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HALO EXPANDS LAND POSITION IN WEST RED LAKE Toronto, Ontario, June 11, 2008 -- Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX:HLO; FSE:HRL) is pleased to announce that a Letter of Intent (“LOI”) has been signed with Tribute Minerals Corporation (“Tribute”) to acquire up to a 75% interest in 9 claim units (144 hectares) situated in Ball Township, Red Lake Mining Division (the “Property”) and adjacent to the Red Lake Gold Mines-Halo West Red Lake (“WRL”) joint venture property currently being explored by Halo Resources Ltd. (“Halo”, “the Company”). There are several known gold occurrences on the Property which has seen intermittent exploration since the 1930s. Gold mineralization is hosted in quartz veins that crosscut iron formation and cherty dolomite. In 1963, Cochenour Mines reported assays for channel samples up to 22.9 g/t gold over 4.8 m and up to 26.7 g/t over 0.66 m in a subsequent drill program. Redbird Gold Corporation collected 111 channel samples from trenches on the property of which 32 samples returned values greater than 0.5 g/t gold and eight samples assaying between 15.6 and 42.3 g/t gold. Tribute’s follow up 2002 drill campaign of 939m confirmed the presence of encouraging gold mineralization associated with a zone of quartz-carbonate veining , which occupies a northerly trending structurally controlled feature. The northeast corner of the Property is adjacent to the Bridget Lake North Shore showing (see Halo press release January 30, 2008) where trench samples reported up to 59.8 g/t gold, 137 g/t silver and 1.1% copper. “The WRL joint venture property hosts high-grade mineralization, such as the Bridget Lake North Shore showing, on the east boundary of the Tribute claims. To the west, as far as Pancake Bay there are additional known gold occurrences and we now have the opportunity to explore the full 3,000m strike length of this highly prospective iron formation,” says Lynda Bloom. Pursuant to the LOI, Halo will have an option to earn a 65% interest by making payments of $25,000 and issuance of 50,000 common shares on signing and on the first anniversary of the agreement, and issuance of a further 300,000 shares on exercising the option or no later than the second anniversary of the agreement. Halo shall during the Due Diligence Period seek regulatory and stock exchange conditional approval to the issuance and delivery of the Option Shares. In the event Halo exercises the option, the two companies will form a joint venture in which all future expenditures shall be made on a pro rata basis, with standard dilution formulas applied if either party elects not to participate in funding further exploration expenses. Halo will fund exploration and development to the point of completion of a Bankable Feasibility Study and in consideration of doing so shall acquire from Tribute an additional 10% interest in the property. In the event either party is diluted to a joint venture interest of 10% or less, that interest shall be automatically converted to a 1% net smelter return royalty (“NSR”) with the right of the other party to purchase a 0.5% interest in the NSR for $500,000. The property is subject to a 2% NSR in favour of Perry English of which one half can be purchased for $1 million. For further information, please contact: Lynda Bloom, President & CEO or Marc Cernovitch, Chairman Halo Resources Ltd. |
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| aus der Diskussion: | HALO RESOURCES LTD (GOLD / KUPFER / ZINK) Info Thread |
| Autor (Datum des Eintrages): | Grenzenlos (11.06.08 15:21:15) |
| Beitrag: | 81 von 2,007 (ID:34281950) |
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