Halo Resources Ltd.
FRANKFURT : HRL
OTC Bulletin Board : HLOSF
TSX VENTURE : HLO

Halo Resources Ltd.

July 10, 2007 07:00 ET

Halo Retains Scott Wilson RPA for Jungle Lake Deposit NI-43-101

TORONTO, ONTARIO--(Marketwire - July 10, 2007) - Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(OTCBB:HLOSF)(FRANKFURT:HRL) is pleased to announce that it has retained the firm of Scott Wilson RPA for the purposes of compiling a NI-43-101 compliant resource for the Jungle Lake Deposit on its 200 square kilometer Sherridon Volcanogenic Massive Sulphide (VMS) Property in the Sherridon-Flin Flon area of northern Manitoba. The Jungle Lake deposit is one of six deposits included in the planned 30,000 m drill program over the next 12 months. Following the completion of the Jungle Lake resource report, Scott Wilson RPA will continue with NI-43-101 compliant resource compilations for the remaining deposits.

Scott Wilson Mining Group provides services to the mining industry at all stages of project development from exploration and resource evaluation through scoping, pre-feasibility and feasibility studies, financing, permitting, construction, operation, closure and rehabilitation. The Group provides its clients with cost effective strategic advice and solutions to challenges, through access to people experienced in all aspects of the development and operation of mining projects.

From specialist mining offices in Canada and the UK, the Scott Wilson Mining Group combines the strengths of Roscoe Postle Associates and the existing multi-disciplinary services of Scott Wilson to provide a one-stop-shop for geological, mining and environmental consultancy services.

ON BEHALF OF THE BOARD

Lynda Bloom, President and CEO

About the Jungle Lake Deposit

The Jungle Lake deposit was discovered and drilled by Hudson Bay Exploration and Development Company Limited (HBED) from 1958 to 1967. Historical resource estimates calculated by HBED on the Jungle Lake deposit are 3.4 million tonnes grading 1.42% copper and 1.1% zinc. All resources stated in this press release are historical in nature. Although the resource estimations are believed to be reliable, they were calculated prior to the implementation of National Instrument 43-101. Halo and its Qualified Persons have not done sufficient work to reclassify the historical estimates as current mineral resources. Halo is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon. More recent estimates or data are not available to Halo.

Halo has the option to earn 100 percent interest in the Jungle Lake deposit from HBED through a series of cash and share payments and escalating work commitments as detailed in the option agreement.

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. 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.

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
    or
    Halo Resources Ltd.
    Marc Cernovitch
    Chairman
    (416) 368-7045 or Toll Free: 1-866-841-0068
    (416) 368-9805 (FAX)
    Website: www.halores.com