Halo Resources Ltd.
TSX VENTURE : HLO
FRANKFURT : HRLN

Halo Resources Ltd.

February 10, 2011 09:00 ET

Halo Announces Drilling Has Commenced at Sherridon Project, Manitoba

TORONTO, ONTARIO--(Marketwire - Feb. 10, 2011) - Halo Resources Ltd. (TSX VENTURE:HLO)(FRANKFURT:HRLN) ("Halo" or the "Company") is pleased to announce that the Company has commenced drilling at its' 200 square kilometer Sherridon VMS Property in Manitoba. A contract has been awarded to Gateway Drilling Ltd. for 1,500 meters of diamond drilling to be completed in February.

The planned 8-hole program is in addition to the drilling currently in progress by Hudson Bay Mining and Smelting Co., Limited ("HudBay"), an affiliate of HudBay Minerals Inc. (TSX:HBM; NYSE:HBM), that is focused at the Cold-Lost property, a 1.1 square kilometer area of Halo's in which HudBay can earn up to a to earn up to a 67.5% joint venture interest.

"We look forward to learning more about the mineralized trend between the Cold-Lost and Bob deposits," stated Lynda Bloom, Halo's President& CEO. "Spread out along 4.5 kilometers of prospective "Mine Horizon" geology, the geophysical targets are in areas with little historical drilling and where we have the possibility of locating new deposits at the Sherridon VMS Property."

Halo plans 8 drill holes to provide preliminary testing of three new targets that include (see map: http://media3.marketwire.com/docs/halo.pdf):

1. Second Lens at Bob: The Bob Deposit has been traced from surface for over 1,000 meters down plunge. Historical assays, up to 3.3% Cu over 2.8m, indicate that a possible second lens projecting to surface is located to the east. Halo discovered the preferred orientation for drilling the Bob deposit in 2008 and will apply the same approach, with similar success anticipated at Bob East.

2. Fidelity South/Jonah: The prospective horizon that hosts the Cold-Lost mineralization wraps around the Sheila Lake Fold enroute to the Bob Deposit. At Fidelity, historical intersections up to 2.6% Cu over 7 meters were reported and Halo had intersections up to 2.4% Cu over 2.4 meters in 2008. The proposed targets are located south of previous drilling and focus on plunging structural features within a large alteration zone that stretches eastwards to Bob. Maxwell modeling of geophysical anomalies and recently developed geological interpretations were used to orient drill holes.

3. Sherlett area: New ground Time Domain EM geophysical targets located approximately 1 km along strike from and east of the Lost deposit. This is an area with no historical drilling within the same trend as the high grade Cold - Lost mineralization and is parallel to nearby underground workings. 

Halo remains committed to mineral resource investigation and evaluation of its 200 square kilometer Sherridon VMS Property in Manitoba. A program of target generation, definition and drilling is planned for 2011.

The above information has been prepared under the supervision of Lynda Bloom, P.Geo., who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.

ON BEHALF OF THE BOARD OF DIRECTORS

Marc Cernovitch, Chairman

About Halo Resources Ltd.

Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. The Company's focus is the 200 sq. km. Sherridon VMS Property, a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. A 2010 NI43-101 compliant copper-zinc resource, for four of the known deposits in the district, is available at www.sedar.com. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and is the operator for Goldcorp joint venture properties in West Red Lake covering 26 sq. km. The Company is operated by an experienced management team with a growth strategy to develop a diversified portfolio of advanced mining projects.

Forward Looking Statements

This Company Press Release may contain certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Halo Resources Ltd.
    Michael Joyner
    IR
    416-619-7539
    416-601-9046 (FAX)
    ir@halores.com
    www.halores.com
    or
    First Canadian Capital Corp.
    416-742-5600 or Toll Free: 1-866-580-8891