Coalcorp Announces Investment in Gold Hawk Resources Inc.

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TORONTO, Nov. 8 /CNW/ - Coalcorp Mining Inc. (NEX: CCJ.H) ("Coalcorp") announces that it has acquired 6,000,000 common shares of Gold Hawk Resources Inc. (TSX-V: GHK) ("Gold Hawk") by way of a private placement, at a subscription price of $ 1.25 per common share for $7.5 million. Based on this transaction Coalcorp now holds approximately 19.8% of Gold Hawk's presently issued and outstanding common shares.

Gold Hawk will use the net proceeds of the private placement to fund exploration and development expenditures on its newly acquired Oracle Ridge Copper property in Arizona and for general corporate purposes.

"We are delighted with this transaction because it furthers Coalcorp's strategy to invest in mid stage development projects with great merit," said Richard Lister, Chairman of Coalcorp, adding that "the Oracle Ridge property has outstanding potential to be a significant producer of copper in the mining favourable environment of Arizona."

Pursuant to the terms of the private placement, Coalcorp is entitled to a representative on Gold Hawk's board of directors so long as it holds at least 5% of the issued and outstanding Gold Hawk common shares. A nominee of Coalcorp, that is acceptable to Gold Hawk and the TSX Venture Exchange, is expected to be appointed to the board within 90 days of closing.

The terms of the private placement also provide Coalcorp, in its sole discretion, the right to participate in any placement of Gold Hawk common shares, or securities convertible into or exchangeable for common shares, initiated on or before October 22, 2011 to maintain it's ownership percentage on a fully diluted basis.

Forward Looking Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Such statements can typically be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "possible", "continue", "objective", or other similar expressions concerning matters that are not historical facts. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Coalcorp does not undertake to update any forward-looking statements; such statements speak only as of the date made.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Further information can be obtained under Coalcorp's profile at www.sedar.com. Coalcorp's head office is located at 120 Adelaide Street West, Toronto, Ontario M5H 1T1, Canada.

For further information:

Steven Cresswell  Interim Chief Executive Officer  416-644-1217

Richard Lister Chairman 416-920-4840