Hawthorne Gold Corp. ("Hawthorne" or the "Company") (TSX-V: HGC) announces that the TSX Venture Exchange (the "TSX-V") has conditionally approved the non-brokered special warrant offering (the "Offering") announced in the Company's news release of February 4, 2010 (the "February News Release"). A copy of the February News Release is available under the Company's SEDAR profile at www.sedar.com. All capitalized terms used but not defined in this news release have the meanings ascribed thereto in the February News Release.
The Offering was conditionally approved by the TSX-V for up to 14,338,801 Special Warrants for gross proceeds of approximately $4,158,250. Pursuant to the amended terms of the Offering, the Company is now required to allocate up to $2,172,000 for strategic initiatives approved by the Company's Board of Directors. The Company expects to pay a finder's fee in connection with the Offering in cash, shares and compensation options in accordance with TSX-V policy. All other terms of the Offering are as summarized in the February News Release.
Closing of the Offering is subject to a number of conditions, including the receipt of all necessary corporate and regulatory approvals. Final acceptance of the Offering by the TSX-V is subject to a satisfactory background search of China Mineral Holdings Limited (the sole subscriber in the Offering) along with the filing by the Company of customary closing documents.
About Hawthorne Gold Corp.
Hawthorne Gold Corp. is a Canadian-based gold exploration and development company with key properties located in British Columbia, Canada. Hawthorne is led by well-respected mining leaders Richard Barclay and Michael Beley. Hawthorne's goal is to become a junior gold producer by working towards production at Table Mountain and the continued resource development at the nearby Taurus deposit, as well as the Frasergold deposit in the Cariboo region of south central British Columbia.
For more information on Hawthorne, contact Todd Hanas toll free at 1-866-869-8072 or the Company at (604) 629-1505 or toll free at 1-888-629-1505, or you can visit Hawthorne's website at www.hawthornegold.com.
ON BEHALF OF HAWTHORNE GOLD CORP.
"Richard J. Barclay"
President & CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Neither 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 of accuracy of this release.
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