Issued: 10,092,064 shares

May 27, 2016 TSX Venture Exchange - HGO

Issued: 10,092,064 shares

News Release No. 250 – 2016

REPRICING AND GRANTING OF INCENTIVE STOCK OPTIONS

Vancouver, British Columbia - HAWKEYE Gold & Diamond Inc. (the “Company” or "HAWKEYE") (TSX.V-HGO): announces the Company has received TSX Venture Exchange for the repricing of 145,000 stock options, which were previously granted to directors, officers and consultants of the Company from $0.60 to $0.10 per share. The Company received shareholder approval for the repricing of these options at its Annual General Meeting held on December 23, 2015. The Company also received TSX Venture Exchange acceptance for the granting of 861,165 incentive stock options to directors, officers and consultants of the Company which are exercisable at a price of $0.10 per share expiring April 25, 2026.

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. HAWKEYE’s corporate philosophy is to build strong asset value through diversification, the acquisition of low-cost high potential mining opportunities, managing our business activities in an environmentally responsible manner while contributing to the well-being of the local community and economy. Our goal is to ultimately achieve full time commercial production of our projects for significant growth and early returns on investment to maximize shareholder value.

HAWKEYE GOLD & DIAMOND INC.

Per:

“Greg Neeld”

President & CEO

Vancouver: (778) 379-5393 Email: [email protected] Web Site: www.hawkeyegold.com

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Repricing and Granting of Incentive Stock Options May 27, 2016

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.