Nighthawk Drills 52.50 Metres of 7.78 g/t Gold, Including 21.00 Metres of 16.73 g/t Gold at Colomac; New High-Grade Zone Discovered

TORONTO, ONTARIO--(Marketwired - Dec 3, 2014) - Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE:NHK) is pleased to announce results from the final nine holes of its recently completed 2014 drill campaign (Figures 1, 4 / Tables 1, 2) on its Indin Lake Gold Property in the Northwest Territories ("NWT"). Four holes were drilled at Colomac as part of Nighthawk's ongoing resource expansion program (June 17, 2013 news release) resulting in the discovery of a new high-grade gold zone; hole C14-06 intersected 52.50 metres of 7.78 grams per tonne ("g/t") gold, including 21.00 metres of 16.73 g/t gold north of Zone 2.0. Multiple new wide areas of deeper gold mineralization were also encountered between Zones 2.0 and 2.5; hole C14-04 intersected 20.25 metres of 1.79 g/t gold, 23.25 metres of 1.66 g/t gold, and 42.25 meters of 1.28 g/t gold. The remaining five holes were drilled along strike northeast of the Cass gold deposit, and effectively extended the mineralized corridor an additional 700 metres.

HIGHLIGHTS:

Colomac Main - Zone 1.5:

• New high-grade zone discovered at depth north of Pit 2.0 - remains open to the north for resource expansion; and
• Hole C14-06 intersected 52.50 metres of 7.78 g/t gold, including 21.00 metres of 16.73 g/t gold, and including 6.50 metres of 32.28 g/t gold, and including 3.00 metres of 8.11 g/t gold.

Colomac Main - Zone 2.0/2.5

• New multiple, wide gold intercepts at depth between zones 2.0 and 2.5; and
• Hole C14-04 intersected 20.25 metres of 1.79 g/t gold, including 11.25 metres of 2.86 g/t gold; 23.25 metres of 1.66 g/t gold, including 9.75 metres of 3.09 g/t gold; and 42.25 metres of 1.28 g/t gold, including 9.00 metres of 2.94 g/t gold.

Cass Deposit

• Step out holes CM14-11, CM14-12, and CM14-12B intersected near surface mineralization along strike of the deposit; and
• Mineralization extended the Cass gold corridor up to 700 metres northeast - opens up significant new ground to grow near-surface resource.

David Wiley, President and CEO of Nighthawk, commented, "The 52.5 metre intersection grading 7.78 g/t gold from Colomac hole C14-06 is the best drill result Nighthawk has produced since its inception. Through our 2014 drilling program, we have achieved our objectives of infilling and expanding our known areas of mineralization - by up to 700 metres - and finding higher grade material at an attractive proximity to surface. We will be working with the authors of our technical report to incorporate the results of this year's program into our next resource update."

Dr. Michael Byron, Nighthawk's Chief Geologist, added, "These results validate our thesis that high-grade shoots of gold mineralization, similar to those previously defined at zones 2.0 and 3.5, are prevalent at Colomac. High gold grades over substantial lengths such as those reported in hole C14-06, present new opportunities, and we will look to take advantage of these high-grade areas as we continue to advance our project."

This release summarizes 2,030 of the 13,647 total metres drilled in the 2014 program, of which 1,435 metres were drilled at Colomac and 595 metres at Cass. Colomac boreholes tested for continuation of mineralization at depth immediately north and south of historical Pit 2.0, a separation distance of 1.2 kilometres. At both locations drilling intersected significant mineralization over large core lengths resulting in the extension of mineralization to depth within the boundary area between Zones 2.0 and 2.5, and the discovery of the project's highest-grade zone to date within a new zone north of Pit 2.0. The latter is believed to plunge steeply to the northeast below Zone 1.5.

Colomac Main Zone

Drilling was designed to infill areas within the existing resource and to expand previously defined mineralization. Hole C14-04 (Figure 1) explored the southern depth extension of the sill's upper portion; the same region that C14-02B, collared 300 meters to the north, successfully intersected (September 25, 2014 news release). C14-04 represents the first drilling by Nighthawk in the area, targeting the boundary region between Zones 2.0 and 2.5. It was drilled steeply below the south end of Pit 2.0 to a depth of 492 metres (Figure 2), of which approximately 160 metres was mineralized, including several significant composites as summarized in Table 1.

