HAWKEYE RECEIVES TSX ACCEPTANCE FOR BONANZA PROPERTY PURCHASE

Vancouver, British Columbia – HAWKEYE Gold & Diamond Inc. (the “Company” or “HAWKEYE”) (TSX.V-HGO; Frankfurt Ticker: HGT; ISIN: CA42016R3027; WKN: A12A61): is pleased to announce the TSX Venture Exchange has accepted for filing a sale and purchase agreement dated January 16, 2017, between the company and Alan Brent Hemingway (the “Vendor”) for the Bonanza Property (the “Property”) which is located on the northern end of Vancouver Island, British Columbia, Canada. Pursuant to the terms of the agreement, the company may purchase a 100-per-cent interest in the Property by making cash payments totalling $5,000 and issuing 250,000 shares in the capital of the Company at a deemed price of 11 cents per share. 100,000 shares will have a four (4) month hold period and the balance of 150,000 shares will be subject to a twelve (12) month hold period. The Property is subject to a 2-per-cent net smelter return (NSR) in favour of the vendor for all minerals other than magnetite. The company will pay the vendor $2 per tonne from the production of magnetite from the property. The company may repurchase 1.5 per cent of the NSR for $1.5-million. The remaining 0.5 per cent held by the vendor will be subject to a right of first refusal by the company for a period of one year. The Property encompasses the historical Bonanza Pit copper, gold, silver, zinc and magnetite skarn prospect, which has been subject to intermittent exploration over the years since its discovery in 1959.

For further information regarding the Property please refer to the company’s news releases dated January 18, 2017.

A finder’s fee of 29,545 shares is payable in connection with the Bonanza Property acquisition and these shares are subject to a four month hold period.

Message from the President

Mr. Greg Neeld, President & CEO of HAWKEYE stated, “We are pleased to have acquired this high-potential, multi-commodity property and look forward to the potential development of the magnetite prospect in the near-term and exploration of a new high grade copper showing that has never been drilled. The Bonanza Property is consistent with HAWKEYE’s new model to acquire properties with production potential while also providing blue sky upside. Magnetite can be sold on a regional basis in British Columbia in markets to the coal and concrete industries, as well as in petroleum pipeline construction and also on an international basis. HAWKEYE looks forward to exploiting this market through production and sale to these markets.”

About the Company

HAWKEYE Gold & Diamond Inc. is a junior mineral exploration and development company based in Vancouver, British Columbia, Canada and is publicly traded on the TSX Venture Exchange under the trading symbol HGO and the Frankfurt Exchange under the ticker HGT; ISIN# CA42016R3027 and WKN# A12A61. HAWKEYE’s Corporate mandate is to build strong asset value through the acquisition of low-cost, high-potential cash flowing mining production opportunities with blue sky discovery upside, managing our business activities in an environmentally responsible manner while contributing to the well-being of the local Community and Economy. Our goal is significant growth through Revenue and Cash flowing Projects, ultimate production through Discovery on our blue sky properties, to provide early return on investment and significant growth to maximize shareholder value.