VANCOUVER, BRITISH COLUMBIA, Dec. 8, 2010 (Marketwire) -- Hawthorne Gold Corp. ("Hawthorne" or the "Company") (TSX VENTURE:HGC)(PINK SHEETS:HWTHF) is pleased to announce that further to its news releases dated October 14, 2010 and November 12, 2010, all the resolutions proposed at its Special Meeting of shareholders of the Company held on December 8, 2010 were duly passed. The Company has obtained "minority approval" (as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions) on the creation of a new "Control Person" as defined in the Corporate Finance Manual of TSX Venture Exchange. Shareholders have also approved the Private Placement of 68,181,818 common shares in the capital of the Company ("Shares") at the price of $0.11 per Share from Skyocean Ventures Investment Limited ("Skyocean"). The Company will proceed with the closing of the Private Placement (which is subject to final acceptance of the TSX Venture Exchange) and will issue a subsequent news release once the transaction is closed.
"This opens a new and exciting chapter in the growing relationship with our major shareholder, the Skyocean Group of Beijing, China. A much stronger company will emerge through this culmination of cultures and experience. We look forward to a long and rewarding relationship," states Hawthorne's Chairman Michael J. Beley.
The Company also announces that it has received and accepted the resignation of Donald Siemens from the Board of Directors, effective immediately, and has appointed Dr. Shijia Tang a director of the Company to fill the vacancy, subject to regulatory approval. Dr. Tang is the President of Skyocean and he brings with him 20 years of mining expertise. The Directors wish Mr. Siemens all the best with his future endeavours and would like to extend their gratitude for his years of service and his contributions to the Board.
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.
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.
ON BEHALF OF HAWTHORNE GOLD CORP.
Michael J. Beley, Chairman
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Hawthorne's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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.
Hawthorne Gold Corp.
(604) 629-1505 or toll free 1-888-629-1505