Halo Resources Ltd.

Halo Resources Ltd.

June 25, 2008 04:00 ET

Halo Intersects 33 m of 1.1% Copper and 0.9% Zinc, Including 10 m of 1.9% Copper and 2.1% Zinc

TORONTO, ONTARIO--(Marketwire - June 25, 2008) - Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(FRANKFURT:HRL) is pleased to announce that major massive and semi-massive sulphide intersections at the Sherridon-Bob Lake deposit further expand the size of the ore lens. The thickest sulphide intersection on the Sherridon VMS Property to date, 33 m, was intersected in hole DH08-125 (to see Figure 1 please click on: http://media3.marketwire.com/docs/hlo0625.jpg). The current drilling now demonstrates the existence of a major massive sulphide deposit at Bob Lake that has widths of over 75 m, a thickness ranging from 5 to 33 m, extends for a distance of approximately 1000 m from the surface, and still open to the south.

"The Bob Lake massive sulphide lens has shown remarkable consistency in grade and continuity but previously the best Halo intersection was 1.7% copper and 1.5% zinc over 16.4 m," says Lynda Bloom. "This latest intersection is twice as thick and has a core of 10.4 m grading 1.9% copper and 2.0% zinc. This drilling demonstrates that the mineralized zone on the Bob Lake deposit has the potential to have significantly thicker intercepts than previously reported which will positively effect the reported tonnage for this deposit. Because of the shallow plunge of this zone, it is anticipated that a large proportion of the deposit will be less than 200 m from the surface and likely amenable to open pit extraction. Assays are pending for drill holes on section 3320E, 80 m from the section reported here.

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 issued in January 2008.

Technical Highlights

Drill hole DH08-125 is located approximately 25 m grid south of DH07-59 and DH08-126 is located approximately 25 m grid north of hole DH08-59. The three holes define a massive sulphide zone with an upper depth of just 200 m from surface and a minimum width of 50 m. The lens remains open south of the 33 m intersection in DH08-125.

Dimensions Location Mineralisation
----------------------- ------------ --------------
Hole ID From To Length North East Azi Dip Cu% Zn%
DH07-59(i) 225.20 232.10 6.60 7300 3300 227 -63 1.39 1.48
242.9 245.8 2.9
DH08-125 225.80 258.92 33.12 7320 3350 227 -58 1.14 0.85
Includes 226.44 236.83 10.39 1.89 2.05
DH08-126 223.78 229.50 5.72 7320 3350 227 -71 1.61 1.00
and 249.02 256.01 10.40 1.35 0.63
Includes 249.02 256.01 6.99 1.59 0.92

(i) previously reported.

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.

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 28,000 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.

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