Hole C14-06, collared 1,100 metres north of C14-04, drilled Zone 1.5 to depth. Historical holes only tested this area to less than 100 metre vertical depth; C14-06 was the first hole to target the sill's eastern portion to depth, resulting in the discovery of a new high-grade zone that returned the best intercepts ever reported for the entire Colomac project area. An intercept of 7.78 g/t gold over a down hole length of 52.50 metres (Figure 3) highlights the zone in which 16% of all samples collected from C14-06 contained visible gold. These better gold grades are located within the more sodic and silica-rich upper portion of the sill, confirming its primary exploration target status. Hole C14-05 was collared 100 metres north of C14-06 to test the same portion of the sill along the northern flank of Zone 1.5. Although the hole intersected impressive mineralization over a downhole length of 29.25 metres, it did not duplicate the scale of C14-06, perhaps an indication that it was located along the northern fringe and above the high-grade shoot. Additional drilling is required in order to delineate the dimensions and expansion opportunities of this new discovery.

Being Nighthawk's first drilling within this part of the sill, these exceptional high-grade results clearly demonstrate the potential for significant resource growth at Colomac; hundreds of metres of underexplored sill lay to the north of Zone 1.5.

Cass Gold Deposit

Cass lies 20 kilometres southwest of Colomac. Previous 2014 drill results, as presented in Nighthawk's October 27, 2014 news release, describe stockwork quartz-carbonate veins with minor pyrite, pyrrhotite and arsenopyrite within a northeast trending gabbroic intrusion. Historical drilling outlined the deposit over a strike length of 360 metres and to a depth of 210 metres. Results from the current program have extended the mineralized corridor an additional 700 metres to the northeast (Figure 4), opening up a vast region for infill drilling, which is needed to confirm continuity of the mineralized zone. Intersection widths, shallow depths, and continuity of mineralization are believed conducive to open pit mining methods.

Nighthawk's initial activities at Cass have been very successful. Previously reported holes CM14-02 and 04 tested the geological model by drilling the leading edge of the mineralization immediately west of the deposit, resulting in significant grade width intersections (October 27, 2014 news release), and holes CM14-05, and C14-06 and 06B effectively extended the deposit for over 100 metres to the west. In general, mineralization remains open above and below these reported high-grade intersections within the core of the plunging mineralized zone.

The Cass style of mineralization, represented by broad zones of near surface gold mineralization with significant grade and continuity, points to the largely untested potential for discovery of significant gold mineralization in other gabbroic bodies such as those hosting the underexplored nearby Raspberry and Albatross gold occurrences. These areas were extensively prospected and sampled over the past field season with results pending. Like Echo-Indin and the Kim deposit, the Cass deposit is one of several near surface prospects within a few kilometres of Nighthawk's Colomac infrastructure, and a potential candidate for higher grade supplemental feed to augment Colomac.

To view Figure 1. Drill Hole Location Map - Colomac Main, click the following link:

http://media3.marketwire.com/docs/NHK1203_1.jpg

To view Figure 2. Cross section - Colomac hole C14-04, click the following link:

http://media3.marketwire.com/docs/NHK1203_2.jpg

To view Figure 3. Cross section - Colomac hole C14-06, click the following link:

http://media3.marketwire.com/docs/NHK1203_3.jpg

To view Figure 4. Drill Hole Location Map - Cass Deposit, click the following link:

http://media3.marketwire.com/docs/NHK1203_4.jpg

Technical Information

Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Drill core samples were transported in security-sealed bags for analyses at ALS Chemex Assay Laboratory in Vancouver, BC ("ALS Chemex"). ALS Chemex is an ISO 9001:2000 certified laboratory. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.

As part of its QA/QC program, Nighthawk inserts external gold standards (low to high grade) and blanks every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by ALS Chemex.

Results from drill hole C14-06 were not top-cut given the pervasive nature of the high grade sections; however, once incorporated into the resource block model, samples will be capped at 31.104 g/t, consistent with the current resource estimate.

The technical content of this press release has been prepared under the supervision of and approved by Michael Byron, Ph.D., P.Geol., Chief Geologist and Director for Nighthawk, who is the "Qualified Person" as defined by NI 43-101 for this project.

Nighthawk Gold Corp.

Nighthawk is a Canadian-based exploration company focused on acquiring and developing gold mineral properties in the Northwest Territories. Its primary land position covers 229,791 acres or 930 square kilometres in the Indin Lake Gold Camp and includes an Inferred Mineral Resource estimate of 39.815 million tonnes with an average grade of 1.64 g/t gold, for 2.101 million ounces gold using a cut-off grade of 0.6 g/t gold.

Neither the 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 news release.

Forward-Looking Information

Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future drilling and the expansion of the mineralization. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Nighthawk, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.