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Halo Resources Ltd. (TSX-V:HLO - News)(Frankfurt:HRLN - News) ("Halo" or
the "Company") is pleased to announce that Hudson Bay Mining and
Smelting Co., Limited ("HudBay"), an affiliate of HudBay Minerals
Inc., has resumed drilling at the Cold-Lost property, a 1.1 square kilometer
area of Halo's 200 square kilometer Sherridon VMS Property in Manitoba, in
which HudBay can earn up to a to earn up to a 67.5% joint venture interest.
HudBay plans a staged exploration drill
program in the area between the Cold and Lost deposits which, depending on
results, may expand up to approximately 20 holes and 2000 meters.
Lynda Bloom, Halo's President & CEO,
stated, "Drilling has commenced at the northern extremity of the Lost
deposit and will continue into the 750 meter gap between the two deposits
that has not been previously drilled. Halo is excited about the possibility
of extending the known Lost deposit further north to where surface chip
samples assayed up to 5% zinc and 0.4% copper. Positive results in this area
could be a significant "game-changer" for Halo and management has
been looking forward to the time when the right ice conditions and funding
allows this important work to commence."
The Lost deposit has been outlined as a
high-grade plunging feature over a strike length of more than 300 meters (see
map that follows this release). Of particular significance is the fact that
this zone extends from near surface in the south to approximately 85 meters
below surface in the north and is amenable to exploitation by low cost mining
methods. Halo is optimistic that Lost has the potential to be quickly brought
into production, with ore from the deposit able to be shipped by truck to
HudBay's concentrator in Flin Flon.
Halo remains committed to mineral
resource investigation and evaluation of its 200 square kilometer Sherridon
VMS Property in Manitoba. Halo is planning its own drill program to begin in
February, testing targets along strike from the Cold-Lost trend.
HudBay has advised that metallurgical
test work on the Lost mineralization is underway at G&T Metallurgical
Services Ltd. with results expected in March. HudBay also made the required
first-anniversary cash payment of $150,000 and has completed about $820,000
towards the total work commitment of $1.35 million required to be completed
by December 21, 2011 for the option to remain in good standing.
The above information has been prepared
under the supervision of Lynda Bloom, P.Geo., who is designated as a
"Qualified Person" with the ability and authority to verify the authenticity
and validity of the data.
ON BEHALF OF THE BOARD OF DIRECTORS
Marc Cernovitch, Chairman
To view the map accompanying this press
release please visit the following link: http://media3.marketwire.com/docs/halormap127.gif
About Halo Resources Ltd.
Halo is a Canadian-based resource
company focused on the acquisition of near production base and precious base
metal deposits. The Company's focus is the 200 sq. km. Sherridon VMS
Property, a combination of mature and grassroots volcanogenic massive
sulphide (VMS) copper, zinc and gold exploration opportunities. A 2008
NI43-101 compliant copper-zinc resource, for four of the known deposits in
the district, was completed in less than 18 months. The Company has a joint
venture interest in the Duport Property, an advanced gold property near
Kenora, Ontario and is the operator for contiguous joint venture properties
in West Red Lake covering 26 sq. km. The Company is operated by an
experienced management team with a growth strategy to develop a diversified
portfolio of advanced mining projects.
Forward Looking Statements
This Company Press Release may contain
certain "forward-looking" statements and information relating to
the Company that are based on the beliefs of the Company's management as well
as assumptions made by and information currently available to the Company's
management. Such statements reflect the current risks, uncertainties and
assumptions related to certain factors including, without limitations,
competitive factors, general economic conditions, customer relations,
relationships with vendors and strategic partners, the interest rate
environment, governmental regulation and supervision, seasonality,
technological change, changes in industry practices, and one-time events.
Should any one or more of these risks or uncertainties materialize, or should
any underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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