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Halo Resources Kupfer-Zink-Silber-Gold Teil 2 Halo schon bald Produzierender Rohstoff Explorer - 500 Beiträge pro Seite (Seite 2)



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Antwort auf Beitrag Nr.: 42.830.967 von achimsinan am 01.03.12 08:44:30Sieht gut aus der Chart. Tippe auf 0.18 CAD top in diesem jahr obwohl denke es wird mit dem drilling season noch druber gehen. Habe @0.12 nochmal nachgelegt
die properties sind durchaus interessant!

wenn der markt anzieht, explorer wieder IN sind, dann ist hier locker eine schnelle vervielfachung drin...

alleine durch das red lake projekt... man schaue sich mal die nachbarn an!! ;)
Antwort auf Beitrag Nr.: 42.901.164 von DerRohstoffbulle am 14.03.12 16:52:24solch Geschwätz kennen wir seit Jahren hier. Die Realität sieht anders aus.
This discussion and analysis of financial position and results of operation is prepared as at April 25, 2012 and should be read in conjunction with the unaudited condensed interim financial statements for the six months ended February 29, 2012 of Halo Resources Ltd. (“Halo” or the “Company”). The Company adopted International Financial Reporting Standards (“IFRS”) and the following disclosure and associated financial statements are presented in accordance with IFRS. All comparative information provided is in accordance with IFRS. Except as otherwise disclosed, all dollar figures included therein and in the following management discussion and analysis (“MD&A”) are quoted in Canadian dollars. Additional information relevant to the Company’s activities, can be found on SEDAR at www.sedar.com .
Adoption of International Financial Reporting Standards (“IFRS”)
The Company’s financial statements and the financial data included in the interim MD&A have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee that are expected to be effective for the fiscal year ending August 31, 2012, the Company’s first annual reporting under IFRS. The adoption of IFRS does not impact the underlying economics of the Company’s operations.
The IFRS accounting polices set forth in Note 3 of the condensed interim financial statements have been applied in preparing the financial statements for the six months ended February 29, 2012 and comparative information as at and for the three months ended February 28, 2011, as at and for the year ended August 31, 2011 and an opening Statement of Financial Position as at September 1, 2010. Notes 2 and 13 to the condensed interim financial statements contains a detailed description of the Company’s adoption of IFRS, and a reconciliation of the financial statements previously prepared under Canadian Generally Accepted Accounting Principles (“Canadian GAAP”) to those under IFRS. The adoption of IFRS has not had an impact on the Company’s strategic decisions, operations, or cash flows. Further information on the IFRS impacts is provided in the Accounting Changes and Pronouncements section of this MD&A as well as in Note 14 to the unaudited condensed interim financial statements.
Comparative information in this interim MD&A has been restated to comply with IFRS requirements, unless otherwise indicated.
Company Overview
The Company is a resource exploration company currently engaged in the acquisition and exploration of precious and base metals with mineral interests located in Manitoba and Ontario, Canada. The Company has not earned any production revenue, nor found any proved reserves on any of its mineral interests.
The Company is a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The Company trades on the TSX Venture Exchange (“TSXV”) under the symbol “HLO” and on the Frankfurt Stock Exchange (“FSE”) under the symbol “HRLN”.
Forward Looking Statements
Certain information included in this discussion may constitute forward-looking statements. Forward-looking statements are based on current expectations and entail various risks and uncertainties. These risks and uncertainties could cause or contribute to actual results that are materially different than those expressed or implied. The Company disclaims any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


Exploration Projects

Sherridon VMS Property, Manitoba
The Sherridon VMS Property is located 65 kilometers northeast from the Hudson Bay Mining and Smelting Co. Ltd.’s (“HBMS”) mining/metallurgical complex which is linked by an all-weather 78 km road.
The Sherridon VMS Property includes the site of the former Sherritt Gordon Mines’ copper-zinc mine that operated from 1931 to 1951 and produced 7.7 million tonnes of copper-zinc ore with recovered grades of 2.46% copper and 0.8% zinc. The actual zinc grade is estimated at 3% zinc but zinc was only recovered from the East Mine from 1942 to 1946. The site is also serviced by a railroad, power line and the small community of Sherridon/Cold Lake.
The Company updated inferred and indicated resources for four deposits (Cold, Lost, Bob and Jungle) in November 2010 (see below) and continues to advance exploration targets throughout the district.
On December 22, 2009, the Company concluded the signing of an option agreement with Hudson Bay Mining and Smelting Co., Limited (“HudBay”), a subsidiary of HudBay Minerals Inc. (TSX: HBM). The agreement allows HudBay to earn up to a 67.5% joint venture interest in 112 hectares that host the Cold and Lost mineralization.
In order to exercise the option to earn a 51% interest, HudBay was required to make cash payments totalling $800,000 and fund exploration programs totalling at least $1.35 million. In December 2011 HudBay earned its initial 51% interest by making the final cash payment of $400,000 and confirming that it had met the $1.35 million of expenditures.
Halo and HudBay will now proceed to form a joint venture, with HudBay as the operator. HudBay can increase its interest to 67.5% by making a total of $4.5 million in cash payments prior to commencement of commercial production. No work on the Cold-Lost joint venture ground is anticipated in 2012.
Halo has the right to reacquire HudBay’s interest by partially reimbursing HudBay’s total expenditures, or granting to HudBay a 1% net smelter return royalty (“NSR”), if the feasibility study and application for permitting are not completed by December 22, 2013.
On October 17, 2011, the Company entered into an option agreement with HudBay for the western half of Halo’s Sherridon project in Manitoba. To earn an initial 51% interest, HudBay must make cash payments of $1.6 million and complete $5 million in exploration over three years. To increase its interest to 75%, HudBay must complete a feasibility study and make a cash payment of $1.75 million by the 5th year. If a production decision is made, HudBay will finance Halo’s proportionate share of development costs which would be repaid from Halo’s share of revenues.
In addition, HudBay transferred its Park property claims to Halo and cancelled its 2% NSR at the Jungle property. In total the newly defined Sherridon West property will encompass 9,927 hectares and enclose, but not include, the Cold-Lost joint venture ground.
HudBay, as operator of the West Sherridon project has proposed a work program of $2.2 million, including 6,500 meters of drilling commencing in May 2012 and continuing for approximately 4 months. Targets have not been selected and are contingent on compilation work currently underway. HudBay advised Halo that it has completed a ground geophysical survey, to test a major late-time response electromagnetic end-of-hole anomaly located at depth between the Bob and Cold-Lost deposits. The ground geophysical survey was planned to better define the source of the end-of-hole anomaly and serve as the basis for diamond drill testing. The occurrence of a major late-time response EM anomaly located in the known prospective stratigraphy between the Bob and Lost deposits, and in the vicinity of 2008 Halo drill results of up to 2.4% copper over 2.4 meters, is highly encouraging (see press release June 15, 2011). HudBay has not yet provided the results of the geophysical survey and the targets can only be tested by winter drilling.
Halo will retain its 100% interest in the eastern portion of the Sherridon property in addition to the newly acquired Weldon and Drew claims, all of which are now referred to as the Sherridon East property and total 11,560 hectares hosting high-quality gold and base metal grassroots exploration targets.
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NI43-101 Compliant Resource Estimate
As announced in a press release dated November 4, 2010, the Mineral Resources for the Cold, Lost, Bob Lake and Jungle Lake copper-zinc deposits at Halo’s Sherridon VMS Property, Manitoba were revised to include 6.5 million tonnes grading 0.85% copper and 1.22% zinc as Indicated Resources and an additional 15.9 million tonnes grading 0.68% copper and 0.84 % zinc as Inferred Resources with precious metal credits. At least 75% of the material in both categories is contained within potentially economic open pits (within 200 meters of surface). The revised resource estimate represents an almost 30% increase in contained copper and zinc in both the inferred and indicated resource categories relative to the 2008 NI43-101 estimate.
The Mineral Resources are reported in accordance with Canadian National Instrument 43-101 (“NI43-101”) and have been estimated in conformity with the generally accepted Estimation of Mineral Resource and Mineral Reserves Best Practices guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). Additional details are included in the November 4, 2010 press release. The resource estimates reported in this press release were produced by Gary Giroux, P.Eng. MASc. a Qualified Person as defined by NI 43-101.
Halo Sherridon 2011 - 2012 Work Program
Halo remains committed to mineral resource investigation and evaluation of its 100%-owned Sherridon East Property that covers 10,837 hectares, as well as the non-contiguous Drew and Weldon claims (781 hectares). The 2012 summer work program focused on gold prospects north of Auriga Resource’s Puffy Lake/Maverick gold project. As reported in a press release November 9, 2011, 20 samples collected from three closely-spaced pits reported, on average, greater than 10 g/t gold and up to 16.4 g/t gold. The samples are located along a north-south striking feature that is prominent on airborne magnetic surveys and shows continuity of more than 1,600 meters to the south. An outcrop located 1,600 meters to the south of the three above-mentioned pits was sampled and returned values up to 3.5 g/t gold. Overburden cover prevented systematic sampling of the formation along the projected 1,600 meter strike length.
A 2012 summer work program is planned to focus on the gold potential of the Sherridon East Property, and where work is required to keep the mineral claims in good standing. Halo intends to spend approximately $150,000 to further advance targets at Haywood Lake and the Quarter Moon Lake gold prospect.


Red Lake District, Ontario

The West Red Lake Property is located about 32 km west of the prolific Campbell and Red Lake Mines in the Red Lake Camp that has produced 20 million ounces within the Red Lake greenstone belt. The property, located in Ball Township, Ontario, covers widespread gold mineralization from surface showings and small gold deposits. Previous exploration by a number of companies, including Hemlo Gold Mines Ltd., Goldcorp, Cochenour-Williams Gold Mines Ltd, Dumont Nickel and May-Spiers Gold Mines Ltd. have carried out intermittent exploration in this area since 1935 and the property has now been consolidated into a larger package of contiguous claims.
In May 2011, Halo acquired an interest in the Middle Bay, Pipestone Bay and Biron Bay properties (collectively the “West Red Lake Property”) from Red Lake Mines Ltd. (“RLGMP”) a subsidiary of Goldcorp Inc. (“Goldcorp”). Halo holds a 60% interest in 67 unpatented mining claims, a 45% interest in two mining claims, and a 30% interest in ten patented mining claims. The Company issued 100,000 common shares of its share capital to Goldcorp to complete the transaction.
In February, Halo signed a joint venture agreement with Aurcrest Resources with respect to the 9 claim units (144 hectares) referred to as the Bridget Lake claims. Halo holds a 65% interest in the Bridget Lake claims which are contiguous with the RLGMP joint venture property package. RLGMP has acquired a 40% interest in Halo’s interest in the Bridget Lake claims.
In April 2011 Halo staked 7 new claims, covering a total of 642 hectares, which have been recorded as being held 60% by Halo and 40% by RLGMP. The claims cover an area of sheared felsic volcanics, which also host the 1930’s-era Miles Red Lake and May-Spiers Gold Mine. The total West Red Lake land package was increased by 20 percent to a total of 4,394 ha.
Between 2008 and January 2011, Halo completed 31 core holes, for a total of 5,520 meters at a number of widely spaced targets. Numerous narrow intervals, anomalous with respect to gold and often associated with sulphides have
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been intersected, such as mineralized quartz-carbonate veins with grades between 3.4 and 9.4 g/t gold, generally less than 1m in width, for three out of five holes of the 2008 drill program. Most of the better intersections were reported within an east-west trending chemical sedimentary unit, with a strike length of several kilometres, which is the Company’s current focus. In 2011, the highest grade intersection reported was 18.8 g/t gold over 0.8 meters, in hole NGI 10-31, north of Galena Island. Other holes intersected broad zones anomalous in gold.
The 2011 summer field program focused on refining drill targets. The joint venture partners approved a winter drill program of $1 million to complete 2,400 meters of diamond drilling, however due to unseasonably warm weather only 1,692 m of drilling was completed. The drill program costs are shared 60:40 as to Halo and RLGMP for 1,310 m of drilling at Pancake Bay and Halo’s portion of the costs for drilling 382 m at Bridget Lake is 39%, with the remainder shared between RLGMP and Tribute Minerals Corp.
Assays are pending as of the date of the MD&A.


Duport Property, Ontario


The Duport Property covers the advanced stage Duport resource located on the West Group of claims. A 2006 Roscoe Postle Associates NI43-101 report estimated an in-situ gold resource, defined over a strike length of 760 meters to a vertical depth of 450 meters, containing 424,000 tonnes grading 13.4 grams per tonne gold for 183,000 ounces in the indicated category as well as 387,000 tonnes grading 10.7 grams per tonne gold for 133,000 ounces in the inferred category.
The Company is currently in negotiations with Everton Resources Inc. (TSXV:EVR, Frankfurt: ERV) (“Everton”) and other parties to redefine the terms of the option agreements with the objective of having a new structure, and creating an opportunity to move the project forward.
Everton has met all required option payments and maintained the property in good standing.
Bachelor Lake, Quebec
Halo previously held a 1% NSR in several Val D’Or, Quebec properties 100% owned by Metanor Resources Inc. including (a) the Bachelor Lake Property comprising two mining concessions and fifty-one (51) mining claims for a surface area of 1,851.54 hectares, (b) the Hewfran Property comprising thirty-eight (38) mining claims totalling 683 hectares, and (c) the Hansen Property comprising eighty-eight (88) mining claims totalling 2,286.69 hectares. Metanor has the right to buy back the Halo Royalty for $1,000,000 or to buy ½ of the Halo Royalty (i.e. such that the Halo Royalty will become a 0.5% net smelter royalty in favour of the Vendor) for $500,000, within 18 months of the date of commencement of production from the Bachelor Property.
On March 31, 2011, Gold Royalties Corporation (“Gold Royalties”), a Calgary-based income-oriented royalty company, acquired the 1% NSR for a purchase price of $1.2 million. Gold Royalties also agreed to pay the Company 40% of the value of any NSR payments paid for more than 200,000 ounces of gold (or gold equivalent ounces) less normal commercial charges (smelter penalties, transportation, insurance, etc.).


