Halo Resources Ltd.

Halo Resources Ltd.

June 09, 2008 05:00 ET

Halo Commences Drilling at West Red Lake

TORONTO, ONTARIO--(Marketwire - June 9, 2008) - Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(FRANKFURT:HRL) is pleased to announce that a diamond drill rig has been mobilized to the West Red Lake ("WRL") property held by Halo Resources Ltd. ("Halo", "the Company") under option from Red Lake Gold Mines, a general partnership of Goldcorp Inc. (TSX:G)(NYSE:GG) and Goldcorp Canada Ltd. Drilling has commenced in the vicinity of the West Middle Bay gold occurrences.

At West Middle Bay, disseminated sulphides and/or quartz-carbonate veins are commonly reported with high metal values up to 172 g/t gold, 5.6% copper, 4.6% zinc and 314 g/t silver (see press release February 7, 2008). Five drill holes (1,000m) are planned to test two parallel zones with highly anomalous gold values and coincident geophysical anomalies. The 2007 geophysical surveys include 700m-long IP (induced polarization) anomalies within an area of low magnetic signal, often reflecting alteration indicative of gold deposits.

"Although there are numerous historic trenches in the West Middle Bay target area, there are no records of previous drilling. Our drill program is designed to test to depths of 150m from surface and we will have a much better idea of the extent of the mineralization and its orientation after this drill program. Given that the area being tested lies almost midway between the May-Spiers and Miles Red Lake 1930s-era mines, just 3 km apart, we anticipate positive results from the preliminary drill program," says Lynda Bloom.

An additional 750m of drilling are planned at the North Bridget Lake showing (see press release January 30, 2008) when the West Middle Bay drill program has been completed. Field crews plan to follow up drilling with detailed geological mapping and structural interpretation in preparation for an anticipated winter drill program.

About the West Red Lake Gold Property

The Red Lake greenstone belt is host to the richest gold deposit in the world. The high-grade zone at the Red Lake Mine contains 4.6 million ounces at a grade of 2.35 oz/ton gold. The Red Lake Camp has produced over 25 million ounces.

Halo's West Red Lake Property is optioned from Red Lake Gold Mines, a general partnership of Goldcorp Inc. (TSX:G)(NYSE:GG) and Goldcorp Canada Ltd. and is located 30 km west of the Campbell and Red Lake Mines. The property covers widespread gold mineralization from surface showings and the May-Spiers 1930-era gold mine. Hemlo Gold Mines Ltd., Goldcorp, Cochenour-Willans Gold Mines Ltd., Dumont Nickel and May-Spiers Gold Mines Ltd. have carried out intermittent exploration in this area since 1935 and the property has now been consolidated into a larger package of contiguous claims.


Lynda Bloom, President and CEO

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; West 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