VANCOUVER, B.C. - Gold Hawk Resources Inc. (TSXV:CGK) will sell 85 per cent of its Coricancha zinc and lead mine in Peru for US$15 million to Nyrstar NV, a global metals business headquartered in Belgium.

Nyrstar will also take a US$13-million senior debt facility owed by Gold Hawk's subsidiary, Compania Minera San Juan, and will lend the Peruvian operation up to US$20 million to fund regeneration and expansion costs.

Gold Hawk will be left debt free after the deal closes in November 2009 and retain 15 per cent ownership in the Peruvian operation, the Vancouver-based junior mining company said Thursday.

"Gold Hawk has had discussions with numerous parties over the past year to seek a financial solution that will restart the Coricancha mine," said Kevin Drover, Gold Hawk's president and chief operating officer.

"This all-cash offer and financing package for CMSJ is a compelling opportunity," he added.

Nyrstar has said the Peruvian mine, once expanded, is expected to produce significant amounts of zinc and lead concentrate, as well as gold and silver.

"We believe that the mine offers significant potential for improved and expanded production. To date this potential has remained largely unexplored due to restricted access to capital and limited historical exploration programs," the company said in a separate statement from Balen, Belgium.

The Gold Hawk mine is adjacent to Grenville Gold Corp.'s (TSXV:GVG) Silveria property.

Commenting on the purchase, Richmond, B.C.-based Grenville said it will continue to develop its own 6,122-hectare site.

Grenville also recently announced that it intends to purchase 13 claims owned by Minera Sunicancha S.A.C. totalling 1,250 hectares.

Nyrstar is an international multi-mineral company producing zinc and lead as well a silver, gold and copper.

Vancouver-based Gold Hawk explores and develops precious and base metal mines. It also has additional exploration properties in Peru and Quebec.

Gold Hawk shares were up half a cent or 11.11 per cent at at five cents Thursday on the TSX Venture exchange.

Grenville shares were down one cent at five cents Thursday on the TSX Venture Exchange.