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Selected Financial Data
The following selected financial information is derived from the unaudited condensed interim financial statements of the Company. See “Adoption of International Financial Reporting Standards (“IFRS”)” in this MD&A.
Fiscal 2012
Fiscal 2011
Fiscal 2010
Three Month Periods Ending
Feb 29/12
$
Nov 30/11
$
Aug 31/11
$
May 31/11
$
Feb 28/11
$
Nov 30/10
$
Aug 31/10
$
May 31/10
$
Operations:
Expenses
(199,463)
(269,896)
(191,118)
(259,727)
(713,379)
(490,572)
(155,521)
(549,654)
Interest and other income
118,979
11,450
7,377
10,233
Nil
1,242
29,107
24,021
Gain on sale of NSR interest
Nil
Nil
Nil
1,200,000
Nil
Nil
Nil
Nil
Gain on sale of marketable
securities
Nil
Nil
Nil
Nil
Nil
Nil
100,345
Nil
Write-off of unproven
mineral interests
Nil
Nil
Nil
Nil
Nil
Nil
(226,189)
Nil
Future income tax recovery
(expense)
93,300
72,500
206,200
(246,000)
128,000
(32,000)
478,280
9,500
Net income (loss) before
comprehensive item
12,816
(185,946)
22,459
704,506
(585,379)
(521,330)
226,022
(516,133)
Comprehensive item
Nil
Nil
Nil
Nil
Nil
Nil
(103,823)
2,256
Net income (loss)
12,816
(185,946)
22,459
704,506
(585,379)
(521,330)
122,199
(513,877)
Basic and diluted
income (loss) per share
0.00
(0.01)
0.01
0.02
(0.02)
(0.03)
0.01
(0.03)
Dividends per share
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Balance Sheet:
Working capital (deficiency)
2,803,957
2,748,752
2,693,855
3,218,000
2,825,055
(674,064)
(39,362)
205,709
Total assets
33,113,891
33,006,465
33,286,178
33,388,398
32,394,775
28,752,324
28,074,416
28,313,554
Redeemable preferred shares
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
Deferred income tax liability
1,487,900
1,581,200
1,653,700
1,859,900
1,613,900
1,741,900
1,709,900
1,500,300
Results of Operations
During the six months ended February 29, 2012 (the “2012 period”) the Company reported a net loss of $173,130, compared to a net loss of $1,106,709 for the six months ended February 28, 2011 (the “2011 period”) a decrease in loss of $933,579. The fluctuation was mainly attributed to the following items:
(i) during the 2011 period the Company granted 1,936,000 share options to its employees, directors and consultants and recorded compensation expense of $549,891. No options were granted in the 2012 period. During the 2012 period the Company recorded compensation expense of $39 (2011 - $nil) on the vesting of stock options previously granted;
(ii) a $69,800 increase in deferred income tax recovery, from $96,000 deferred income tax recovery reported in the 2011 period to $165,800 deferred income tax recovery in the 2012 period; and
(iii) during the 2012 period the Company recorded a $118,529 gain on sale of plant and equipment. During the 2011 period the Company did not dispose of any plant and equipment.
General and administrative costs decreased from $636,147 in the 2011 period to $451,922 in the 2012 period, as follows:
2012
$
2011
$
Accounting and administration
54,600
58,500
Advertising
1,382
21,051
Compensation and benefits
43,750
66,614
Consulting and professional fees
101,241
136,928
Directors’ fees
8,250
7,500
Filing fees and transfer agent
9,919
26,507
Insurance
14,499
10,611
Investment conferences
4,695
25,368
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2012
$
2011
$
Investor relations and shareholder communications
28,137
63,028
Legal and audit
138,714
166,345
Office and general
2,644
15,352
Office rent and operating costs
22,266
14,400
Printing
918
1,899
Telephone
2,210
7,945
Travel and related costs
18,577
13,492
Website and internet costs
120
607
451,922
636,147
The decrease in the 2012 period reflected reduced levels of activities and the closure of the Flin Flon office in December 2011.
Significant general and administrative expenditures incurred during the 2012 period include: $79,513 (2011 - $126,339) for legal costs incurred primarily for general legal advice on amendments to various property agreements and general corporate activities; $59,201 (2011 - $40,006) for independent audit costs; $54,600 (2011 - $58,500) for accounting and administration; and $101,241 (2011 - $136,928) for consulting and professional costs.
During the 2012 period the Company incurred $101,241 (2011 - $136,928) for consulting and professional services, of which $73,433 (2011 - $119,645) was billed by private companies owned by certain directors of the Company and $27,808 (2011 - $17,283) was billed by various parties for corporate advisory services.
During the 2012 period accounting and administration expenses of $54,600 (2011 - $58,500) was billed by Chase Management Ltd. (“Chase”), a private company owned by Nick DeMare, a director and the CFO of the Company for bookkeeping, accounting, administration and corporate filing services provided by Chase personnel.
During the 2012 period the Company recorded a total of $43,750 (2011 - $97,500) for compensation to Lynda Bloom, the former President of the Company. Of the compensation charged, $nil (2011 - $35,940) was capitalized to unproven mineral interests and $43,750 (2011 - $61,560) was expensed.
During the 2012 period the Company incurred $28,137 for investor relations and shareholder communication costs, a decrease of $34,891 from $63,028 incurred during the 2011 period. During the 2012 period the Company had one firm to provide investor relations services and was billed $20,694. During the 2011 period the Company had two firms provide investor relations services and was billed $38,000. See also “Investor Relations and Corporate Development”.
During the 2012 period the Company incurred $17,000 (2011 - $7,500) for directors’ fees. During the 2012 period the Company also recorded a reversal of $8,750 for directors’ fees that were previously recorded, due to changes in the remuneration process.
During the 2012 period the Company incurred $3,442 (2011 - $7,945) for telephone costs. During the 2012 period the Company recorded $1,232 to be recovered from third parties of telephone costs previously incurred.
During the 2012 period the Company incurred a total of $331,491 (2011 - $872,372) on the Sherridon Project, $433,864 (2011 - $695,581) on the Red Lake District and $6,605 (2011 - $2,569) on the Duport Property. The Company also received a $400,000 option payment from HudBay pursuant to the option agreement on the Cold and Lost Option. In December 2011 HudBay paid the Company a further $48,262 for its short-fall on its exploration requirement on the Cold and Lost claims. The Company received a $400,000 option payment from HudBay pursuant to the West Sherridon Option agreement. The Company also received a $215,497 exploration expenditure recovery from Goldcorp on the Bridget Lake Property. See “Exploration Projects” for detailed descriptions of exploration activities. During the 2012 the Company recorded $120,000 (2011 - $120,000) for dividends incurred on the Redeemable Preferred Shares. During the 2012 period the Company received $180,000 in option payments from Everton with respect to three option payments, at $60,000 each, which were due on August 1, 2011, November 1, 2011 and February 1, 2012.
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During the six months ended February 28, 2011 the Company completed private placements of 10,800,000 units for total gross proceeds of $4,950 000. During the six months ended February 29, 2012 the Company did not conduct any financings.
Financial Condition / Capital Resources
The Company’s practice is to proceed with staged exploration, where each stage is dependent on the successful results of the preceding stage. To date the Company has not received any revenues from its mining activities and has relied on equity financing to fund its commitments and discharge its liabilities as they come due.
At February 29, 2012 the Company had working capital of $2,803,957, had not yet achieved profitable operations, has a deficit of $29,333,885 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company will require additional financing in order to conduct its planned work programs on its mineral interests, meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. There can be no assurance that it will be able to do so. If such funds cannot be secured, the Company may be forced to curtail additional exploration efforts to a level for which funding can be secured.
Off-Balance Sheet Arrangements
The Company has no off-balance sheet arrangements.
Proposed Transactions
The Company has no proposed transactions.
Critical Accounting Estimates
The preparation of financial statements in conformity IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Examples of significant estimates made by management include the determination of mineralized reserves, plant and equipment lives, estimating the fair values of financial instruments, impairment of long-lived assets, reclamation and rehabilitation provisions, valuation allowances for future income tax assets and assumptions used for share-based compensation. Actual results may differ from those estimates.
Changes in Accounting Policies
IFRS Implementation - Changes in Accounting Policies Including Initial Adoption
The Canadian Accounting Standards Board established 2011 as the year that Canadian companies’ financial reporting requirements should comply with IFRS. Accordingly, the Company has commenced reporting on an IFRS basis in the current condensed interim financial statements. The transition date, September 1, 2010, has required the restatement for comparative purposes of amounts reported by the Company for the year ended August 31, 2011.
The Company has completed its internal review of the impact of the adoption of IFRS. This review considered potential differences between applicable IFRS policies and those currently used by the Company. Accounting policy changes were made due to IFRS in the areas of exploration and evaluation assets, impairment testing, property, plant and equipment, provision for site restorations, and share-based compensation. Available elections under IFRS minimized the impact of these changes such that the financial reporting impact of the transition to IFRS is not material to the Company’s financial results. The impact of the changes to IFRS is detailed in Note 14 to the condensed interim financial statements and none of these are considered material.
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Accounting Standards and Interpretations Issued but Not Yet Adopted
(i) IFRS 9 Financial Instruments (New; to replace IAS 39); effective for annual periods beginning on or after January 1, 2013.
(ii) IFRS 10 Consolidated Financial Statements; effective for annual periods beginning on or after January 1, 2013. Early application is permitted. IFRS 10 establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. IFRS 10 supersedes IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidated - Special Purpose Entities.
(iii) IFRS 11 Joint Arrangements; effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. IFRS 11 establishes principles for financial reporting by parties to a joint arrangement. IFRS supersedes the current IAS 31 Interest in Joint Ventures and SIC-13 Jointly Controlled Entities - Non-Monetary Contributions by Ventures.
(iv) IFRS 12 Disclosure of Interest in Other Entities; effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. IFRS 12 applies to entities that have an interest in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity.
(v) IFRS 13 Fair Value Measurements; to be applied for annual periods beginning on or after January 1, 2013. Earlier application is permitted. IFRS 13 defines fair value, sets out in a single IFRS framework for measuring fair value and requires disclosures about fair value measurements. IFRS 13 applies to IFRSs that require or permit fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements).
(vi) IAS 12 Income Taxes, Amendments Regarding Deferred Tax: Recovery of Underlying Assets; effective for annual periods beginning on or after January 1, 2012.
Management is currently assessing the impact of these new standards on the Company’s accounting policies and financial statement presentation.
Transactions with Related Parties
A number of key management personnel, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. Certain of these entities transacted with the Company during the reporting period. The terms of conditions of the transactions with key management personnel and those entities were no more favourable than those available, or which might reasonably be expected to be available, for similar transactions with non-related entities on an arm’s length basis.
(a) Transactions with Key Management Personnel
During the six months ended February 29, 2012 and February 28, 2011 the following amounts were incurred with respect to the Company’s President and Chief Executive Officer, Chief Financial Officer and Chief Operating Officer:
2012
$
2011
$
Professional fees
141,600
278,000
Share-based compensation
-
186,002
141,600
464,002
As at February 29, 2012, $16,300 (2011 - $32,500) remained unpaid and has been included in accounts payable and accrued liabilities.
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(b) Transactions with Other Related Parties
During the six months ended February 29, 2012 and February 28, 2011 the following amounts were incurred with respect to other officers and directors:
2012
$
2011
$
Salaries
43,750
97,500
Professional fees
39,500
18,250
Share-based compensation
-
226,730
83,250
342,480
As at February 29, 2012, $20,000 (2011 - $31,833) remained unpaid and has been included in accounts payable and accrued liabilities.
Risks and Uncertainties
The Company competes with other mining companies, some of which have greater financial resources and technical facilities, for the acquisition of mineral concessions, claims and other interests, as well as for the recruitment and retention of qualified employees.
The Company is in compliance in all material regulations applicable to its exploration activities. Existing and possible future environmental legislation, regulations and actions could cause additional expense, capital expenditures, restrictions and delays in the activities of the Company, the extent of which cannot be predicted. Before production can commence on any properties, the Company must obtain regulatory and environmental approvals. There is no assurance that such approvals can be obtained on a timely basis or at all. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations.
Investor Relations and Corporate Development
During the six months ended February 29, 2012 the Company incurred $28,137 (2011 - $63,028) for investor relations and shareholder communications costs.
On February 4, 2011, the Company entered into an agreement with Deutsche Investor Relations GmbH (“DIRG”) in Germany to provide investor relations and marketing services for the Company for a remuneration of Euro 2,500 per month. During the six months ended February 29, 2012, the Company was billed $20,694 (Euro 15,000) by DIRG.
The Company maintains a web site at www.halores.com.
Outstanding Share Data
The Company’s authorized share capital is unlimited common shares without par value. As at April 25, 2012, there were 29,004,283 issued and outstanding common shares, 2,012,500 stock options outstanding, at exercise prices ranging from $0.45 to $5.20 per share, 6,516,000 warrants outstanding, with exercise prices ranging from $0.35 to $0.70 per share and compensation warrants to purchase 425,200 units at an exercise price of $0.50 per unit
Mal sehen ein neuer Thread wäre doch mal nicht schlecht..jemand gute Ideen...

