HAWKEYE Acquires Its First Gold Property on Strike with the Cariboo Break in Barkerville Terrane, BC, Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 16, 2017) - HAWKEYE Gold & Diamond Inc. (the "Company" or "HAWKEYE") (TSX VENTURE:HGO)(FRANKFURT:HGT)(ISIN:CA42016R3027)(WKN:A12A61): is pleased to announce it has entered into a Sale and Purchase Agreement (SAPA) with the vendor of the Barkerville 2 Aces Project (the "Property) to acquire a 100% interest in the 5,044 hectare Property situated approximately 32 kilometres southeast of the Town of Barkerville, BC, Canada. The Barkerville 2 Aces Project lies within the southeasterly-striking Snowshoe Group of the Barkerville Terrane. This is the geological formation that hosts Barkerville Gold Mines' ("BGM") current gold exploration and mine development projects, including Island Mountain, Cow Mountain and Bonanza Ledge.

About the Barkerville-Cariboo District and BGM

Barkerville was the centre of the historic Cariboo gold rush starting in 1860. The recorded production estimate from 1861-1987 reported more than 5,000,000 ounces of gold which included 3,800,000 ounces from placer operations and 1,230,000 ounces from lode mining. Recently, BGM, the principal property holder in the district, has announced resource definition on lode gold projects and large exploration programs focused along the Cariboo Break. BGM has eight (8) drills conducting a 130,000 metre drill program in 2017 and has released many positive results. BGM also plans to complete 120,000 metres of drilling during 2018 and 2019.

Message from the President

Mr. Greg Neeld, President & CEO states, "HAWKEYE is excited to be involved in the Barkerville-Cariboo gold district. It places HAWKEYE in a historical mining district continuously productive for more than 150 years and with recent exploration successes and ongoing mine development activity. The 2 Aces Property is on strike with the Cariboo structural trend which transects many of the past-producing gold mines. The Company has purchased the Property based on its highly favourable location, geology and geophysical features as a first step to additional strategic and prospective acquisitions in the Barkerville area. BGM is drilling 250,000 metres within two years and its success identifying greenfield drill targets points to increased potential and opportunity within the Barkerville-Cariboo gold district. We look forward to implementing our exploration program on the Property."

The 2 Aces Project

The Barkerville 2 Aces Project is situated six (6) kilometres southeast of the historical Cariboo Hudson Mine between Cariboo Lake and the north arm of Quesnel Lake within the Late Proterozoic to Paleozoic Snowshoe Group of the Barkerville Terrane. The Snowshoe Group is comprised of siltstone, conglomerate, and sandstone with lesser volcanics and carbonates, which have undergone multi-stage deformation with penetrative fabrics and metamorphism ranging from greenschist to amphibolite grade.

The lithologies are characterized by moderate to steeply dipping, southeasterly striking, locally overturned folds, with regional southeasterly striking thrust faults and later faulting along a general north-northeast direction.

The Property contains favorable geological units overprinted by extensive deformation on strike with a known corridor of gold mineralization. This southeasterly-oriented regional feature (Cariboo Break) includes a number of known gold deposits, past hard rock and placer gold producers, and numerous bedrock occurrences. The principal mineralization is associated with high strain zones and parallels magnetic features from regional and detailed airborne geophysics tracing from northwest of Barkerville to the southeast through the Property.

Previous work on the Property included geological mapping, airborne geophysics, and reconnaissance soil and stream geochemistry surveys. The Property exhibits geochemical anomalies for gold, arsenic and other heavy metals. Float and bedrock occurrences on and adjacent to the Property include gold in quartz veins or silicified replacement zones. The known Ace occurrence, along strike between the HAWKEYE claims, also includes intervals of semi-massive chalcopyrite, sphalerite and galena associated with polymetallic Cu-Zn-Pb-Au-Ag based on the Kuroko or Besshi-type model, and carbonate-hosted Pb-Zn mineralization. In addition to these sulphides, native gold, bornite and malachite also are identified along the northwesterly trend to the past-producing Cariboo Hudson gold mine and to the southeast towards Quesnel Lake.

Agreement Details

The Barkerville 2 Aces Property acquisition is subject to a $9,000.00 cash payment and the issuance of 50,000 shares and a further 250,000 share issuance should the project proceed to a pre-feasibility study. The acquisition is not subject to an NSR. The Sale and Purchase Agreement between HAWKEYE and the Vendor is subject to TSX approval.

HAWKEYE has a right of first refusal on certain other properties staked and controlled by the Vendor within the historical Barkerville-Cariboo district.

Qualified Person

Greg Davison, M.Sc., P.Geo., Senior Technical Advisor to HAWKEYE is the Company's designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Davison has prepared, reviewed and validated that the technical information contained within this release is accurate.

About HAWKEYE

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 growth and shareholder value through the acquisition of low-cost, high-potential cash flow and production opportunities with blue sky discovery potential, and to manage our business in an environmentally responsible manner while contributing to the local community and economy.

HAWKEYE GOLD & DIAMOND INC.

Greg Neeld, President & CEO

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 or accuracy of this release.

Cautionary Notes Regarding Forward-Looking Statements

This News Release contains forward-looking statements. Forward-looking statements are statements that relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Issued: 17,875,897 shares