Hawthorne Gold closes first tranche of financing

Hawthorne Gold Corp. has closed on $11,740,490 of the brokered private placement previously announced on April 2, 2008. The brokered private placement (the “Offering”) is led by Blackmont Capital Inc. and includes J.F. Mackie & Company Ltd. and M Partners Inc. (collectively the “Agents”).

The closing consisted of 3,443,009 units (the “Units”) priced at $1.75 per Unit for gross proceeds of $6,025,266 and 2,930,884 flow-through common shares (the “Flow-Through Common Shares”) priced at $1.95 per share for gross proceeds of $5,715,224. Each Unit consists of one common share and one-half warrant, with each whole warrant exercisable for a period of 24 months from the closing date of the Offering, to acquire one common share at $2.25 per common share.

The Agents received a cash commission of $704,429 or 6% of the gross proceeds raised, and 382,434 compensation options equal to 6% of the aggregate number of Units and Flow-Through Common Shares sold pursuant to the Offering. Each compensation option entitles the holder thereof to purchase one common share at an exercise price of $1.75 per common share for a period of 12 months from the closing of the Offering.

Proceeds from the Offering will be used to fund the Company’s 2008 field work, including exploratory and definition drilling on the Frasergold project, the Table Mountain project and the Taurus project, all located in British Columbia, Canada.

A second closing is expected on or about April 24, 2008.

The common shares and warrants to be issued in connection with this Offering will be subject to a four month hold period from the closing date of the Offering in accordance with the policies of the TSX Venture Exchange (the “Exchange”) and applicable securities laws.