GRC Gold Springs Resource Corp

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES.


Blackhawk Resource Corp. ("Blackhawk" or the "Corporation") (TSX VENTURE:BLR),
is pleased to announce that on April 3, 2013, it entered into an interim
agreement (the "Interim Agreement") as to the terms of a proposed business
combination with Global Royalty Corp. ("GRC"), a private British Columbia
resource royalty corporation (the "Transaction"). The Transaction will proceed
subject to additional customary closing conditions including, but not limited
to, negotiation and execution of a definitive agreement, receipt of all required
board of director, shareholder and regulatory approvals, and the completion of a
concurrent financing of in an amount to be determined in consultation with the
Company and GRC's financial advisors.


Blackhawk is listed on the TSXV and is currently engaged in the oil and gas
business. Upon completion of the Transaction, the Corporation will continue the
business of GRC, as described below.


About Global Royalty Corp.

GRC's business focus is on the acquisition of commodity based royalties.
Commodity-based royalties generate revenues based upon receiving a fixed
percentage of total production output. This business model of investing in
revenue-based income streams significantly reduces risks associated with mine
operating and capital costs, while offering exposure to exploration upside at no
additional cost. GRC's royalty assets currently consist of two precious metals
net smelter return (NSR) royalties, both of which are in production, as follows:


Magistral / El Gallo Net Smelter Return Royalty

GRC owns a sliding scale Net Smelter Return Royalty on gold or gold equivalent
recovered from certain concessions on the El Gallo project owned by McEwen
Mining Inc. (MUX - TSX), located in Mexico. The royalty is calculated at a rate
of 1 percent of net smelter returns on the initial 30,000 ounces of gold
equivalent production, at a rate of 3.5 percent of net smelter returns on the
next 350,000 ounces of gold equivalent production, and thereafter, at a rate of
1 percent of net smelter returns on gold equivalent production recovered from
the area, in perpetuity. Additional details concerning the Magistral / El Gallo
project can be found on the McEwen Mining Inc. website and on SEDAR.


Zaruma Portovelo NSR Royalty

GRC owns a 1.5% NSR royalty covering the Zaruma Gold Project in Ecuador owned by
Dynasty Metals & Mining Inc. (DMM - TSX). The NSR is payable on 39 of 46 total
concessions comprising the Zaruma Gold Project on all ores, minerals, metals, or
other products mined and sold. Additional details concerning the Zaruma Gold
Project can be found on the Dynasty Metals & Mining Inc. website and on SEDAR. 


The Transaction

Pursuant to the Transaction, Blackhawk shall undertake a consolidation of its
share capital prior to closing whereby Blackhawk shareholders will receive one
new Blackhawk share ("New Share") for every 4.436 Blackhawk shares currently
held. This will result in the issuance of 5,000,000 New Shares to Blackhawk
shareholders on a post-Transaction basis. All currently issued and outstanding
dilutive securities of Blackhawk shall be consolidated on the same basis. GRC
shareholders will exchange their shares of GRC for approximately 30,433,596 New
Shares of Blackhawk, subject to adjustment based on any shares issued for cash
by GRC prior to the closing of the Transaction. Dilutive securities of GRC will
be exchanged for new dilutive securities of Blackhawk using the same exchange
ratio as applicable to the GRC common shares. On a post closing basis, this will
result in 3,420,000 warrants exercisable at US$0.73 until December 22, 2015 and
31,635 warrants exercisable at $1.02 until April 15, 2014. The exercise prices
for GRC warrants are subject to adjustment based on the issue price of any
additional shares issued for cash by GRC prior to closing of the Transaction. In
addition, at closing of the Transaction, $1,150,000 principal amount of GRC
Convertible Debentures currently outstanding shall mature, at which time
debentureholders may convert into New Shares at a conversion price of $1.02 or
be redeemed for cash. 


Financing

It is contemplated that Blackhawk will, concurrent with the closing of the
Transaction, complete a financing of not less than $5 million. Specific terms
and details of the proposed financing will be announced in due course. Currently
Blackhawk has approximately $4 million in net working capital. Blackhawk still
maintains a number of operated and non-operated properties in Central Alberta
with average net production of 50 barrels equivalent of oil per day. Blackhawk
is currently determining its options with respect to its non-core assets in
connection with the Transaction.


Name Change

Upon closing of the Transaction and subject to required shareholder and
regulatory approvals, the Corporation currently intends to change its name to
Global Royalty Corp. or such other name as may be determined by the directors.


Management and Directors

Following the closing of the Transaction, management of Blackhawk will be
comprised of Mark D. Kucher, MBA, President and Chief Executive Officer, and
Jeff Howlett, B.Sc., Chief Financial Officer. The Board of Directors is
contemplated to be comprised of Messrs. Kucher, David Antony, and three
additional independent directors to be appointed Background information for each
of Messrs. Kucher, Antony, and Howlett are set out below.


