Hawk Uranium Inc. Announces Proposed Repricing of Warrants

Toronto, January 20, 2010 – Hawk Uranium Inc. (TSX-V:HUI, FRANKFURT:HPM) (“Hawk”) announces that it has applied to the TSX Venture Exchange (the “Exchange”) for approval to amend the exercise price of issued and outstanding warrants exercisable for a total of 3,333,333 common shares at an exercise price of $0.50 per share (the “Warrants”). The Warrants were issued as part of a private placement that closed on November 5, 2007. Since issuance, none of the Warrants have been exercised and all of the Warrants are outstanding.

As originally issued, the Warrants had a term of two years, expiring on November 5, 2009. The expiry date was extended to November 4, 2012 with the approval of the Exchange.

As originally issued, the Warrants were exercisable at a price of $0.50 per common share (the “Exercise Price”). Hawk proposes to reduce the Exercise Price to (i) $0.10 per share from the effective date of the amendment until November 4, 2010, (ii) $0.15 per share from November 5, 2010 to November 4, 2011, and (iii) $0.20 per share from November 5, 2011 to November 4, 2012. In addition, consistent with the policies of the Exchange, the term of these Warrants would be shortened to 30 days (commencing seven calendar days after the tenth Premium Trading Day as hereinafter defined) if, for ten consecutive trading days (the “Premium Trading Days”) the closing price of Hawk’s common shares is greater than a pre-determined price (the "Premium Price") in excess of the current Exercise Price. While the Exercise Price is $0.10 per share (in essence during the third year of each Warrant's term), the Premium Price will be $0.133 per share. During the fourth year of each Warrant's term, the Premium Price will be $0.20 per share. During the fifth year of each Warrant's term, the Premium Price will be $0.266 per share.

Consistent with the policies of the Exchange, Hawk has obtained the written consent of all of the Warrant-holders to the exercise price amendments described above.

The repricing of the Warrants, as proposed, is subject to the approval of the Exchange.

About Hawk Uranium Inc.:

Hawk Uranium Inc. is a Canadian based junior mining company with a portfolio of diversified exploration projects at various stages of exploration and drilling, for Uranium in N. Saskatchewan, Ontario and Quebec, Gold in N. Ontario and Nickel/Copper/PGM in the ‘Ring of Fire’ McFauld’s Lake Area of N. Ontario.

More detailed information is available on the website at www.hawkuranium.com.

Cautionary Statement:

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

The foregoing information may contain forward-looking statements relating to the future performance of Hawk Uranium Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Hawk's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Hawk with the TSX Venture Exchange and securities regulators. Hawk does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:
Hawk Uranium Inc.
H. Vance White, Chairman
Phone: 416-214-2250
Fax: 416-367-1954

Corinna de Beer, Investor Relations
Phone: 416-792-0343
eMail: ir@hawkuranium.com
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