Halo Resources Ltd.
OTC Bulletin Board : HLOSF

Halo Resources Ltd.

June 08, 2005 09:01 ET

Halo Underground Drilling Yields New High Grade Gold Results at Bachelor Lake (Quebec)

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 8, 2005) - Marc Cernovitch, President & CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(OTCBB:HLOSF)(FWB:HRL) is pleased to announce new results from its ongoing 12,500 m underground drilling program at Bachelor Lake, Quebec. New significant assay results were returned from the "Main", "B" and "A" mineralized zones (see also Press Release of May 26, 2005). Highlights of the latest drill results from below Level 12 are listed below:

Bachelor Lake "Main Zone":

- 22.19 g/t Au over 3.77 m contained within 12.07 g/t Au over 11.65 m (hole 12-48);

- 16.57 g/t Au over 1.58 m contained within 6.97 g/t Au over 5.05 m (hole 12-50);

- 13.59 g/t Au over 1.50 m contained within 8.38 g/t Au over 4.50 m (hole 12-53).

Bachelor Lake "A" and "B Zone" junction:

- 18.81 g/t Au over 4.70 m contained within 8.12 g/t Au over 14.75 m (hole 12-50).

Please note that all the intervals are indicated over core lengths, not true vein widths.

See Table 1, for detailed assay results and Figure 1 for approximate hole locations.

Figure 1 - Bachelor lake Main Zone Longitudinal View


Drilling Results

Results from drill hole 12-53 are of importance as they could add significantly to the known resources. This hole is located in a 60 m wide "gap" area between the T1 fault and the A Zone that is currently being tested by additional holes. Visible gold has been documented in this hole and several others drilled in the same area. Assay results however are still pending. Geological and assay results from drill hole 12-48 confirms known indicated resources at Bachelor Lake. The drill hole 12-50 is located within known inferred resources and will up-grade the resource category.

Previous results (see Press Release of May 26, 2005) also suggest that the "Main" zone may now be connected to the west with the Hewfran deposit that was recently acquired by Metanor Resources Ltd, owner of the Bachelor Lake property. Drilling of two (2) holes (holes 12-86 and 12-88) is currently underway to extend the exploration drilling into this newly acquired area while two (2) additional holes (12-58 and 12-80) have been drilled in the vicinity of the previously announced hole 12-44 and both have shown impressive mineralization. Assay results are however, still pending. Planning is underway to drill additional holes to further test the extension of mineralization towards the Hewfran deposit. The "Main", "B" and "A" mineralized zones remain open laterally and at depth.

Two drill rigs are operating from existing stations located on 12th level. Since drilling commenced on April 6, 2005, a total of 45 holes have been completed for a cumulative amount of more than 7,200 m. Initial interpretation of the core from these holes has indicated excellent core intervals (up to 5.66 m) and strong mineralization in all 3 vein systems. Drill results will be released on a regular basis as assay results become available over the next 2 months.

Table 1. - Bachelor Lake underground drilling program detailed assay results (uncut Au values)


Please note that all the intervals are indicated over core lengths, not true vein widths.

Qualified Person

The above information has been prepared under the supervision of Consulting Geologist Alain Carrier, M.Sc., P.Geo., InnovExplo Inc., "Qualified" and "Independent" Person under 43-101 guidelines. Alain Carrier is actually supervising the field work and has verified the authenticity and validity of the data. Consulting Geologist, Yves Buro who was designated as a "Qualified Person", under the definition of NI 43-101, also has the ability and authority to verify the authenticity and validity of the exploration data. In addition to over 25 years of experience on exploration and mining projects, Yves has specific prior experience on the Bachelor Lake Property.

