Halo Resources Ltd.

Halo Resources Ltd.

February 21, 2008 09:56 ET

Halo West Red Lake High Grade Gold Zones Expanded by Geophysical Surveys

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2008) - Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(FRANKFURT:HRL) is pleased to announce that geophysical targets are coincident with recently announced high grade gold and base metal zones from the West Middle Bay and Bridget Lake, as well as the May-Spiers Mine. The projects are located within a 3 km east-west trending deformation zone on claims optioned from Red Lake Gold Mines, a general partnership of Goldcorp Inc. (TSX:G)(NYSE:GG) and Goldcorp Canada Ltd. (see news release dated July 6, 2006), in Red Lake, Ontario.

The Bridget Lake North Showing, where sample results were up to 18.2 g/t gold, 2.3% cobalt and 6.2% nickel (see press release January 30, 2008), is associated with an east/west string of moderate to strong IP anomalies that define a 400 m-long IP zone. In particular, a 50 m-wide zone on line 144+00N is the strongest IP anomaly within the zone and has been interpreted as possibly two nearby chargeable bodies, one moderate and one strong.

The Middle Bay Showing, where samples results were up to 172 g/t gold (see press release February 7, 2008), is coincident with a moderate IP anomaly that is part of one or two prominent 700 m-long IP zones that are open to the west and may extend into Middle Bay and to the May Spiers deposit. These IP zones are in a magnetic low which possibly indicate alteration indicative of gold deposits. The target IP zone is up to 25 m wide and distinct from its stronger neighbour just to the north where sampling in 2006 returned values up to 22.7 g/t gold, 106 g/t silver and 0.9% copper (see press release December 18, 2006).

The underground workings of the May-Spiers Mine, are associated with 1.3 km long east-west trending magnetic low feature and a 600 m-long weak-to-moderate IP chargeability anomaly with a width up to 100 m (see press release August 14, 2007). May-Spiers Gold Mines Ltd. sank a three compartment shaft to 375 feet in 1936 and developed mine workings at the lowest level over 150 feet. Intervals of 0.5 oz per ton gold over narrow widths less than 5 feet were reported in the 1930s from surface drilling and underground mine grades were in the order of 0.1 oz per ton. The mine workings were destroyed by fire in 1937 and no mining or exploration has taken place in 70 years.

"The IP anomalies, with strike lengths over 400 m and widths of 50 to 100 m, provide Halo with meaningful drill targets especially in areas where high grade results were reported from two seasons of field mapping. The geophysical targets enhance the significance of the surface sampling and provide an indication of the possible scale of the mineralization. We expect to drill test these three targets in the second quarter of 2008," reports Lynda Bloom, President & CEO.

To view the map accompanying this press release please click on the following link: http://media3.marketwire.com/docs/Halo%20Map.pdf

Technical Background

In late 2007, JVX Ltd. completed 8,025 meters of IP/resistivity surveying in time domain with a pole dipole over 13 lines. The work was an extension of IP/resistivity and magnetic surveys done on the Middle Bay-May Spiers grid in March 2007 which covered 49 line km. IP anomalies that JVX Ltd. interpreted as discrete bodies of chargeable material are classed as weak, moderate or strong with only moderate and strong anomalies indicated on the accompanying map.

The accompanying map shows the locations of all samples referred to in the three aforementioned press releases and are referenced to the IP anomalies selected by JVX Ltd. The western property boundary is approximately 1 kilometer from the area shown on the map.

The above information has been prepared under the supervision of Lynda Bloom, President & CEO, P.Geo.who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.

About the West Red Lake Gold Property

The Red Lake greenstone belt is host to the richest gold deposit in the world. The high-grade zone at the Red Lake Mine contains 4.6 million ounces at a grade of 2.35 oz/ton gold. The Red Lake Camp has produced over 25 million ounces and is currently being explored by a number of senior gold companies that include AngloGold, Teck Cominco, Barrick and Goldcorp.

Halo's West Red Lake Property is located approximately 30 km west of the prolific Campbell and Red Lake Mines in the Red Lake Camp. The property covers widespread gold mineralization from surface showings and also small gold deposits. Previous exploration by a number of companies including Hemlo Gold Mines Ltd., Goldcorp, Cochenour-Willans Gold Mines Ltd, Dumont Nickel and May-Spiers Gold Mines Ltd. has carried out in this area since 1935 and the property has now been consolidated into a larger package of contiguous claims.


Lynda Bloom, President and CEO

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.

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

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