Mark D. Kucher, President, CEO and Director. Mr. Kucher has over 25 years
experience in the mining finance industry and is the former Chairman and CEO of
Battle Mountain Gold Exploration Inc. which was acquired by Royal Gold in 2007.
Mr. Kucher formerly worked in corporate finance with Burns Fry Ltd., Alfred
Bunting & Co. and Sprott Securities, Inc. Mr Kucher has extensive and successful
public company experience including senior positions with Princeton Mining and
Aurex Resources. Mr. Kucher is the principal shareholder and founder of GRC. Mr.
Kucher has a MBA from the University of Western Ontario.


Dave Antony, CA, proposed Director. Mr. Antony is the current President and CEO
of Blackhawk and is chartered accountant with over 17 years experience with
public company management, structuring, merger and acquisitions. Mr Antony is an
expert on matters of audit, compliance, and corporate governance and is
currently a director of Southern Pacific Resources Corp., Paramax Resources,
Ltd., Iron Tank Resources Ltd. and North Sea Energy Inc. 


Jeff Howlett, Chief Financial Officer Mr. Howlett has a 25 year history in the
mineral resource industry, with experience in research, mergers and
acquisitions, investment banking, and strategic planning. Initially, Mr. Howlett
spent several years with Burns Fry Limited as an analyst in the Corporate
Finance department. He subsequently founded Howlett Research Corp., a research
and consulting firm providing a wide range of research services, strategic and
business planning services, and other consulting assignments, with a primary
emphasis in the mineral resource sector. Mr. Howlett has a B.Sc. (Econ) from the
University of Pennsylvania.


Significant Shareholders

The controlling shareholder and director of GRC is Mark Kucher (shares held
directly and indirectly). 


Sponsorship

Sponsorship of the Transaction may be required by the TSXV unless exempt in
accordance with TSXV policies. The Corporation is currently reviewing the
requirements for sponsorship and may apply for exemption from sponsorship
requirements. There is no assurance Blackhawk will ultimately obtain exemption
from sponsorship.


Trading Halt

Trading in the Corporation's common shares on the TSXV is halted and will remain
halted until the documentation required by the TSXV has been reviewed and
accepted by the TSXV.


Fairness Opinion 

In connection with the transaction, Blackhawk currently intends to obtain a
fairness opinion with respect to the consideration to be paid for the GRC shares
and dilutive securities. 


Finder's Fee

The Corporation has agreed to pay a finder's fee to an arm's length party in
connection with the Transaction in cash and/or securities up to the maximum
permitted under TSXV policies.


Arms Length Transaction

The proposed Transaction is an arms length transaction. 

This is an initial press release. A further press release will be issued in due
course to provide, among other things, selected financial information regarding
GRC and technical information regarding the material properties of GRC.


Cautionary

Completion of the Transaction is subject to a number of conditions, including
TSXV acceptance and, if applicable, majority of the minority shareholder
approval. Where applicable, the Transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that the Transaction
will be completed as proposed or at all.


Investors are cautioned that, except as disclosed in the management information
circular to be prepared in connection with the Transaction, any information
released or received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the securities of Blackhawk
should be considered highly speculative. 


The TSXV has in no way passed upon the merits of Transaction and has neither
approved or disapproved the contents of this press release.


The securities referred to in this news release have not been, nor will they be,
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements. This news release does not constitute
an offer for sale of securities for sale, nor a solicitation for offers to buy
any securities. Any public offering of securities in the United States must be
made by means of a prospectus containing detailed information about the company
and management, as well as financial statements.


This news release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction.


Except for the statements of historical fact contained herein, certain
information presented herein constitutes "forward-looking statements". More
particularly, this press release may contain forward-looking statements
concerning the sale of assets and property of the Corporation. The
forward-looking statements contained in this press release are solely opinions
and forecasts which are uncertain and subject to risks. Forward-looking
statements include but are not limited to uncertainties and other factors which
may cause the actual results, performance or achievements of the Corporation to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject to a number
of known and unknown risks and uncertainties, including, but not limited to:
non-performance of agreements in accordance with their terms and regulatory
approval and certain other risks detailed from time to time in the Corporation's
public disclosure documents which can be found at www.sedar.com. Although the
Corporation has attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers are cautioned that the assumption used in the preparation of the
forward-looking statements, 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 statements. The forward-looking statements contained
in this press release are made as of the date of this press release. Except as
required by law, the Corporation disclaims any intention and assumes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as required by
applicable securities law. Additionally, the Corporation undertakes no
obligation to comment on the expectations of, or statements made, by third
parties in respect of the matters discussed above. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Blackhawk Resource Corp.
Dave Antony
CEO
(403) 531-1710
dantony@blackhawkcorp.ca

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