Halo Resources Kupfer-Zink-Silber-Gold Teil 3 Die Hoffnung stirbt zuletzt.:laugh::laugh::laugh:

Das war klar nur Nur ein Witz in die Runde:D
Die red lake Bohrungen dürften wohl ein Fehlschlag gewesen sein. Hudbay startet ein Bohrprogramm im Juli laut hudbay. Aber die größte Frechheit ist das von Hudbay zu erfahren.
Bekomme keine Antwort mehr von Marc cernovitch und von der angeblichen vorhanden IR-Abteilung.
Lg robert
Halo Relinquishes Interest in Duport Property

TORONTO, ONTARIO -- (Marketwire) -- 07/19/12 -- Halo Resources Ltd. (TSX VENTURE: HLO)(FRANKFURT: HRLN) ("Halo" or the "Company") wishes to advise that it has received notification from Hays Lake Gold Inc. ("Hays Lake") terminating its option to earn a further 24% interest (for a total 75% interest) in the Duport Property, located near Kenora, Ontario.

As a result of this decision by Hays Lake to terminate its option, the Company has determined to relinquish its entire interest in the Duport Property to Sheridan. The Company expects to record a pre-tax write-down of approximately $4.0 million, net of the $8.0 million redeemable preferred shares.

The Company originally acquired a 100% interest in the Duport Property in February 2005 from the Sheridan Platinum Group ("Sheridan"). As partial consideration the Company had issued $8.0 million in redeemable preferred shares which were to be redeemed no later than November 1, 2012. In October 2008 the Company entered into an option agreement with Hays Lake whereby Hays Lake had subsequently earned its 51% interest in the Duport Property.

ON BEHALF OF THE BOARD OF DIRECTORS

Marc Cernovitch, President & CEO

About Halo Resources Ltd.
(Marketwire) -- 07/27/12 -- Halo Resources Ltd. (TSX VENTURE: HLO)(FRANKFURT: HRLN) ("Halo", the "Company") announces drilling results at the West Red Lake Project on the Pancake Bay claims held in a 60:40 joint venture with Red Lake Gold Mines Partnership ("RLGM"), a partnership between Goldcorp Canada Ltd. and Goldcorp Inc. (TSX: G)(NYSE: GG) ("Goldcorp") and the Bridget Lake claim, held in joint venture with RLGM and AurCrest Gold Inc. ("AurCrest") (TSX VENTURE: AGO).

The 2012 winter drilling program at Pancake Bay was cut short due to unseasonably warm weather and only 1,675 m of a planned 2,400 m was completed. A geophysical target was drilled and intersected two low grade gold zones over significant widths of 11 m. Due to the abbreviated drill season the main structural target at Pancake Bay remains untested.

At Bridget Lake, a cross-cutting structure in a banded iron formation ("BIF") was drilled and intersected a 4 m zone grading 0.834 g/t Au. The drill hole is in close proximity to high-grade gold bearing quartz veins exposed at surface. The BIF is extensive with a known strike length of several kilometers. The occurrence of elevated gold values throughout the BIF suggests that the Bridget Lake area is prospective for high-grade gold hosted in cross-cutting structures.

Technical Highlights

At Pancake Bay, 1.5 km west of Bridget Lake, a sinistral offset of roughly 150 meters is observed between one side of the bay and the other. This offset is likely due to an apparent north-south fault that also appears to be coincident with a geophysical anomaly. Five (5) stratigraphic holes were drilled for a total of 1,295 m to establish the breadth and extent of the alteration suggested by the geophysical anomaly. Additional planned holes were not completed due to unexpected warm weather in March.

A total of sixteen separate intervals of anomalous gold concentrations were intersected in holes PB12-032, PB12-033 and PB12-035. These intervals include two mineralized zones in hole PB12-032 of 11 m with composite gold grades of 0.20 to 0.24 g/t Au respectively. The anomalous gold grades at Pancake Bay are encouraging and additional drilling to test the projected fault zone is planned.

In 2009 Halo intersected 7.1 g/t gold over 5.8 meters drilling from Bridget Lake (Hole RL08-009) The drill collar is flanked by occurrences of visible gold mineralization associated with narrow quartz veins exposed on the south and north shores of Bridget Lake. Previous operators had identified a series of high-grade gold veins west of the lake and Halo reported surface channel samples with up to 161 g/t (4.7 ounces per ton gold) over 1.1 m length along a quartz vein selvedge in the same area.

In February 2012, Halo completed two (2) diamond drill holes totaling 380 m west of Bridget Lake. Hole B12-037 was drilled to intersect off-sets observed in geophysical surveys below Bridget Lake. Mineralization was associated with structures, disseminated pyrite and the one narrow occurrence of banded iron formation ("BIF") within a package of sediments. Five samples, approximately one-meter long, assayed between 0.335 to 0.948 g/t gold with an additional 4 m zone at 117 m down-hole that assayed 0.834 g/t gold.

BL12-038 was halted at 50 m due to an early thaw. The hole was intended to test for additional north-south trending cross-cutting high-grade quartz veins similar to those identified east of the hole at surface. At 27.3 m, an interval of 5.8 m grading 0.404 g/t Au was intersected. The intersection is hosted by sulphide iron formation in contact with dolostone and associated with disseminated pyrite. A second interval of 1.77 m at 42 m down-hole, assayed 0.381 g/t gold.

The two zones of anomalous gold values encountered in BL12-038 warrant further investigation as similar elevated gold values were associated with high-grade gold values in quartz veins that occupy cross-cutting structures in the BIF. Drilling has not proven to be the best method for intersecting these relatively narrow zones of mineralization. Instead, mechanical trenching or stripping of the banded iron formation in this area is recommended, followed by geological mapping and channel sampling. The main objective of the proposed program will be to determine if there are a sufficient density of gold-bearing quartz veins intersecting the BIF to be of economic interest, and if additional veining will return similar gold grades as those encountered from north-south trending quartz veins identified by previous operators. The outcome of this program will determine whether additional drilling, potentially at greater depths, is warranted below Bridget Lake.

Sawn half-drill core samples were submitted to the ALS, Thunder Bay sample preparation facilities and analyses were performed at ALS Vancouver, an internationally recognized and accredited facility. The entire sample was crushed and a 1,000 g split was pulverized. Base metals and a suite of up to 30 trace elements were determined by inductively coupled plasma spectrometry (ICP) after an aqua regia digestion and gold by standard fire assay with an ICP instrumental finish on a 30 g charge. A quality control program consisting of blanks and analytical control standards has been implemented to monitor laboratory performance and no significant discrepancies are reported.

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
Antwort auf Beitrag Nr.: 43.431.354 von Robert023 am 27.07.12 14:40:14Eher schlecht...
hi, hab leider noch etwas schlechtes. für halo gibt es keine hoffnung mehr.

HALO RESOURCES LTD.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE NINE MONTHS ENDED MAY 31, 2012
Background

This discussion and analysis of financial position and results of operation is prepared as at July 27, 2012 and should be read in conjunction with the unaudited condensed interim financial statements for the nine months ended May 31, 2012 of Halo Resources Ltd. (“Halo” or the “Company”). The Company adopted International Financial Reporting Standards (“IFRS”) and the following disclosure and associated financial statements are presented in accordance with IFRS. All comparative information provided is in accordance with IFRS. Except as otherwise disclosed, all dollar figures included therein and in the following management discussion and analysis (“MD&A”) are quoted in Canadian dollars. Additional information relevant to the Company’s activities, can be found on SEDAR at www.sedar.com .

Adoption of International Financial Reporting Standards (“IFRS”)
The Company’s financial statements and the financial data included in the interim MD&A have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee that are expected to be effective for the fiscal year ending August 31, 2012, the Company’s first annual reporting under IFRS. The adoption of IFRS does not impact the underlying economics of the Company’s operations.
The IFRS accounting polices set forth in Note 3 of the condensed interim financial statements have been applied in preparing the financial statements for the nine months ended May 31, 2012 and comparative information as at and for the six months ended May 31, 2011, as at and for the year ended August 31, 2011 and an opening Statement of Financial Position as at September 1, 2010. Notes 2 and 14 to the condensed interim financial statements contains a detailed description of the Company’s adoption of IFRS, and a reconciliation of the financial statements previously prepared under Canadian Generally Accepted Accounting Principles (“Canadian GAAP”) to those under IFRS. The adoption of IFRS has not had an impact on the Company’s strategic decisions, operations, or cash flows. Further information on the IFRS impacts is provided in the Accounting Changes and Pronouncements section of this MD&A as well as in Note 14 to the unaudited condensed interim financial statements.
Comparative information in this interim MD&A has been restated to comply with IFRS requirements, unless otherwise indicated.
Company Overview
The Company is a resource exploration company currently engaged in the acquisition and exploration of precious and base metals with mineral interests located in Manitoba and Ontario, Canada. The Company has not earned any production revenue, nor found any proved reserves on any of its mineral interests.
The Company is a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The Company trades on the TSX Venture Exchange (“TSXV”) under the symbol “HLO” and on the Frankfurt Stock Exchange (“FSE”) under the symbol “HRLN”.
Forward Looking Statements
Certain information included in this discussion may constitute forward-looking statements. Forward-looking statements are based on current expectations and entail various risks and uncertainties. These risks and uncertainties could cause or contribute to actual results that are materially different than those expressed or implied. The Company disclaims any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
- 2 -

Exploration Projects

Sherridon VMS Property, Manitoba

The Sherridon VMS Property is located 65 kilometers northeast from the Hudson Bay Mining and Smelting Co. Ltd.’s (“HBMS”) mining/metallurgical complex which is linked by an all-weather 78 km road.
The Sherridon VMS Property includes the site of the former Sherritt Gordon Mines’ copper-zinc mine that operated from 1931 to 1951 and produced 7.7 million tonnes of copper-zinc ore with recovered grades of 2.46% copper and 0.8% zinc. The actual zinc grade is estimated at 3% zinc but zinc was only recovered from the East Mine from 1942 to 1946. The site is also serviced by a railroad, power line and the small community of Sherridon/Cold Lake.
The Company updated inferred and indicated resources for four deposits (Cold, Lost, Bob and Jungle) in November 2010 (see below) and continues to advance exploration targets throughout the district.
On December 22, 2009, the Company concluded the signing of an option agreement with Hudson Bay Mining and Smelting Co., Limited (“HudBay”), a subsidiary of HudBay Minerals Inc. (TSX: HBM). The agreement allows HudBay to earn up to a 67.5% joint venture interest in 112 hectares that host the Cold and Lost mineralization.
In order to exercise the option to earn a 51% interest, HudBay was required to make cash payments totalling $800,000 and fund exploration programs totalling at least $1.35 million. In December 2011 HudBay earned its initial 51% interest by making the final cash payment of $400,000 and confirming that it had met the $1.35 million of expenditures.
Halo and HudBay will now proceed to form a joint venture, with HudBay as the operator. HudBay can increase its interest to 67.5% by making a total of $4.5 million in cash payments prior to commencement of commercial production. No work on the Cold-Lost joint venture ground is anticipated in 2012.
Halo has the right to reacquire HudBay’s interest by partially reimbursing HudBay’s total expenditures, or granting to HudBay a 1% net smelter return royalty (“NSR”), if the feasibility study and application for permitting are not completed by December 22, 2013.
On October 17, 2011, the Company entered into an option agreement with HudBay for the western half of Halo’s Sherridon project in Manitoba. To earn an initial 51% interest, HudBay must make cash payments of $1.6 million and complete $5 million in exploration over three years. To increase its interest to 75%, HudBay must complete a feasibility study and make cash payment of $1.75 million by the 5th year. If a production decision is made, HudBay will finance Halo’s proportionate share of development costs which would be repaid from Halo’s share of revenues.
In addition, HudBay transferred its Park property claims to Halo and cancelled its 2% NSR at the Jungle property. In total the newly defined Sherridon West property will encompass 9,927 hectares and enclose, but not include, the Cold-Lost joint venture ground.
HudBay, as operator of the West Sherridon project has proposed a work program of $2.2 million, including 6,500 meters of drilling which was expected to commence in May 2012. The drill permit from the Manitoba government is pending and some of the planned work will be delayed until winter of 2013 to minimize environmental impact. The main targets will be at the past-producing East and West Mines at depth. HudBay advised Halo that it has completed a ground geophysical survey, to test a major late-time response electromagnetic end-of-hole anomaly located at depth between the Bob and Cold-Lost deposits, and that the results are pending. The ground geophysical survey was planned to better define the source of the end-of-hole anomaly and serve as the basis for diamond drill testing. The occurrence of a major late-time response EM anomaly located in the known prospective stratigraphy between the Bob and Lost deposits, and in the vicinity of 2008 Halo drill results of up to 2.4% copper over 2.4 meters, is highly encouraging (see press release June 15, 2011).
Halo retains its 100% interest in the eastern portion of the Sherridon property which are now referred to as the Sherridon East property and total 11,175 hectares hosting high-quality gold and base metal grassroots exploration targets. The option on the Drew claims has been dropped and the Weldon claim option is currently under review.
- 3 -
NI43-101 Compliant Resource Estimate

As announced in a press release dated November 4, 2010, the Mineral Resources for the Cold, Lost, Bob Lake and Jungle Lake copper-zinc deposits at Halo’s Sherridon VMS Property, Manitoba were revised to include 6.5 million tonnes grading 0.85% copper and 1.22% zinc as Indicated Resources and an additional 15.9 million tonnes grading 0.68% copper and 0.84 % zinc as Inferred Resources with precious metal credits. At least 75% of the material in both categories is contained within potentially economic open pits (within 200 meters of surface). The revised resource estimate represents an almost 30% increase in contained copper and zinc in both the inferred and indicated resource categories relative to the 2008 NI43-101 estimate.
The Mineral Resources are reported in accordance with Canadian National Instrument 43-101 (“NI43-101”) and have been estimated in conformity with the generally accepted Estimation of Mineral Resource and Mineral Reserves Best Practices guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). Additional details are included in the November 4, 2010 press release. The resource estimates reported in this press release were produced by Gary Giroux, P.Eng. MASc. a Qualified Person as defined by NI 43-101.

