Halo Resources Ltd.

Halo Resources Ltd.

June 18, 2008 08:11 ET

Halo Advances Sherridon Regional Exploration Program

TORONTO, ONTARIO--(Marketwire - June 18, 2008) - Lynda Bloom, President and CEO of Halo Resources Ltd. (the "Company") (TSX VENTURE:HLO)(FRANKFURT:HRL) is pleased to announce that the 2008 regional exploration program is being aggressively advanced with follow up of high-priority targets across the 20 km by 15 km property package. Halo has completed 28,332 m of drilling since November 2006 with the majority of the drilling concentrated in the vicinity of four closely-spaced deposits; Cold, Lost, Bob and Jungle Lakes. The 2008 drill program was expanded outside the immediate areas of these deposits with a total of 16% of the drill meterage to-date being used to test additional new high priority targets.

"Halo has a long term commitment to the Sherridon VMS Property which includes making new discoveries, on the 20,000 hectare land package and at depths greater than 150m. We are the first company to systematically apply the advances in new geological models, sophisticated lithogeochemistry, structural 3-D modeling and geophysical methods with deeper penetration capacities", says Lynda Bloom. "We have a bank of target areas that are ranked on the basis of these modern technologies and we are evaluating, ground-truthing, drill-testing and re-interpreting them to advance these targets to new discoveries." Halo will be hosting a webcast on Thursday June 19, 2008 at 4:00 pm ET to discuss its 2008 exploration program and the identified targets on the Sherridon property. The webcast can be accessed using the following link www.investorcalendar.com/ClientPage.asp?ID=131258 or through Halo's website at www.halores.com.

The diamond drill program was augmented by an innovative winter Geomachine bedrock drilling program where 604 holes were completed to a maximum depth of 37 m. The Geomachine is a new technique being tested in Canada that allows sub-surface geological mapping in overburden covered areas by collecting bedrock chip samples. The use of this and other state-of-the-art methods increase the Company's ability to find new deposits as exploration efforts are expanded outside the immediate area of the known deposits.

The accompanying map (available at the following link: http://media3.marketwire.com/docs/hlo0618.pdf) shows the areas that were mapped in 2007, some of which had Phase I drilling applied (for example E17), and those areas that will be mapped in 2008. Priority targets, such as the Karl area north of Cold Lake, the northern extension of the West Mine area and other summer-accessible targets are scheduled for drill testing over the next few months.

Assays are pending for the Geomachine bedrock samples as well as 7 drill holes completed at the Sherridon-Bob Lake deposit which are designed to test the third dimension of the 1,000m-long massive sulphide lens. A NI43-101 compliant report is in progress to report on resource calculations for Cold, Lost and Bob Lakes; a NI43-101 compliant resource calculation for Jungle Lake was reported in January 2008.

Technical Highlights

The target area drilling focused on several geophysical targets that were mapped in the 2007 field season. For example, a total of 8 short diamond drill holes, for a total of 1,206 m were completed at geophysical target E17 confirming the presence of the prospective mineralized horizon, which hosts known deposits at the Sherridon VMS Property. E17 is located 5,000m east of the Bob Lake deposit and mineralization was reported within 200m of surface.

Results from the E17 semi-massive and disseminated sulphide zones include 0.6% Cu over 7.1 m and 0.8% Cu over 2.8 m with associated elevated zinc and silver concentrations. Drilling encountered primarily felsic gneisses with broad zones of sillimanite-garnet-biotite alteration that are commonly associated with massive sulphide mineralization.

At Scotty Lake, almost half way between E17 and the surface extension of Bob Lake, five drill holes were completed for a total of 1,574m. Mineralized intervals reported up to 0.8% zinc over 4m, including one 0.3m section grading 7.8% zinc. The mineralized horizon was again confirmed, providing additional confidence in the geological model and quality of the 122 geophysical targets defined by the 2006 Geotech VTEM and magnetics airborne survey.

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 Stephen MacConnell, who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.


Lynda Bloom, President and CEO

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 ones of ore with recovered grades of 2.46% copper and 0.8% zinc. Results from an airborne geophysical survey completed in the summer of 2006 identified an additional 122 targets. Over 25,000 m of diamond drilling have been completed since November 2006 and drilling continues year-round. A NI43-101 compliant resource estimate for the Sherridon Jungle Lake Zone has been filed on SEDAR and resource calculations are planned for the nearby Cold, Lost and Bob Zones. 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