Quality Control and Quality Assurance Program

Assay samples are taken from drill core (BQ size) sawed in half with one half sent to a commercial laboratory and other half retained for future reference. A strict QA/QC program is followed which includes mineralized standards, blank and duplicate for each batch of samples. Significant assay results are duplicated at the original laboratory. The gold assaying method uses a 30-gram sample Fire Assays (atomic absorption with gravimetric finish for sample over 5 g/t Au) on splits from an initial 250-gram pulverized sample. The current drilling program seems to indicate that more visible gold occurs at depth at Bachelor Lake. The assay protocol was revised considering these coarse gold occurrences. Gold assaying is now obtain from a 50-gram sample on splits from an initial 1000-gram pulverized sample (crushing 90% less than 2mm and pulverization 90% less than 200 mesh). Assays were performed by ALS Chemex - Chimitec of Val-d'Or (Quebec), an assay laboratory accredited by the Standards Council of Canada. Metallic screen fire assay are completed on samples with visible gold or where initial multiple duplicates show any variability.

Additional Information

The Bachelor Lake Property is located in the Le Sueur Township, Desmaraisville sector of Quebec and has excellent exploration potential. The mine site includes an office, a shop, a warehouse complex, a compressor room, a head-frame and a 500 ton per day mill with a cyanidation plant and crusher room, and the following NI 43-101 compliant resource estimate(1) in Table 2, previously disclosed in a press release dated April 21st, 2005:

Table 2. Undiluted and in situ resources estimate (1)(2)(3)(4)(5)

Metric Tonne Grade Total Gold Total Gold
Category (t) (g/t) (Kg) (oz)
(above 12 level) 185,477 8,81 1,634 52,535
(below 12 level) 196,572 10.80 2,123 68,256
(below 12 level) 232,497 10.42 2,423 77,911

(1) The effective date of the resource estimate is December 20,
(2) The Qualified Person for the mineral resource estimates as
defined by National Instrument 43-101 was Alan Carrier, M.Sc., P.Geo,
Innovexplo Inc.
(3) Mineral resources which are not mineral reserves do not have
demonstrated economic viability.
(4) The resources were compiled using a cut-off grade of 3.43 g/t Au
(0.10 ounces/short ton). A cut-off grade of 0.10 oz/st roughly
represent a value of 55$/t the actual gold price and exchange rate.
This cut-off grade must be re-evaluated in light of the present
market conditions: gold price, exchange rate and mining cost. A fixed
density of 12ft3 per short ton was used. All diamond drill hole
intercepts were calculated at a minimum of 1.5 m (5') horizontal
width, using the grade of the adjacent material when assayed or a
value of zero when not assayed. On the basis of historical work
performed by BACHELOR GOLD MINE's personnel while operating the mine,
high grade assays were cut to 34.3 g/t Au (1.0 ounces/short ton) for
the Main Vein, and to 22.3 g/t Au (0.65 ounces/short ton) for the B
Vein. No statistical studies support this threshold, but since it is
the equivalent of general rule of thumb used in the mining industry,
it was accepted as such, by INNOVEXPLO.
(5) The company is not aware of any known environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant
issues that could materially affect the mineral resource estimate.

Halo has an option to earn a 50% interest of the Bachelor Lake Property in Quebec, Canada, owned by Metanor Resources Inc. (TSX VENTURE:MTO).

For further information on the Bachelor Lake Property, please see the Bachelor Lake Gold Mine Property NI 43-101 - Technical Report dated December 20, 2004 (Revised Version), filed on SEDAR at wwww.sedar.com.

Halo Resources Ltd. (TSX VENTURE:HLO)(OTCBB:HLOSF)(FWB:HRL) 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 with an ongoing drill program of up to 20,000 meters; Bachelor Lake, which is a gold exploration project with an ongoing 12,500 meter drill program; and a letter of intent regarding Quarter Moon, which is a grass roots gold project with a 2,000 meter drill program scheduled for the near future. 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.


Marc Cernovitch, President & CEO

Except for the historical statements contained herein, this news release presents forward-looking statements that involve inherent risks and uncertainties. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they give no assurance that their expectations will be achieved. Certain risks and uncertainties inherent in the Company's operations include political, economic, environmental and geological issues, including but not limited to, the continued need for additional capital, the competition within the mining industry, and other risks detailed from time to time in the Company's periodic reports filed with the British Columbia Securities Commission and the United States Securities and Exchange Commission. Investors are cautioned that, except as disclosed in the materials to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Halo Resources Ltd. should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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