Halo Sherridon 2012 Work Program

Halo remains committed to mineral resource investigation and evaluation of its 100%-owned Sherridon East Property that covers 10,837 hectares, as well as the non-contiguous Weldon claims (339 hectares). The 2011 summer work program focused on gold prospects north of Auriga Resource’s Puffy Lake/Maverick gold project. As reported in a press release November 9, 2011, 20 samples collected fromthree closely-spaced pits reported, on average, greater than 10 g/t gold and up to 16.4 g/t gold. The samples are located along a north-south striking feature that is prominent on airborne magnetic surveys and shows continuity of more than 1,600 meters to the south. An outcrop located 1,600 meters to the south of the three above-mentioned pits was sampled and returned values up to 3.5 g/t gold. Overburden cover prevented systematic sampling of the formation along the projected 1,600 meter strike length.

Permits are still pending for the 2012 summer work program planned for the Quarter Moon Lake gold prospect to assess the gold potential of the Sherridon East Property. This work has been deferred to Q3 2013. Permits are also pending for the work required to keep the Hayhurst mineral claims in good standing and has been deferred until fall 2012.

Red Lake District, Ontario

The West Red Lake Property is located about 32 km west of the prolific Campbell and Red Lake Mines in the Red Lake Camp that has produced 20 million ounces within the Red Lake greenstone belt. The property, located in Ball Township, Ontario, covers widespread gold mineralization from surface showings and small gold deposits. Previous exploration by a number of companies, including Hemlo Gold Mines Ltd., Goldcorp, Cochenour-Williams Gold Mines Ltd, Dumont Nickel and May-Spiers Gold Mines Ltd. have carried out intermittent exploration in this area since 1935 and the property has now been consolidated into a larger package of contiguous claims.
In May 2011, Halo acquired an interest in the Middle Bay, Pipestone Bay and Biron Bay properties (collectively the “West Red Lake Property”) from Red Lake Mines Ltd. (“RLGMP”) a subsidiary of Goldcorp Inc. (“Goldcorp”). Halo holds a 60% interest in 67 unpatented mining claims, a 45% interest in two mining claims, and a 30% interest in ten patented mining claims. The Company issued 100,000 common shares of its share capital to Goldcorp to complete the transaction.
In February, Halo signed a joint venture agreement with Aurcrest Resources with respect to the 9 claim units (144 hectares) referred to as the Bridget Lake claims. Halo holds a 65% interest in the Bridget Lake claims which are contiguous with the RLGMP joint venture property package. RLGMP has acquired a 40% interest in Halo’s interest in the Bridget Lake claims.
In April 2011 Halo staked 7 new claims, covering a total of 642 hectares, which have been recorded as being held 60% by Halo and 40% by RLGMP. The claims cover an area of sheared felsic volcanics, which also host the 1930’s-era Miles Red Lake and May-Spiers Gold Mine. The total West Red Lake land package was increased by 20 percent to a total of 4,394 ha.
- 4 -
Between 2008 and January 2011, Halo completed 31 core holes, for a total of 5,520 meters at a number of widely spaced targets. Numerous narrow intervals, anomalous with respect to gold and often associated with sulphides have been intersected, such as mineralized quartz-carbonate veins with grades between 3.4 and 9.4 g/t gold, generally less than 1m in width, for three out of five holes of the 2008 drill program. Most of the better intersections were reported within an east-west trending chemical sedimentary unit, with a strike length of several kilometres, which is the Company’s current focus. In 2011, the highest grade intersection reported was 18.8 g/t gold over 0.8 meters, in hole NGI 10-31, north of Galena Island. Other holes intersected broad zones anomalous in gold.
In 2009 Halo intersected 7.1 g/t gold over 5.8 meters (Hole RL08-009 drilled from Bridget Lake) located between two exposed zones of visible gold mineralization associated with narrow quartz veins on the shores of Bridget Lake. Previous operators had identified a series of high-grade gold veins west of the lake and Halo reported surface channel samples with up to 161 g/t (4.7 ounces per ton gold) over 1.1 m length along a quartz vein selvedge.
In February 2012, Halo completed two diamond drill holes totaling 380 m west of Bridget Lake. Hole B12-037 was drilled to intersect off-sets observed in geophysical surveys below Bridget Lake. Mineralization was associated with structures, disseminated pyrite and the one narrow occurrence of banded iron formation (“BIF”) within a package of sediments. Five samples, approximately one-meter long, assayed between 0.335 to 0.948 g/t gold with an additional 4 m zone at 117 m downhole that assayed 0.834 g/t gold.
BL12-038 was only drilled to 50 m when it was abruptly halted due to an early thaw. The hole was intended to test for additional north-south trending high-grade quartz veins similar to those identified east of the hole at surface. At 27.3 m, an interval of 5.8 m grading 0.404 g/t Au was intersected. The intersection is hosted by sulphide iron formation in contact with dolostone and associated with disseminated pyrite. A second interval of 1.77 m at 42 m down hole, assayed 0.381 g/t gold.
The two zones of anomalous gold values encountered in BL12-038 warrant further investigation as similar elevated gold values were associated with high-grade gold values in quartz veins that intersected BIF in surface trenches. Drilling has not proven to be the best method for intersecting these relatively narrow zones of mineralization. Instead, mechanical trenching or stripping of the banded iron formation in this area is recommended, followed by geological mapping and channel sampling. The main objective of the proposed program will be to determine if there are a sufficient density of gold-bearing quartz veins intersecting the BIF to be of economic interest, with similar gold grades as those encountered from north-south trending quartz veins identified by previous operators. The outcome of this program will determine whether additional drilling, potentially at greater depths, is warranted below Bridget Lake.
At Pancake Bay, 1.5 km west of Bridget Lake, a sinistral offset of roughly 150 meters is observed between one side of the bay and the other. This offset is likely due to a fault that also appears to be expressed by a geophysical anomaly. Five stratigraphic holes were drilled for a total of 1,295 m to establish the breadth and extent of the alteration suggested by the geophysical anomaly. Additional planned holes were not completed due to unexpected warm weather in March.
A total of sixteen separate intervals of anomalous gold concentrations were intersected in holes PB12-032, PB12-033 and PB12-035. These intervals include two mineralized zones in hole PB12-032 of 11 m with composite gold grades of 0.22 to 0.24 g/t Au respectively. The anomalous gold grades at Pancake Bay are encouraging and additional drilling to test the projected fault zone is planned.
Final expenditures for the program were less than the projected $1 million since only 1,692 m of drilling was completed due to unseasonably warm weather. The drill program costs are shared 60:40 as to Halo and RLGMP for 1,310 m of drilling at Pancake Bay and Halo’s portion of the costs for drilling 382 m at Bridget Lake is 39%, with the remainder shared between RLGMP and Tribute Minerals Corp.

