Halo Resources Ltd.

Halo Resources Ltd.

March 25, 2008 04:30 ET

Halo Intersects 4.4 m of 3% Copper and 8.9% Zinc at Lost Lake Deposit

TORONTO, ONTARIO--(Marketwire - March 25, 2008) - Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(FRANKFURT:HRL) is pleased to announce that the highest copper and zinc grades to-date for the Sherridon VMS Project have been reported for drill hole DH07-86, at a depth within 50 m from surface. The high grade intersection is located within a zone with copper grades from 1.5 to 3%, combined with zinc grades between 3 to 9%, traced up to 150 m downdip and across three drill hole fences 100 m apart. The zone is open along strike to the northwest and southeast.

- Halo intersects 4.4 m of 3.0% copper and 8.9 zinc at 92.3 m in DH07-86.

- DH07-86, on the same section as DH07-77 (3.6m of 1.6% copper and 5.6% zinc), demonstrates up-dip continuity over more than 50m.

"The Halo geological team is proud of the 2007 Lost Lake discovery where grades continue to improve and the zone is taking on significant proportions," says Lynda Bloom, President & CEO. "We will continue to explore along the mineralized horizon that we can now trace for more than 2.5 km as defined by airborne geophysical VTEM anomalies."

The Lost Lake Zone is 100%-owned by Halo Resources and is located within 4 km of four other known deposits, including the Cold Lake, Bob Lake, Jungle Lake and Park Lake deposits. Mineralization is near-surface and located next to an operating rail line that connects to Flin Flon.

Two diamond drill rigs are testing several new targets along the Bob Lake-Scotty Lake mineralized horizon as well as extensions of the Bob Lake and Jungle Lake deposits.

Technical Highlights

Drill hole DH07-86 was drilled on section 4700N, oriented northeast-southwest, and 200 m from section 4900N (DH07-80, DH07-82 and DH07-84; reported March 18, 2008). The mineralized lens on section 4700N has been identified over a distance of 60 m downdip and is open at depth (see Figure 1). The lens on section 4900N, identified over 150 m downdip, included mineralized intervals up to 1.3% copper and 7.8% zinc over 6.3 m.

To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/halomap.pdf

From Interval(i) Copper Zinc Silver Gold
Hole Azimuth/Dip (m) To (m) (m) (%) (%) (g/t) (g/t)
DH07-86 222/45 47.9 52.3 4.4 3.0 8.9 30 1.95
and 57.0 61.0 4.0 Tr. Tr. 38 2.91

(i) Widths may be overstated by up to 15% in steeply dipping holes.
Geometry of the ore body has not been determined so that true widths
cannot be determined at this time.

A gold-rich zone, 5 m below the main massive sulphide mineralized zone, returned 2.91 g/t gold and 38 g/t silver over 4 m, possibly associated with shear zones, known to be gold-bearing elsewhere in the region.

Copper grades of 1.5 to 3% combined with zinc grades between 3 to 9% have been intersected in multiple holes defining lens up to 150 m downdip and in three drill hole fences 100 m apart. The mineralization is projected to subcrop and is open along strike.

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 tonnes of ore grading 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 has been completed, focused on development drilling at the Cold, Lost, Bob and Jungle deposits. A NI 43-101 compliant resource estimate was published in 2007 for the Jungle deposit and the remaining deposits, all within a 2-km radius of a proposed central mill will be completed in 2008. The property is located 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