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Hawthorne Gold terminates option deal with Eureka over British Columbia claims

Published: 16:58 07 May 2010 BST

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Hawthorne Gold (TSX-V:HGC, OTCBB: HWTHF) said it has given notice to Eureka Resources Inc to terminate Hawthorne's option to acquire up to a 51 percent interest in 18 mineral claims located in central British Columbia pursuant to a property option agreement with Eureka dated October 2006.

The decision to discontinue the Eureka option and the company's Frasergold project in general was based on management's decision to focus the company’s resources on its wholly-owned subsidiary, Cassiar Gold Corp, which owns the Table Mountain gold mine and the Taurus gold deposit. The company will continue to work towards production at Table Mountain and the development at the nearby Taurus deposit.

Table Mountain is Hawthorne’s flagship project and was a past producing mine, first as the Erickson gold mine, then the Cusac gold mine. Gold mineralization at Table Mountain is typical of some of Canada's largest gold camps, including Timmins, Kirkland Lake and Val d'Or. During its operational period, mine operators opened 13 portals to access Table Mountain's widespread gold mineralization.

Hawthorne has a NI43-101 compliant inferred resource for Taurus of 33 million tonnes grading 1 g/t gold (approximately 1.06 million ounces of gold).  The company is now seeking to target higher grade zones in 2010.

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