Duport Property, Ontario
The Company originally acquired a 100% interest in the Duport Property in February 2005 from the Sheridan Platinum Group (“Sheridan”). Everton Resources Inc. (TSXV:EVR, Frankfurt: ERV) (“Everton”), through its wholly-owned subsidiary Hays Lake, had earned an interest in the Duport Property in 2010 but failed to meet its required option payments.
- 5 -
As a result of this decision by Hays Lake to terminate its option, the Company has determined to relinquish its entire interest in the Duport Property to Sheridan. The Company expects to record a pre-tax write-down of approximately $4.0 million, net of the $8.0 million redeemable preferred shares which have been cancelled.
Bachelor Lake, Quebec
Halo previously held a 1% NSR in several Val D’Or, Quebec properties 100% owned by Metanor Resources Inc. (the Bachelor Lake Properties).
Pursuant to agreements dated March 20, 2011 and March 22, 2012 Gold Royalties Corporation (“Gold Royalties”), a Calgary based income-oriented royalty company, acquired the 1% NSR for a total purchase price of $1,500,000, of which $1,200,000 was received on March 31, 2011 and $300,000 received on March 22, 2012.
Selected Financial Data
The following selected financial information is derived from the unaudited condensed interim financial statements of the Company. See “Adoption of International Financial Reporting Standards (“IFRS”)” in this MD&A.
Fiscal 2012
Fiscal 2011
Fiscal 2010
Three Month Periods Ending
May 31/12
$
Feb 29/12
$
Nov 30/11
$
Aug 31/11
$
May 31/11
$
Feb 28/11
$
Nov 30/10
$
Aug 31/10
$
Operations:
Expenses
(122,730)
(199,463)
(269,896)
(191,118)
(259,727)
(713,379)
(490,572)
(155,521)
Interest and other income
19,285
118,979
11,450
7,377
10,233
Nil
1,242
29,107
Gain on sale of NSR interest
300,000
Nil
Nil
Nil
1,200,000
Nil
Nil
Nil
Gain on sale of marketable
securities
Nil
Nil
Nil
Nil
Nil
Nil
Nil
100,345
Write-off of exploration and
evaluation assets
(4,212,538)
Nil
Nil
Nil
Nil
Nil
Nil
(226,189)
Future income tax recovery
(expense)
686,400
93,300
72,500
206,200
(246,000)
128,000
(32,000)
478,280
Net income (loss) before
comprehensive item
(3,329,583)
12,816
(185,946)
22,459
704,506
(585,379)
(521,330)
226,022
Comprehensive item
Nil
Nil
Nil
Nil
Nil
Nil
Nil
(103,823)
Net income (loss)
(3,329,583)
12,816
(185,946)
22,459
704,506
(585,379)
(521,330)
122,199
Basic and diluted
income (loss) per share
(0.11)
0.00
(0.01)
0.01
0.02
(0.02)
(0.03)
0.01
Dividends per share
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Balance Sheet:
Working capital (deficiency)
2,951,170
2,803,957
2,748,752
2,693,855
3,218,000
2,825,055
(674,064)
(39,362)
Total assets
28,852,390
33,113,891
33,006,465
33,286,178
33,388,398
32,394,775
28,752,324
28,074,416
Redeemable preferred shares
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
Deferred income tax liability
801,500
1,487,900
1,581,200
1,653,700
1,859,900
1,613,900
1,741,900
1,709,900
Results of Operations
During the nine months ended May 31, 2012 (the “2012 period”) the Company reported a net loss of $3,502,713, compared to a net loss of $402,203 for the nine months ended May 31, 2011 (the “2011 period”) an increase in loss of $3,100,510. The fluctuation was mainly attributed to the following items:
(i) during the 2012 period the Company recorded impairments totalling $4,212,538 reflecting impairment charges on the Drew and Weldon claims forming part of the Sherridon VMS Property and the Duport Property.
The Drew and Weldon option agreements required final cash option payments and share issuances on July 23, 2012. The Company has determined not to exercise the options and, accordingly, recorded a write-off of $198,057. The Company is currently in discussions to consider revised terms to the Weldon option agreement.
During the 2012 period all parties to the various agreements on the Duport Property attempted to renegotiate the terms to restructure the interests in the Duport Property. In July 2012 Hays Lake and the Company
- 6 -
notified Sheridan of their determination to relinquish and return the Duport Property to Sheridan. Accordingly the Company has recorded a write-off of $4,014,481 to reflect the impairment. A carrying value of $8,000,000 remains as an offset to the $8,000,000 redeemable preferred shares. These amounts will be eliminated upon the legal extinguishment of the preferred shares; and
(ii) the Company recorded interest and other income of $331,185 for the 2012 period compared to $1,211,475 for the 2011 period. During the 2012 period the Company recorded a total of $31,185 (2011 - $11,475) for interest and other income derived from demand deposits held. In addition, during the 2011 period the Company negotiated the sale of its 1% NSR interest in the Bachelor Lake Property for $1,200,000 cash. The Company retained a 40% residual interest in any NSR payments paid for more than 200,000 oucnes of gold. In March 2012 the Company sold the residual interest for $300,000 cash.
The increase in loss in the 2012 period was partially offset by the following items:
(i) a $1,002,200 increase in deferred income tax recovery, from $150,000 deferred income tax expense reported in the 2011 period to $852,200 deferred income tax recovery in the 2012 period;
(ii) during the 2012 period the Company recorded a $118,529 gain on sale of an accommodation camp unit. During the 2011 period the Company did not dispose of any plant and equipment; and
(iii) during the 2011 period the Company granted 1,936,000 share options to its employees, directors and consultants and recorded compensation expense of $559,911. No options were granted in the 2012 period. During the 2012 period the Company recorded compensation expense of $39 (2011 - $nil) on the vesting of stock options previously granted.
General and administrative costs decreased from $875,012 in the 2011 period to $569,156 in the 2012 period, as follows:
2012
$
2011
$
Accounting and administration
76,650
80,500
Advertising
1,382
21,051
Compensation and benefits
43,750
120,722
Consulting and professional fees
143,426
173,271
Directors’ fees
20,250
10,500
Filing fees and transfer agent
16,621
35,077
Insurance
21,803
17,861
Investment conferences
20,600
38,404
Investor relations and shareholder communications
28,218
102,209
Legal and audit
125,488
198,007
Office and general
5,982
17,703
Office rent and operating costs
33,339
21,600
Printing
1,555
2,462
Telephone
8,439
12,748
Travel and related costs
21,167
22,233
Website and internet costs
426
664
569,156
875,012
The decrease in the 2012 period reflected reduced levels of activities and the closure of the Flin Flon office in December 2011.
Significant general and administrative expenditures incurred during the 2012 period include: $84,447 (2011 - $158,001) for legal costs incurred primarily for general legal advice on amendments to various property agreements and general corporate activities; $41,041 (2011 - $40,006) for independent audit costs; $76,650 (2011 - $80,500) for accounting and administration; and $143,426 (2011 - $173,271) for consulting and professional costs.
- 7 -
During the 2012 period the Company incurred $143,426 (2011 - $173,271) for consulting and professional services, of which $97,270 (2011 - $150,109) was billed by private companies owned by certain directors of the Company and $46,156 (2011 - $23,162) was billed by various parties for corporate advisory services.
During the 2012 period accounting and administration expenses of $76,650 (2011 - $80,500) was billed by Chase Management Ltd. (“Chase”), a private company owned by Nick DeMare, a director and the CFO of the Company for bookkeeping, accounting, administration and corporate filing services provided by Chase personnel.
During the 2012 period the Company recorded a total of $43,750 (2011 - $141,250) for compensation to Lynda Bloom, the former President of the Company. Of the compensation charged, $nil (2011 - $35,940) was capitalized to unproven mineral interests and $43,750 (2011 - $105,310) was expensed.
During the 2012 period the Company incurred $28,218 for investor relations and shareholder communication costs, a decrease of $73,991 from $102,209 incurred during the 2011 period. During the 2012 period the Company engaged one firm to provide investor relations services and incurred $20,694. During the 2011 period the Company had three firms provide investor relations services and incurred $66,237. See also “Investor Relations and Corporate Development”.
During the 2012 period the Company incurred a total of $399,485 (2011 - $1,280,800) on the Sherridon Project, $784,339 (2011 - $892,140) on the Red Lake District and $784,339 (2011 - $9,245) on the Duport Property. During October 2011 the Company received a $400,000 option payment from HudBay pursuant to the West Sherridon Option agreement. In December 2011 the Company also received a $400,000 option payment from HudBay pursuant to the option agreement on the Cold and Lost claims. HudBay paid the Company a further $48,262 for its short-fall on its exploration requirement on the Cold and Lost claims. The Company also received a $550,498 exploration expenditure recovery on the Bridget Lake Property. See “Exploration Projects” for detailed descriptions of exploration activities.
During the nine months ended May 31, 2011 the Company completed private placements of 11,440,000 units for total gross proceeds of $5,302 000 and issued 125,600 common shares for warrants exercised for $43,960. During the nine months ended May 31, 2012 the Company did not conduct any financings.
Financial Condition / Capital Resources
The Company’s practice is to proceed with staged exploration, where each stage is dependent on the successful results of the preceding stage. To date the Company has not received any revenues from its mining activities and has relied on equity financing to fund its commitments and discharge its liabilities as they come due.
At May 31, 2012 the Company had working capital of $2,951,170, had not yet achieved profitable operations, has a deficit of $32,663,468 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company will require additional financing in order to conduct its planned work programs on its mineral interests, meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. There can be no assurance that it will be able to do so. If such funds cannot be secured, the Company may be forced to curtail additional exploration efforts to a level for which funding can be secured.
Off-Balance Sheet Arrangements
The Company has no off-balance sheet arrangements.
Proposed Transactions
The Company has no proposed transactions.
Critical Accounting Estimates
The preparation of financial statements in conformity IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Examples of significant estimates made by management include the determination of mineralized reserves, plant and
- 8 -
equipment lives, estimating the fair values of financial instruments, impairment of long-lived assets, reclamation and rehabilitation provisions, valuation allowances for future income tax assets and assumptions used for share-based compensation. Actual results may differ from those estimates.
Changes in Accounting Policies
IFRS Implementation - Changes in Accounting Policies Including Initial Adoption
The Canadian Accounting Standards Board established 2011 as the year that Canadian companies’ financial reporting requirements should comply with IFRS. Accordingly, the Company has commenced reporting on an IFRS basis in the current condensed interim financial statements. The transition date, September 1, 2010, has required the restatement for comparative purposes of amounts reported by the Company for the year ended August 31, 2011.
The Company has completed its internal review of the impact of the adoption of IFRS. This review considered potential differences between applicable IFRS policies and those currently used by the Company. Accounting policy changes were made due to IFRS in the areas of exploration and evaluation assets, impairment testing, property, plant and equipment, provision for site restorations, and share-based compensation. Available elections under IFRS minimized the impact of these changes such that the financial reporting impact of the transition to IFRS is not material to the Company’s financial results. The impact of the changes to IFRS is detailed in Note 14 to the condensed interim financial statements and none of these are considered material.
Accounting Standards and Interpretations Issued but Not Yet Adopted
(i) IFRS 9 Financial Instruments (New; to replace IAS 39); effective for annual periods beginning on or after January 1, 2013.
(ii) IFRS 10 Consolidated Financial Statements; effective for annual periods beginning on or after January 1, 2013. Early application is permitted. IFRS 10 establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. IFRS 10 supersedes IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidated - Special Purpose Entities.
(iii) IFRS 11 Joint Arrangements; effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. IFRS 11 establishes principles for financial reporting by parties to a joint arrangement. IFRS supersedes the current IAS 31 Interest in Joint Ventures and SIC-13 Jointly Controlled Entities - Non-Monetary Contributions by Ventures.
(iv) IFRS 12 Disclosure of Interest in Other Entities; effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. IFRS 12 applies to entities that have an interest in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity.
(v) IFRS 13 Fair Value Measurements; to be applied for annual periods beginning on or after January 1, 2013. Earlier application is permitted. IFRS 13 defines fair value, sets out in a single IFRS framework for measuring fair value and requires disclosures about fair value measurements. IFRS 13 applies to IFRSs that require or permit fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements).
(vi) IAS 12 Income Taxes, Amendments Regarding Deferred Tax: Recovery of Underlying Assets; effective for annual periods beginning on or after January 1, 2012.
Management is currently assessing the impact of these new standards on the Company’s accounting policies and financial statement presentation.
- 9 -
Transactions with Related Parties
A number of key management personnel, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. Certain of these entities transacted with the Company during the reporting period.
(a) Transactions with Key Management Personnel
During the nine months ended May 31, 2012 and 2011 the following amounts were incurred with respect to the Company’s President and Chief Executive Officer, Chief Financial Officer and Chief Operating Officer:
2012
$
2011
$
Professional fees
214,750
357,888
Share-based compensation
-
186,002
214,750
543,890
As at May 31, 2012, $20,650 (2011 - $25,400) remained unpaid and has been included in accounts payable and accrued liabilities.
(b) Transactions with Other Related Parties
During the nine months ended May 31, 2012 and 2011 the following amounts were incurred with respect to other officers and directors:
2012
$
2011
$
Salaries
43,750
141,250
Professional fees
77,750
22,000
Share-based compensation
-
226,730
121,500
389,980
As at May 31, 2012, $17,250 (2011 - $40,083) remained unpaid and has been included in accounts payable and accrued liabilities.
Risks and Uncertainties
The Company competes with other mining companies, some of which have greater financial resources and technical facilities, for the acquisition of mineral concessions, claims and other interests, as well as for the recruitment and retention of qualified employees.
The Company is in compliance in all material regulations applicable to its exploration activities. Existing and possible future environmental legislation, regulations and actions could cause additional expense, capital expenditures, restrictions and delays in the activities of the Company, the extent of which cannot be predicted. Before production can commence on any properties, the Company must obtain regulatory and environmental approvals. There is no assurance that such approvals can be obtained on a timely basis or at all. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations.
Investor Relations and Corporate Development
During the nine months ended May 31, 2012 the Company incurred $20,694 (2011 - $66,237) for investor relations and shareholder communications costs.
- 10 -
On February 4, 2011, the Company entered into an agreement with Deutsche Investor Relations GmbH (“DIRG”) in Germany to provide investor relations and marketing services for the Company for a remuneration of Euro 2,500 per month. During the nine months ended May 31, 2012, the Company was billed $20,694 (Euro 15,000) by DIRG.
The Company maintains a web site at www.halores.com.
Outstanding Share Data
The Company’s authorized share capital is unlimited common shares without par value. As at July 27, 2012, there were 29,004,283 issued and outstanding common shares, 1,961,000 stock options outstanding, at exercise prices ranging from $0.45 to $1.00 per share, 6,516,000 warrants outstanding, with exercise prices ranging from $0.35 to $0.70 per share and compensation warrants to purchase 425,200 units at an exercise price of $0.50 per unit

wer hat lust für eine kurze zusammenfasung auf deutsch
Antwort auf Beitrag Nr.: 43.433.763 von Robert023 am 28.07.12 11:20:53Eine Zusammenfassung waere schon, ich sehe das mittlerweile auch eher negativ...
Antwort auf Beitrag Nr.: 43.244.143 von Kursbrecher am 03.06.12 18:21:24Bei Halo fällt mir nur eines ein

GAME OVER
Wo ist denn llllllooooonnnnggggtrader :laugh: oder Kursberichte mit Kz. 1.60 € :keks:
Zitat von achimsinan: Wo ist denn llllllooooonnnnggggtrader :laugh: oder Kursberichte mit Kz. 1.60 € :keks:


Immerhin ist sie noch immer nicht Pleite, irgend ein Niemand hatte mal behauptet sie würde innerhalb kürzester Zeit weg vom Fenster sein.;)
Halo Grants HudBay One Year Extension
TORONTO, ONTARIO -- (Marketwire) -- 11/01/12 -- Marc Cernovitch, President and CEO of Halo Resources Ltd. ("Halo", the "Company") (TSX VENTURE: HLO)(FRANKFURT: HRLN), reports that Halo has recently granted HudBay Minerals Inc. (TSX: HBM) a one year extension for all remaining cash payments and exploration commitments under the West Sherridon option agreement. HudBay advised Halo that it has not yet received the permits required to complete the first year of exploration commitments under the agreement. The extension was granted to provide HudBay with additional time to secure the required permits and commence exploration of a number of promising targets.

Under this agreement, HudBay proposes to test for a mineable copper-zinc deposit focusing on two areas adjacent to the historic East and West Sherridon Mines. The proposed $1.5 million exploration program was originally planned to commence in the fall of 2012 but this amendment to the option agreement allows HudBay to defer the commencement of drilling to the winter months of 2013 and minimize potential environmental impact.

ON BEHALF OF THE BOARD OF DIRECTORS

Marc Cernovitch, President & CEO
Zitat von Robert023: Halo Grants HudBay One Year Extension
TORONTO, ONTARIO -- (Marketwire) -- 11/01/12 -- Marc Cernovitch, President and CEO of Halo Resources Ltd. ("Halo", the "Company") (TSX VENTURE: HLO)(FRANKFURT: HRLN), reports that Halo has recently granted HudBay Minerals Inc. (TSX: HBM) a one year extension for all remaining cash payments and exploration commitments under the West Sherridon option agreement. HudBay advised Halo that it has not yet received the permits required to complete the first year of exploration commitments under the agreement. The extension was granted to provide HudBay with additional time to secure the required permits and commence exploration of a number of promising targets.

Under this agreement, HudBay proposes to test for a mineable copper-zinc deposit focusing on two areas adjacent to the historic East and West Sherridon Mines. The proposed $1.5 million exploration program was originally planned to commence in the fall of 2012 but this amendment to the option agreement allows HudBay to defer the commencement of drilling to the winter months of 2013 and minimize potential environmental impact.

