| ||March 23, 2011|
Hawthorne Closes Second Tranche of Private Placement for Gross Proceeds of $7,555,000 and Announces Changes in Directors and Officers
| ||Hawthorne Gold Corp. ("Hawthorne" or the "Company") (TSX-V: HGC, US: HWTHF) is pleased to announce that further to its news release of February 2, 2011, the Company has closed the second and final tranche of the non-brokered private placement (the "Private Placement") and issued 68,681,818 common shares in the capital of the Company ("Shares") at the price of $0.11 per Share for gross proceeds of $7,555,000.|
The Shares issued under the final tranche of the Private Placement are subject to a statutory hold period expiring on July 24, 2011.
The funds raised from the issuance of the Shares will be used for exploration and development at the Company's Cassiar Gold Camp, as well as for general corporate and working capital purposes.
"The closing of the private placement with Skyocean opens a new and exciting chapter for the Company. We look forward to a long and mutually beneficial relationship with our new major shareholder" stated Richard Barclay.
Changes to the Board and Management
As announced in the Company's news release of January 6, 2011 (the "January 6th News Release"), subject to final regulatory approval, Jian Zhang has been appointed as a director of the Company to replace Dale A. Sketchley who has resigned from the Board. Michael Beley has resigned as the Chairman and Richard Barclay has resigned as the President and Chief Executive Officer of the Company. Mr. Zhang has been appointed Chairman of the Company and Dr. Shijia Tang has been appointed Chief Executive Officer of the Company. Messrs Beley and Barclay will remain directors of the Company. For further details on Mr. Zhang and Dr. Shijia Tang please see the January 6th News Release.
The Company is in the process of applying to the TSX Venture Exchange to request approval for the change of the Company's name to China Minerals Mining Corporation.
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's board of directors includes 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.
For more information on Hawthorne, contact Robert Ferguson toll free at 1-888-629-1505 or the Company at (604) 629-1505, or you can visit Hawthorne's website at www.hawthornegold.com.
ON BEHALF OF HAWTHORNE GOLD CORP.
Richard Barclay, Director
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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