Halo Resources Ltd.
OTC Bulletin Board : HLOSF

Halo Resources Ltd.

January 16, 2007 08:30 ET

Halo Completes Acquisition of Additional Sherridon Manitoba Properties

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2007) - Mr. Marc Cernovitch, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(OTCBB:HLOSF)(FWB:HRL), is pleased to announce that, pursuant to the definitive purchase agreement between Halo Resources Ltd. ("Halo") and Endowment Lakes (2002) Limited Partnership ("EL") signed December 3, 2006, Halo has completed its acquisition of a 100% interest in and to ten (10) mineral claims (the "EL Claims") located in the Eagle's Nest Lake, Meat Lake and QM Lake areas in the Sherridon area of Manitoba from EL.

The addition of these 10 claims will bring the Halo Sherridon property to 114 mineral dispositions with a total combined area of 20,876 hectares. The claims are strategically located within the Sherridon dome structure and Meat Lake basin structure respectively and represent significant examples of the mineral potential within Halo's Sherridon VMS district. These properties will play an important role in Halo's plans to explore for high-grade volcanogenic massive sulphide deposits similar to those found in the nearby Snow Lake area of Manitoba.

In consideration for its acquisition of a 100% interest in the EL Claims Halo has paid $90,000 cash and issued 160,000 common shares. EL will hold a 1% NSR in the EL Claims of which 1/2% can be purchased at any time by Halo for $500,000. Halo has also acquired the right to acquire any rights acquired by EL in and to any mining claims within a one (1) kilometer area from the perimeter boundaries of the EL Claims.

Halo Resources Ltd.

Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. Currently the Company owns or has an interest in 3 projects: Duport, which is an advanced stage gold project; Red Lake, which is a gold exploration project, and the Sherridon project that comprises a combination of mature and grassroots VMS copper, zinc and gold exploration opportunities. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company's growth strategy is to develop a diversified portfolio of advanced mining projects.


Marc Cernovitch, President and CEO

Except for the historical statements contained herein, this news release presents "forward-looking information" within the meaning of the United applicable Canadian securities laws that involve inherent risks and uncertainties. Forward-looking information includes, but is not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking information are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information Halo does not undertake to update any forward-looking information that is incorporated by reference herein, except in accordance with applicable securities laws. Trading in the securities of Halo Resources Ltd. should be considered highly speculative.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information