ON BEHALF OF THE BOARD OF DIRECTORS

Marc Cernovitch, President & CEO


Das ist wohl wieder mal ein gefundenes fressen für Achim:cry:
Lohn wohl erst wieder Anfang 2014 zu investieren...:rolleyes:
Tägliche Bohrung und man findet in X Jahren etwas, ist das Motto der Explorer. Der sehr lange Atem bis zu unseren Enkeln ist in dem Business nötig.
0,0130

-61,76 %
-0,021
Frankfurt (EUR), 16.11.12 | 07:28

Watt is denn da los??
Antwort auf Beitrag Nr.: 43.833.878 von Schwizzer am 16.11.12 18:27:33Komm schon, das ist ein Taxkurs aus Berlin, das ist Realitaet:

HLO 0.050 +0.015 +42.86%
hallo,

wo sind Kursbrecher und Co. und KZ von 16 € . Und der wo immer LLLLLLLOOOOOOOOOOOOOOOOOONNNNNNNNNNNG ist.
Background
This discussion and analysis of financial position and results of operation is prepared as at December 20, 2012 and should be read in conjunction with the audited financial statements for the years ended August 31, 2012 and 2011 of Halo Resources Ltd. (“Halo” or the “Company”). The Company adopted International Financial Reporting Standards (“IFRS”) and the following disclosure and associated financial statements are presented in accordance with IFRS. All comparative information provided is in accordance with IFRS. Except as otherwise disclosed, all dollar figures included therein and in the following management discussion and analysis (“MD&A”) are quoted in Canadian dollars. Additional information relevant to the Company’s activities, can be found on SEDAR at www.sedar.com .
Adoption of International Financial Reporting Standards (“IFRS”)
The Company’s financial statements and the financial data included in the MD&A have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee that are effective as at August 31, 2012, the date of the Company’s first annual reporting under IFRS. The adoption of IFRS does not impact the underlying economics of the Company’s operations.
These are the Company’s first annual financial statements prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). The Company has applied, First-Time Adoption of International Financial Reporting Standards (“IFRS 1”) on the transition from previous Canadian Generally Accepted Accounting Principles (“Canadian GAAP”) to IFRS and the impact of the transition is explained in Note 17 of the financial statements, including the effects of the transition to IFRS on the Company’s financial position, equity, comprehensive loss and cash flows.
Subject to the application of the transition elections described in Note 17 of the financial statements, the accounting policies applied in the financial statements, have been applied consistently to all periods presented, including the opening statement of financial position as at September 1, 2010 (the Company’s “Transition Date”), except where the Company applied certain exemptions upon transition to IFRS.
Comparative information in this MD&A has been restated to comply with IFRS requirements, unless otherwise indicated.
Company Overview
The Company is a resource exploration company currently engaged in the acquisition and exploration of precious and base metals with mineral interests located in Manitoba and Ontario, Canada. The Company has not earned any production revenue, nor found any proved reserves on any of its mineral interests.
The Company is a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The Company trades on the TSX Venture Exchange (“TSXV”) under the symbol “HLO” and on the Frankfurt Stock Exchange (“FSE”) under the symbol “HRLN”.
Forward Looking Statements
Certain information included in this discussion may constitute forward-looking statements. Forward-looking statements are based on current expectations and entail various risks and uncertainties. These risks and uncertainties could cause or contribute to actual results that are materially different than those expressed or implied. The Company disclaims any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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Exploration Projects
Sherridon VMS Property, Manitoba
The Sherridon VMS Property is located 65 kilometers northeast from the Hudson Bay Mining and Smelting Co. Ltd.’s (“HBMS”) mining/metallurgical complex which is linked by an all-weather 78 km road.
The Sherridon VMS Property includes the site of the former Sherritt Gordon Mines’ copper-zinc mine that operated from 1931 to 1951 and produced 7.7 million tonnes of copper-zinc ore with recovered grades of 2.46% copper and 0.8% zinc. The actual zinc grade is estimated at 3% zinc but zinc was only recovered from the East Mine from 1942 to 1946. The site is also serviced by a railroad, power line and the small community of Sherridon/Cold Lake.
The Company updated inferred and indicated resources for four deposits (Cold, Lost, Bob and Jungle) in November 2010 (see below) and continues to advance exploration targets throughout the district.
On December 22, 2009, the Company concluded the signing of an option agreement with Hudson Bay Mining and Smelting Co., Limited (“HudBay”), a subsidiary of HudBay Minerals Inc. (TSX: HBM). The agreement allows HudBay to earn up to a 67.5% joint venture interest in 112 hectares that host the Cold and Lost mineralization.
In order to exercise the option to earn a 51% interest, HudBay was required to make cash payments totalling $800,000 and fund exploration programs totalling at least $1.35 million. In December 2011 HudBay earned its initial 51% interest by making the final cash payment of $400,000 and confirming that it had met the $1.35 million of expenditures.
Halo and HudBay will now proceed to form a joint venture, with HudBay as the operator. HudBay can increase its interest to 67.5% by making a total of $4.5 million in cash payments prior to commencement of commercial production. No work on the Cold-Lost joint venture ground is anticipated in 2013.
Halo has the right to reacquire HudBay’s interest by partially reimbursing HudBay’s total expenditures, or granting to HudBay a 1% net smelter return royalty (“NSR”), if the feasibility study and application for permitting are not completed by December 22, 2013.
On October 17, 2011, as amended October 9, 2012, the Company entered into an option agreement with HudBay for the western half of Halo’s Sherridon project in Manitoba. To earn an initial 51% interest, HudBay must make cash payments of $1.6 million and complete $5 million in exploration over three years. To increase its interest to 75%, HudBay must complete a feasibility study and make cash payment of $1.75 million by October 17, 2017. If a production decision is made, HudBay will finance Halo’s proportionate share of development costs which would be repaid from Halo’s share of revenues.
In addition, HudBay transferred its Park property claims to Halo and cancelled its 2% NSR at the Jungle property. In total the newly defined Sherridon West property will encompass 9,927 hectares and enclose, but do not include, the Cold-Lost joint venture ground.
HudBay, as operator of the West Sherridon project has proposed a work program of $2.2 million, including 6,500 meters of drilling which was expected to commence in May 2012. The work permit from the Manitoba government to allow drilling to commence is pending and some of the planned work will be delayed until winter of 2013 to minimize environmental impact. The main targets will be at the past-producing East and West Mines at depth. HudBay advised Halo that it has completed a ground geophysical survey, to test a major late-time response electromagnetic end-of-hole anomaly located at depth between the Bob and Cold-Lost deposits, and that the results are pending. The ground geophysical survey was planned to better define the source of the end-of-hole anomaly and serve as the basis for diamond drill testing. The occurrence of a major late-time response EM anomaly located in the known prospective stratigraphy between the Bob and Lost deposits, and in the vicinity of 2008 Halo drill results of up to 2.4% copper over 2.4 meters, is highly encouraging.
Halo retains its 100% interest in the eastern portion of the Sherridon property, which is now referred to as the Sherridon East property, and totals 11,175 hectares hosting high-quality gold and base metal grassroots exploration targets.
- 3 -
Halo recently renegotiated option agreements for the non-contiguous Weldon and Drew claims that are located west of the Sherridon area and now hold a 100% interest in both properties.
NI43-101 Compliant Resource Estimate
As announced in a press release dated November 4, 2010, the Mineral Resources for the Cold, Lost, Bob Lake and Jungle Lake copper-zinc deposits at Halo’s Sherridon VMS Property, Manitoba were revised to include 6.5 million tonnes grading 0.85% copper and 1.22% zinc as Indicated Resources and an additional 15.9 million tonnes grading 0.68% copper and 0.84 % zinc as Inferred Resources with precious metal credits. At least 75% of the material in both categories is contained within potentially economic open pits (within 200 meters of surface). The revised resource estimate represents an almost 30% increase in contained copper and zinc in both the inferred and indicated resource categories relative to the 2008 NI43-101 estimate.
The Mineral Resources are reported in accordance with Canadian National Instrument 43-101 (“NI43-101”) and have been estimated in conformity with the generally accepted Estimation of Mineral Resource and Mineral Reserves Best Practices guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). Additional details are included in the November 4, 2010 press release. The resource estimates reported in this press release were produced by Gary Giroux, P.Eng. MASc., a Qualified Person as defined by NI 43-101.
Halo Sherridon 2013 Work Program
Halo remains committed to mineral resource investigation and evaluation of its 100%-owned Sherridon East Property that covers 10,837 hectares, as well as the non-contiguous Weldon and Drew claims (723 hectares). The 2011 summer work program focused on gold prospects north of Auriga Resource’s Puffy Lake/Maverick gold project. As reported in a press release November 9, 2011, 20 samples collected from three closely-spaced pits reported, on average, greater than 10 g/t gold and up to 16.4 g/t gold. The samples are located along a north-south striking feature that is prominent on airborne magnetic surveys and shows continuity of more than 1,600 meters to the south. An outcrop located 1,600 meters to the south of the three above-mentioned pits was sampled and returned values up to 3.5 g/t gold. Overburden cover prevented systematic sampling of the formation along the projected 1,600 meter strike length.
Work planned for the Quarter Moon Lake gold prospect to assess the gold potential of the Sherridon East Property has been deferred to Q3 2013. Permits are still pending for the work required to keep the Hayhurst mineral claims in good standing and this work has also been deferred until 2013.
During fiscal 2012 the Company carried out an impairment test on the Sherridon VMS Property and an impairment provision of $6,705,198 was made.
Red Lake District, Ontario
The West Red Lake Property is located about 32 km west of the prolific Campbell and Red Lake Mines in the Red Lake Camp that has produced 20 million ounces of gold within the Red Lake greenstone belt. The property, located in Ball Township, Ontario, covers widespread gold mineralization from surface showings and hosts several small gold deposits. Previously, several companies, including Hemlo Gold Mines Ltd., Goldcorp Inc. (“Goldcorp”), Cochenour-Williams Gold Mines Ltd, Dumont Nickel and May-Spiers Gold Mines Ltd. have carried out intermittent exploration in this area since 1935 and the property is now consolidated into a larger package of contiguous claims.
In May 2011, Halo acquired an interest in the Middle Bay, Pipestone Bay and Biron Bay properties (collectively the “West Red Lake Property”) from Red Lake Mines Ltd. (“RLGMP”) a subsidiary of Goldcorp. Halo holds a 60% interest in 67 unpatented mining claims, a 45% interest in two mining claims, and a 30% interest in ten patented mining claims. The Company issued 100,000 common shares of its share capital to Goldcorp to complete the transaction.
In February 2011, Halo signed a joint venture agreement with Aurcrest Resources with respect to the 9 claim units (144 hectares) referred to as the Bridget Lake claims. Halo holds a 65% interest in the Bridget Lake claims which are contiguous with the RLGMP joint venture property package. RLGMP has acquired a 40% interest in Halo’s interest in the Bridget Lake claims.
In April 2011 Halo staked 7 new claims, covering a total of 642 hectares, which have been recorded as being held 60% by Halo and 40% by RLGMP. The claims cover an area of sheared felsic volcanics, which also host the 1930’s-era
- 4 -
Miles Red Lake and May-Spiers Gold Mine. The total West Red Lake land package was increased by 20 percent to a total of 4,394 ha.
Between 2008 and January 2011, Halo completed 31 core holes, for a total of 5,520 meters at a number of widely spaced targets. Numerous narrow intervals, anomalous with respect to gold and often associated with sulphides have been intersected, such as mineralized quartz-carbonate veins with grades between 3.4 and 9.4 g/t gold, generally less than 1m in width, for three out of five holes of the 2008 drill program. Most of the better intersections were reported within an east-west trending chemical sedimentary unit, with a strike length of several kilometres, which is the Company’s current focus. In 2011, the highest grade intersection reported was 18.8 g/t gold over 0.8 meters, in hole NGI 10-31, north of Galena Island. Other holes intersected broad zones anomalous in gold.
In 2009, Halo intersected 7.1 g/t gold over 5.8 meters (Hole RL08-009 drilled from Bridget Lake) located between two exposed zones of visible gold mineralization associated with narrow quartz veins on the shores of Bridget Lake. Previous operators had identified a series of high-grade gold veins west of the lake and Halo reported surface channel samples with up to 161 g/t (4.7 ounces per ton gold) over 1.1 m length along a quartz vein selvedge.
In February 2012, Halo completed two diamond drill holes totaling 380 m west of Bridget Lake. Hole B12-037 was drilled to intersect off-sets observed in geophysical surveys below Bridget Lake. Mineralization was associated with structures, disseminated pyrite and the one narrow occurrence of banded iron formation (“BIF”) within a package of sediments. Five samples, approximately one-meter long, assayed between 0.335 to 0.948 g/t gold with an additional 4 m zone at 117 m downhole that assayed 0.834 g/t gold.
BL12-038 was only drilled to 50 m when it was abruptly halted due to an early thaw. The hole was intended to test for additional north-south trending high-grade quartz veins similar to those identified east of the hole at surface. At 27.3 m, an interval of 5.8 m grading 0.404 g/t Au was intersected. The intersection is hosted by sulphide iron formation in contact with dolostone and associated with disseminated pyrite. A second interval of 1.77 m at 42 m down hole, assayed 0.381 g/t gold.
The two zones of anomalous gold values encountered in BL12-038 warrant further investigation as similar elevated gold values were associated with high-grade gold values in quartz veins that intersected BIF in surface trenches. Drilling has not proven to be the best method for intersecting these relatively narrow zones of mineralization. Instead, mechanical trenching or stripping of the banded iron formation in this area is recommended, followed by geological mapping and channel sampling. The main objective of the proposed program will be to determine if there are a sufficient density of gold-bearing quartz veins intersecting the BIF to be of economic interest, with similar gold grades as those encountered from north-south trending quartz veins identified by previous operators. The outcome of this program will determine whether additional drilling, potentially at greater depths, is warranted below Bridget Lake.
At Pancake Bay, 1.5 km west of Bridget Lake, a sinistral offset of roughly 150 meters is observed between one side of the bay and the other. This offset is likely due to a fault that also appears to be expressed by a geophysical anomaly. Five stratigraphic holes were drilled for a total of 1,295 m to establish the breadth and extent of the alteration suggested by the geophysical anomaly. Additional planned holes were not completed due to unexpected warm weather in March.
A total of sixteen separate intervals of anomalous gold concentrations were intersected in holes PB12-032, PB12-033 and PB12-035. These intervals include two mineralized zones in hole PB12-032 of 11 m with composite gold grades of 0.22 to 0.24 g/t Au respectively. The anomalous gold grades at Pancake Bay are encouraging and additional drilling to test the projected fault zone is planned.
Final expenditures for the program were less than the projected $1 million since only 1,692 m of drilling was completed due to unseasonably warm weather. The drill program costs are shared 60:40 as to Halo and RLGMP for 1,310 m of drilling at Pancake Bay and Halo’s portion of the costs for drilling 382 m at Bridget Lake is 39%, with the remainder shared between RLGMP and Tribute Minerals Corp.
During fiscal 2012 the Company carried out an impairment test on the West Red Lake Property and an impairment provision of $3,291,487 was made.
- 5 -
Duport Property, Ontario
The Company originally acquired a 100% interest in the Duport Property in February 2005 from the Sheridan Platinum Group (“Sheridan”). Everton Resources Inc. (TSXV:EVR, Frankfurt: ERV) (“Everton”), through its wholly-owned subsidiary Hays Lake, had earned an interest in the Duport Property in 2010 but failed to meet the required option payments.
As a result of the decision by Hays Lake to terminate its option, the Company has determined to relinquish its entire interest in the Duport Property to Sheridan in accordance with the agreements. The Company has conducted an impairment test to write-down the Duport Property to its recoverable amount of $8,000,000, which is the redemption value of the redeemable preferred shares, and an impairment provision of $4,016,422 was recorded.
Bachelor Lake, Quebec
Halo previously held a 1% NSR in several Val D’Or, Quebec properties 100% owned by Metanor Resources Inc. (the “Bachelor Lake Properties”).
Pursuant to an agreement dated March 31, 2011 between the Company and Gold Royalties Corporation (“GRC”) the Company sold its 1% NSR in the Bachelor Lake Property, located in Quebec, to GRC for a purchase price of $1.2 million. GRC had also agreed to pay the Company 40% of the value of any NSR payments (the “Residual NSR”) paid for more than 200,000 ounces of gold or gold equivalent, less normal commercial charges. On March 22, 2012 GRC paid $300,000 to the Company to purchase the Residual NSR.
Exploration Plans for 2013
In light of recent changes in global financial markets, management is actively reviewing exploration plans for its existing properties in conjunction with the evaluation of alternative exploration opportunities. As a result of this consideration, the Company feels that it is prudent to write down the book value of its exploration properties where considered necessary.
