Halo Resources Ltd.

Halo Resources Ltd.

February 25, 2009 09:28 ET

Halo Continues to Advance Sherridon VMS Project

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2009) - Lynda Bloom, President and CEO of Halo Resources Ltd. ("Halo") (TSX VENTURE:HLO)(FRANKFURT:HRL) is pleased to announce that Halo Resources will be exhibiting at the Prospectors and Developers Association of Canada (PDAC) convention March 1st to 4th in Toronto, Booth 2524. The exploration team will be in attendance to discuss the emergence of a new structural model for the area, which is a watershed event in the history of this famous district and will have major implications on future exploration.

Halo has invested in high quality geoscientific studies to create vectors to new deposits and expand known deposits. The first return on these investments was recognition of a structurally controlled plunge of a higher grade ore zone at the Bob deposit that has doubled the length of the down-plunge extent of the massive sulphide lens. The subsequent discovery of the high grade Lost Lake deposit in 2007, in close proximity to the existing Cold deposit, has also had a major impact on Halo's development and exploration strategy. Zinc grades of close to 5% have effectively increased the copper equivalent grade to greater than 2% and being close to surface translates to potentially economic open pit mining. The Halo team has recently determined that the Cold and Lost Lake deposits lie within a newly identified structurally controlled horizon that extends close to surface for several kilometers.

In total for four deposits, the NI43-101 resource estimate is 3,115,000 tonnes in the Indicated resource category with an overall grade of 1.00% copper, 0.97% zinc and precious metal credits. In addition, there are 9,937,000 tonnes in the Inferred resource category with an overall grade of 0.9% copper, 1.2% zinc and precious metal credits.

A webcast is scheduled for 3:00 pm EST, February 26th to present the impact of the known resources on the Company's asset base.

"While we are all disappointed by current low metal prices it has been encouraging to see that most of the base metal pundits are predicting a return to $2.00 per pound copper prices later in 2009. This prediction is close to copper price assumptions used for the recently published resource calculations and provides an important basis for moving forward. Halo plans to be well prepared to take advantage of any improvement in the economic outlook and increase in metal prices by generating drill-ready targets, as well as a clear concept for ore extraction," says Lynda Bloom, President & CEO.

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.

Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

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
    Email: lbloom@halores.com
    Halo Resources Ltd.
    Marc Cernovitch
    (416) 368-7045
    (416) 368-9805 (FAX)
    Website: www.halores.com