Halo Resources Ltd.
OTC Bulletin Board : HLOSF

Halo Resources Ltd.

October 31, 2007 03:15 ET

Halo Discovers New Bob North Zone at Sherridon, Manitoba

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2007) - Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(OTCBB:HLOSF)(FRANKFURT:HRL) is pleased to announce the discovery of a new massive sulphide zone approximately 100 metres northeast of the Bob Lake deposit. The new Bob North massive sulphide zone has been intersected in four drill holes over a 250 metre strike length at a shallow depth between 172 metres and 221 metres. While final assay results are pending, three additional holes have intercepted a similar massive sulphide zone with thicknesses ranging from 5.4 to 14.8 m. The new Bob North Zone currently remains open in all directions and represents a new exploration target area that once fully tested could add significantly to the tonnage potential of the Bob Lake deposit.


- Total of 4 new holes intersect new zone over 250 m

- Halo intersects 6.5 m of 0.8% copper and 3.0% zinc, within 11.6 m of 0.8% copper and 1.8% zinc

Results from DH07-58 are included in the table below. Assays are pending for an additional three holes.

"The Bob North discovery is a direct result of building on our knowledge base from our ongoing exploration and interpretation activities at Sherridon", says Lynda Bloom, President & CEO. "Our recently integrated geological model has focused on a structural reinterpretation which improves our understanding of the controls on mineralization. Our new exploration strategy is focused on discovering new zones and identifying higher grades and thickness. This new model has proved successful with the new Bob North discovery and will be applied to all six known Sherridon deposits in addition to new targets including the recently announced Lost Lake discovery."

Drilling continues at Bob Lake and Bob North with a second drill being mobilized by mid-November.

Technical Highlights

Results from the first drill hole completed at the Bob North massive sulphide zone are reported in the assay table below. Assays are pending for the last 10 m of hole DH07-58 and the remaining samples from three other holes that intersected the zone.

From To Interval Copper Zinc Gold Silver
Hole Dip/Azimuth (m) (m) (m)(i) (%) (%) (g/t) (g/t)
DH07-58 240/56 210.7 222.3 11.6 0.8 1.8 0.3 6.0
Including 210.7 217.2 6.5 0.8 3.0 0.3 5.9
Including 210.7 211.5 0.8 2.3 1.3 1.0 11.0
Including 212.1 212.5 0.4 0.9 6.2 0.1 6.0
Including 219.9 220.8 0.9 1.1 0.3 0.6 7.4

(i) Widths may be overstated by up to 10% due to orientation of the
sulphide lenses.

Sampling, assaying and quality control procedures are consistent with those reported in the Technical Background of the press release issued February 15, 2007. The above information has been prepared under the supervision of Eckart Buhlman, who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.

About the Sherridon VMS Property

The Sherridon VMS Property covers an area of over 20,876 hectares and hosts the past-producing Sherridon Mine that was operated by Sherritt Gordon Mines from 1933 to 1950 and produced 7.7 million tonnes of ore grading 2.46%copper and 0.8% zinc. Results from an airborne geophysical survey completed in the summer of 2006 identified an additional 122 targets. The property is located only 70 km northeast of the mining and metallurgical complex in Flin Flon operated by HudBay Minerals Inc. Future development of the property is facilitated by the presence of an all-weather road and railroad access as well as a power line and communications tower.

About 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 is a combination of mature and grassroots volcanogenic massive sulphide (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.

This news release presents "forward looking information" within the meaning of the applicable Canadian securities laws that involve inherent risks and uncertainties. Forward-looking information includes, but is not limited to, information with respect to the proposed private placement. 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 financings; 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 information, 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 referenced 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 does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Halo Resources Ltd.
    Lynda Bloom
    President & CEO
    (416) 368-7045 or Toll Free: 1-866-841-0068
    Email: lbloom@halores.com
    Halo Resources Ltd.
    Marc Cernovitch
    (416) 368-7045 or Toll Free: 1-866-841-0068
    (416) 368-9805 (FAX)
    Website: www.halores.com