Future exploration activities by the Company in the Sherridon area are largely dependent upon the success of exploration work soon to be undertaken by HudBay under its option agreement with Halo. The successful discovery of new deposits at Sherridon West would provide the necessary stimulus to evaluate similar exploration targets within Sherridon East. Pending the successful outcome of Sherridon West exploration, the Company expects to write-down the value of the Sherridon properties.
Current market conditions and alternative exploration opportunities has also prompted the Company to initiate discussions with Goldcorp to solicit its interest in acquiring ownership and operating control of the West Red Lake Property. Pending the outcome of these discussions, the Company has deferred previously planned 2012 exploration activities until 2013.
During 2012 the Company has considered numerous alternate exploration opportunities including advanced stage copper and gold projects within Canada and also in Latin America and Africa. The Company is currently considering potential involvement in a high grade copper project in Chile.
- 6 -
Selected Financial Data
The following selected financial information is derived from the audited annual financial statements of the Company. All comparative figures have been revised for the adoption of IFRS.
Years Ended August 31,
2012
$
2011
$
2010
$
Operations:
Expenses
(729,502)
(1,654,796)
(1,094,206)
Interest income and other
27,973
18,852
55,674
Gain on sale of NSR interest
300,000
1,200,000
Nil
Gain on sale of investments
Nil
Nil
235,128
Gain on sale of property, plant and equipment
118,529
Nil
Nil
Write-down of exploration and evaluation assets
(14,013,107)
Nil
(226,189)
Future income tax recovery (expense)
1,653,700
56,200
2,138,280
Net (loss) income
(12,642,407)
(379,744)
1,108,687
Basic and diluted (loss) income per share
(0.44)
(0.01)
0.07
Dividends per share
Nil
Nil
Nil
Balance Sheet:
Working capital (deficiency)
2,669,779
2,693,855
(39,362)
Total assets
18,811,135
33,286,178
28,074,416
Total long-term liabilities
8,000,000
9,653,700
9,709,900
The following selected financial information is derived from the unaudited condensed interim financial statements of the Company. See “Adoption of International Financial Reporting Standards (“IFRS”)” in this MD&A.
Fiscal 2012
Fiscal 2011
Three Month Periods Ending
Aug 31/12
$
May 31/12
$
Feb 29/12
$
Nov 30/11
$
Aug 31/11
$
May 31/11
$
Feb 28/11
$
Nov 30/10
$
Operations:
Expenses
(137,413)
(122,730)
(199,463)
(269,896)
(191,118)
(259,727)
(713,379)
(490,572)
Interest and other income
(3,212)
19,285
6,000
5,900
7,377
10,233
Nil
1,242
Gain on sale of NSR interest
Nil
300,000
Nil
Nil
Nil
1,200,000
Nil
Nil
Gain on sale of property, plant
and equipment
Nil
Nil
112,979
5,550
Nil
Nil
Nil
Nil
Write-down of exploration and
evaluation assets
(9,800,569)
(4,212,538)
Nil
Nil
Nil
Nil
Nil
Nil
Future income tax recovery
(expense)
801,500
686,400
93,300
72,500
206,200
(246,000)
128,000
(32,000)
Net income (loss) before
comprehensive item
(9,139,694)
(3,329,583)
12,816
(185,946)
22,459
704,506
(585,379)
(521,330)
Comprehensive item
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Net income (loss)
(9,139,694)
(3,329,583)
12,816
(185,946)
22,459
704,506
(585,379)
(521,330)
Basic and diluted
income (loss) per share
(0.32)
(0.11)
0.00
(0.01)
0.00
0.02
(0.02)
(0.03)
Dividends per share
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Balance Sheet:
Working capital (deficiency)
2,669,779
2,951,170
2,803,957
2,748,752
2,693,855
3,218,000
2,825,055
(674,064)
Total assets
18,811,135
28,852,390
33,113,891
33,006,465
33,286,178
33,388,398
32,394,775
28,752,324
Redeemable preferred shares
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
Deferred income tax liability
Nil
801,500
1,487,900
1,581,200
1,653,700
1,859,900
1,613,900
1,741,900
Results of Operations
Three Months Ended August 31, 2012 Compared to Three Months Ended August 31, 2011
During the three months ended August 31, 2012 (the “2012 Quarter”) the Company reported a net loss of $9,139,694 ($0.32 per share), compared to a net income of $22,459 ($0.00 per share) for the three months ended August 31, 2011 (the “2011 Quarter”), an increase in loss of $9,162,153. The fluctuation was primarily attributed to the following items:
- 7 -
(i) the Company recorded a further impairment provision of $9,800,569 relating to its exploration and evaluation assets during the 2012 Quarter. See “Exploration Projects”;
(ii) a $595,300 increase in future income tax recovery, from $206,200 for the 2011 Quarter to $801,500 for the 2012 Quarter; and
(iii) during the 2012 Quarter the Company recorded $131,911 for general and administrative costs, a decrease of $47,059 from $178,970 incurred during the 2011 Quarter. The significant decrease was attributed to a $36,393 decrease in compensation and benefits and $14,819 decrease in investor relations and shareholder communications.
Year Ended August 31, 2012 Compared to Year Ended August 31, 2011
During fiscal 2012 the Company recorded a net loss of $12,642,407 ($0.44 per share) compared to a net loss of $379,744 ($0.01 per share) for fiscal 2011 an increase in loss of $12,262,663. The fluctuation was mainly attributed to the following items:
(i) during fiscal 2012 the Company recorded impairment provisions totalling $14,013,107 reflecting impairment charges on all of the Company’s exploration and evaluation assets, which included $6,705,198 on the Sherridon VMS Project, $3,291,487 on the Red Lake Property, and $4,016,422 on the Duport Property. During fiscal 2011 the Company did not have any impairment of exploration and evaluation assets. See “Exploration Projects”; and
(ii) the Company recorded interest and other income of $27,973 for fiscal 2012 compared to $18,852 for fiscal 2011. In March 2011 the Company negotiated the sale of its 1% NSR interest in the Bachelor Lake Property for $1,200,000 cash. The Company retained a 40% residual interest in any NSR payments paid for more than 200,000 ounces of gold. In March 2012 the Company sold the residual interest for $300,000 cash.
The increase in loss in fiscal 2012 was partially offset by the following items:
(i) a $1,597,500 increase in deferred income tax recovery, from $56,200 deferred income tax recovery reported in fiscal 2011 to $1,653,700 deferred income tax recovery in fiscal 2012;
(ii) during fiscal 2012 the Company recorded a $118,529 gain on sale of an accommodation camp unit and office furniture and equipment. During fiscal 2011 the Company did not dispose of any plant and equipment; and
(iii) during fiscal 2011 the Company granted 1,936,000 share options to its employees, directors and consultants and recorded compensation expense of $555,793. No options were granted in fiscal 2012. During fiscal 2012 the Company recorded compensation expense of $39 (2011 - $4,470) on the vesting of share options previously granted.
General and administrative costs decreased from $1,053,982 in fiscal 2011 to $701,065 in fiscal 2012, as follows:
2012
$
2011
$
Accounting and administration
96,150
96,200
Advertising
1,382
21,051
Compensation and benefits
43,750
157,115
Consulting and professional fees
186,113
229,401
Directors’ fees
25,750
9,000
Filing fees and transfer agent
17,337
37,595
Foreign exchange loss (gain)
802
(898)
Insurance
28,026
25,110
Investment conferences
9,394
39,184
Investor relations and shareholder communications
36,805
125,616
Legal and audit
146,304
213,921
Office and general
7,314
17,928
Office rent and operating costs
44,532
30,111
Printing
1,775
2,819
- 8 -
2012
$
2011
$
Telephone
6,855
21,043
Travel and related costs
48,291
27,735
Website and internet costs
485
1,051
701,065
1,053,982
The decrease in fiscal 2012 reflected reduced levels of activities and the closure of the Flin Flon office in December 2011.
Significant general and administrative expenditures incurred during fiscal 2012 include: $105,263 (2011 - $172,965) for legal costs incurred primarily for general legal advice on amendments to various property agreements and general corporate activities; $41,041 (2011 - $40,956) for independent audit costs; $96,150 (2011 - $96,200) for accounting and administration; and $186,113 (2011 - $229,401) for consulting and professional costs.
During fiscal 2012 the Company incurred $186,113 (2011 - $229,401) for consulting and professional services, of which $127,935 (2011 - $188,469) was billed by private companies owned by certain directors of the Company and $58,178 (2011 - $40,932) was billed by various parties for corporate advisory services.
During fiscal 2012 accounting and administration expenses of $96,150 (2011 - $96,200) was billed by Chase Management Ltd. (“Chase”), a private company owned by Nick DeMare, a director and the CFO of the Company for bookkeeping, accounting, administration and corporate filing services provided by Chase personnel.
During fiscal 2012 the Company recorded a total of $43,750 (2011 - $185,000) for compensation to Lynda Bloom, the former President of the Company. Of the compensation charged, $nil (2011 - $35,940) was capitalized to unproven mineral interests and $43,750 (2011 - $149,060) was expensed.
During fiscal 2012 the Company incurred $36,805 for investor relations and shareholder communication costs, a decrease of $88,811 from $125,616 incurred during fiscal 2011. During fiscal 2012 the Company engaged one firm to provide investor relations services and incurred $20,694. During fiscal 2011 the Company had three firms provide investor relations services and incurred $82,473. See also “Investor Relations and Corporate Development”.
During fiscal 2012 the Company incurred a total of $347,925 (2011 - $1,444,908) on the Sherridon Project, $820,766 (2011 - $1,013,085) on the Red Lake District and $9,916 (2011 - $4,264) on the Duport Property for exploration costs. In October 2011 the Company received a $400,000 option payment from HudBay pursuant to the West Sherridon Option agreement. In December 2011 the Company also received a further $400,000 option payment from HudBay pursuant to the option agreement on the Cold and Lost claims. HudBay also paid the Company $48,262 for its short-fall on its exploration requirement on the Cold and Lost claims. The Company also received a $550,498 exploration expenditure recovery on the Bridget Lake Property. See “Exploration Projects” for detailed descriptions of exploration activities.
In August 2012 the Company advanced $101,200 to QRS Capital Corp. (“QRS”) as a partial payment of a private placement of common shares of QRS. In October 2012 the Company completed a purchase of 1,000,000 units in the capital of QRS, at $0.20 per unit, for $200,000. Each unit was comprised of one common share of QRS and one-half of one warrant, with each full warrant entitling the Company to purchase an additional common share of QRS at an exercise price of $0.40 per share, expiring October 14, 2014.
During fiscal 2011 the Company completed private placements of 11,440,000 units for total gross proceeds of $5,302,000 and issued 125,600 common shares for warrants exercised for $43,960. No financings were conducted by the Company during fiscal 2012.
Financial Condition / Capital Resources
The Company’s practice is to proceed with staged exploration, where each stage is dependent on the successful results of the preceding stage. To date the Company has not received any revenues from its mining activities and has relied on equity financing to fund its commitments and discharge its liabilities as they come due.
- 9 -
At August 31, 2012 the Company had working capital of $2,669,779, had not yet achieved profitable operations, has a deficit of $41,803,162 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company will require additional financing in order to conduct its planned work programs on its mineral interests, meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. There can be no assurance that it will be able to do so. If such funds cannot be secured, the Company may be forced to curtail additional exploration efforts to a level for which funding can be secured.
Off-Balance Sheet Arrangements
The Company has no off-balance sheet arrangements.
Proposed Transactions
The Company has no proposed transactions.
Critical Accounting Estimates
The preparation of these financial statements requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. These financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Changes in Accounting Policies
IFRS Implementation - Changes in Accounting Policies Including Initial Adoption
The Canadian Accounting Standards Board established 2011 as the year that Canadian companies’ financial reporting requirements should comply with IFRS. Accordingly, the Company has commenced reporting on an IFRS basis in the current financial statements. The transition date, September 1, 2010, has required the restatement for comparative purposes of amounts reported by the Company for the year ended August 31, 2011.
The Company has completed its internal review of the impact of the adoption of IFRS. This review considered potential differences between applicable IFRS policies and those currently used by the Company. Accounting policy changes were made due to IFRS in the areas of exploration and evaluation assets, impairment testing, property, plant and equipment, provision for site restorations, and share-based compensation. Available elections under IFRS minimized the impact of these changes such that the financial reporting impact of the transition to IFRS is not material to the Company’s financial results. The impact of the changes to IFRS is detailed in Note 17 to the annual financial statements and none of these are considered material.
Accounting Standards and Interpretations Issued but Not Yet Adopted
The following accounting standards, amendments and interpretations have been issued but are not effective until annual periods beginning after January 1, 2012, unless otherwise indicated, early application is permitted. As at the date of these financial statements, the following standards, amendments and interpretations have not been applied in these financial statements.
(i) IFRS 9 Financial Instruments (New; to replace IAS 39); effective for annual periods beginning on or after January 1, 2015.
(ii) IFRS 10 Consolidated Financial Statements; effective for annual periods beginning on or after January 1, 2013. Early application is permitted. IFRS 10 establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. IFRS 10 supersedes IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidated - Special Purpose Entities.
- 10 -
(iii) IFRS 11 Joint Arrangements; effective for annual periods beginning on or after January 1, 2013. Early application is permitted. IFRS 11 establishes principles for financial reporting by parties to a joint arrangement. IFRS supersedes the current IAS 31 Interest in Joint Ventures and SIC-13 Jointly Controlled Entities - Non-Monetary Contributions by Ventures.
(iv) IFRS 12 Disclosure of Interest in Other Entities; effective for annual periods beginning on or after January 1, 2013. Early application is permitted. IFRS 12 applies to entities that have an interest in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity.
(v) IFRS 13 Fair Value Measurements; to be applied for annual periods beginning on or after January 1, 2013. Early application is permitted. IFRS 13 defines fair value, sets out in a single IFRS framework for measuring fair value and requires disclosures about fair value measurements. IFRS 13 applies to IFRSs that require or permit fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements).
(vi) IAS 12 Income Taxes, Amendments Regarding Deferred Tax: Recovery of Underlying Assets; effective for annual periods beginning on or after January 1, 2012.
Management is currently assessing the impact of these new standards on the Company’s accounting policies and financial statement presentation.
Transactions with Related Parties
A number of key management personnel, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. Certain of these entities transacted with the Company during the reporting period.
(a) Transactions with Key Management Personnel
During fiscal 2012 and 2011 the following amounts were incurred with respect to the Company’s President and Chief Executive Officer, Chief Financial Officer (“CFO”) and Chief Operating Officer:
2012
$
2011
$
Professional fees
181,600
333,500
Accounting and administration
96,150
96,200
Share-based compensation
-
186,002
277,750
615,702
The accounting and administration expense was paid to Chase Management Ltd. (“Chase”), a private corporation owned by the CFO of the Company, for services provided by Chase personnel.
As at August 31, 2012, $16,900 (2011 - $20,200) remained unpaid and has been included in accounts payable and accrued liabilities.
(b) Transactions with Other Related Parties
During fiscal 2012 and 2011 the following amounts were incurred with respect to other officers and former and current directors:
2012
$
2011
$
Salaries
43,750
185,000
Professional fees
102,000
23,500
Share-based compensation
-
226,730
145,750
435,230
- 11 -
As at August 31, 2012, $13,250 (2011 - $25,500) remained unpaid and has been included in accounts payable and accrued liabilities.
(c) During fiscal 2011 the Company completed a brokered private placement of 2,600,000 units and a non-brokered private placement of 6,400,000 units at a price of $0.50 per unit for total gross proceeds of $4,500,000. Directors and officers of the Company and the spouse of a director purchased 212,500 units for $106,250.
Risks and Uncertainties
The Company competes with other mining companies, some of which have greater financial resources and technical facilities, for the acquisition of mineral concessions, claims and other interests, as well as for the recruitment and retention of qualified employees.
The Company is in compliance in all material regulations applicable to its exploration activities. Existing and possible future environmental legislation, regulations and actions could cause additional expense, capital expenditures, restrictions and delays in the activities of the Company, the extent of which cannot be predicted. Before production can commence on any properties, the Company must obtain regulatory and environmental approvals. There is no assurance that such approvals can be obtained on a timely basis or at all. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations.
Investor Relations and Corporate Development
During fiscal 2012 the Company incurred $36,805 (2011 - $125,616) for investor relations and shareholder communications costs.
On February 4, 2011, the Company entered into an agreement with Deutsche Investor Relations GmbH (“DIRG”) in Germany to provide investor relations and marketing services for the Company for a remuneration of Euro 2,500 per month. During fiscal 2012, the Company was billed $20,694 (Euro 15,000) by DIRG.
The Company maintains a web site at www.halores.com.
Outstanding Share Data
The Company’s authorized share capital is unlimited common shares without par value. As at December 20, 2012, there were 29,004,283 issued and outstanding common shares, 1,886,000 stock options outstanding, at exercise prices ranging from $0.45 to $1.00 per share, 4,820,000 warrants outstanding, with exercise prices ranging from $0.35 to $0.70 per share and compensation warrants to purchase 425,200 units at an exercise price of $0.50 per unit
Puh das ist schwierig gerade bei Halo. Normalerweise müsste der Kurs um einiges höher sein.

2,6 Mill Cash
Großes bohrprogramm 2013 auf sherridon wobei hudbay alles zahlt
Red lake sollte man einfach die Beteiligung auflösen wie bei dupert Gold
Neues Projekt in Chile sollte nächstes Jahr gekauft werden
die einzige Hoffnung ist hudbay und hoffen das die Partnerschaft noch länger dauert und nicht aufgelöst wird. Vl schaffen sie sogar ein direct Shipping oder eine eigene Mine wie Vms.
Hoffen wir auf gute bohrergebnisse im Jahr 2013 und wenn ich richtig gelesen habe sollte auch in die Tiefe gebohrt werden( tiefer als 200m)

Aber wahrscheinlich sehen wir nächstes Jahr um die gleiche zeit Kurse um die 0,010 Cent sowie wie ich Halo leider einschätze
Kann sonst wär was interessantes rauslesen.

Lg
Antwort auf Beitrag Nr.: 43.954.376 von Robert023 am 21.12.12 19:26:33Danke Dir, habe eh nur noch 10.000, zum Glueck, die kann ich aber locker haengenlassen, sind eh fuer Umme, sie haben auf jeden Fall noch einige Moeglichkeiten, mal schauen naechstes Jahr, kaufen werde ich aber auch nicht mehr...
RESULTS OF ANNUAL GENERAL MEETING
Toronto, Ontario, November 28, 2011 – Halo Resources Ltd. (TSXV:HLO; FSE:HRLN) (“Halo” or the “Company”) is pleased to announce that at the Company's Annual General Meeting (the "Meeting") held November 10, 2011, Ms. Lynda Bloom and Messrs. Derek Cathcart, Marc Cernovitch, Nick DeMare, Tom Healy, William Lee, and Gary Ostry were elected as directors of the Company.
At a directors meeting held on November 23, 2011, Mr. Marc Cernovitch was appointed as President and CEO, Mr. Nick DeMare as CFO, Mr. Tom Healy as Chief Operating Officer and Mr. Harvey Lim as Corporate Secretary of the Company. Ms. Lynda Bloom has elected to focus on growth of her geochemical consulting company, Analytical Solutions Ltd., and as a result has not taken a manage ment position with the Company.
“I am pleased to have worked with the Halo team that brought the Sherridon VMS Property from an early-stage property consolidation play to an advanced project with significant copper-zinc resources”, says Lynda Bloom. “As a result we were able to attract HudBay Minerals as a senior partner as well as a significant company shareholder. HudBay holds options to make cash payments of $2.4 million and spend $6.35 million to earn 51% of the area hosting known resources. With HudBay Minerals as the operator in Manitoba, Halo can strategically evaluate opportunities elsewhere.”
The Board thanks Ms. Bloom for her efforts in growing the Company and wishes her well in her future endeavours. Ms. Bloom will be providing consulting services to the Company and remains a valued member of the Board.
All items put forth at the Meeting were approved by the shareholders including an ordinary resolution to ratify the Company's stock option plan, pursuant to which the Company may grant stock options up to 10% of the issued and outstanding common shares at the time of the grant.
ON BEHALF OF THE BOARD OF DIRECTORS
“Marc Cernovitch”
Marc Cernovitch Chairman
Antwort auf Beitrag Nr.: 43.955.746 von Robert023 am 22.12.12 11:48:04Schade nur, dass keinerlei Mails mehr beantwortet werden, das ist weit weg von shareholder value...
Name and address of the Offeror.
RBC Global Asset Management Inc.
200 Bay Street, 9th Floor, Royal Bank Plaza, South Tower
Toronto, Ontario, M5J 2J5
RBC Global Asset Management Inc. (the “Offeror”) is an indirect, wholly-owned
subsidiary of Royal Bank of Canada (“RBC”), 200 Bay Street, P.O. Box 1, Royal Bank
Plaza, Toronto, Ontario, M5J 2J5.
2. Name of reporting issuer with respect to which this report is filed.
Halo Resources Ltd. (the “Company”)
67 Yonge Street, Suite 1001
Toronto, ON
M5E 1J8
3. The net increase or decrease in the number or principal amount of securities, and in
the offeror’s securityholding percentage in the class of securities, since the last
report filed by the offeror.
Since the last report filed by the Offeror on December 10, 2011, there has been a net
decrease of 1,000,000 common shares of the Company (including securities convertible
into common shares) over which the Offeror has control or direction, representing a net
decrease of approximately 3.04% in the Offeror’s securityholding percentage.
4. The designation and number or principal amount of securities and the offeror's
securityholding percentage in the class of securities at the end of the month for
which the report is made.
As at December 31, 2012, the Offeror, on behalf of client accounts over which it has
discretionary trading authority, has control or direction over 2,600,000 common shares of
the Company (including securities convertible into common shares), representing
approximately 8.96% of the outstanding common shares of the Company (assuming the
conversion of any convertible securities into common shares).
5. The designation and number or principal amount of securities and the percentage of
outstanding securities referred to in paragraph 4 over which:
- 2 -
ALTERNATIVE MONTHLY REPORT – HALO RESOURCES LTD.
(i) the offeror, either alone or together with any joint actors, has ownership and
control,
None.
(ii) the offeror, either alone or together with any joint actors, has ownership but
control is held by other entities other than the offeror or any joint actor, and
None.
(iii) the offeror, either alone or together with any joint actors, has exclusive or
shared control but does not have ownership.
The Offeror exercises control or direction, but not ownership, over all of the
common shares of the Company referred to in paragraph 4 above on behalf of
client accounts over which it has discretionary trading authority.
6. The purpose of the offeror and any joint actors in acquiring or disposing of
ownership of, or control over, the securities including any future intention to
acquire ownership of, or control over, additional securities of the reporting issuer.
The Offeror acquired common shares of the Company in several transactions in the
ordinary course of business, for investment purposes only and not for the purpose of
exercising control or direction over the Company. The Offeror may from time to time,
on its own behalf or on behalf of client accounts, acquire additional common shares of
the Company, dispose of some or all of the existing or additional common shares or may
continue to hold the common shares.
7. The general nature and the material terms of any agreement, other than lending
arrangements, with respect to securities of the reporting issuer entered into by the
offeror, or any joint actor, and the issuer of the securities or any other entity in
connection with the transaction or occurrence giving rise to the news release,
including agreements with respect to the acquisition, holding, disposition or voting
of any of the securities.
Not applicable.
8. The names of any joint actors in connection with the disclosure required by this
form.
Not applicable. The Offeror is relying on Part 5 of NI 62-103 and accordingly, has not
included securities owned or controlled by other business units ultimately owned by
RBC.
- 3 -
ALTERNATIVE MONTHLY REPORT – HALO RESOURCES LTD.
9. In the case of a transaction or occurrence that did not take place on a stock
exchange or other market that represents a published market for the securities,
including an issuance from treasury, the nature and value of the consideration paid
by the offeror.
Not applicable.
10. If applicable, a description of any change in any material fact set out in a previous
report by the entity under the early warning requirements or Part 4 in respect of
the reporting issuer's securities.
Not applicable.
11. Statement that the eligible institutional investor is eligible to file reports under Part
4 of National Instrument 62-103 in respect of the reporting issuer.
The Offeror is eligible to file reports under Part 4 of National Instrument 62-103 in
respect of the Company.
The filing of this report is not an admission that an entity named in the report owns or
controls any described securities or is a joint actor with another named entity.
- 4 -
ALTERNATIVE MONTHLY REPORT – HALO RESOURCES LTD.
DATED at Toronto, Ontario this 10th day of January 2013.
RBC GLOBAL ASSET MANAGEMENT
INC.
Per: /s/ Frank Lippa
Name: Frank Lippa
Title: Chief Financial Officer and Chief
Operating Officer
HALLO,
ein aktuelles UPDATE von Halo.
Mehr Details auf Sedar.com abzurufen lg robert

Background


This discussion and analysis of financial position and results of operation is prepared as at January 25, 2013 and should be read in conjunction with the unaudited interim financial statements for the three months ended November 30, 2012 and 2011 of Halo Resources Ltd. (“Halo” or the “Company”). The Company has adopted International Financial Reporting Standards (“IFRS”) and the following disclosure and associated financial statements are presented in accordance with IFRS. Except as otherwise disclosed, all dollar figures included therein and in the following management discussion and analysis (“MD&A”) are quoted in Canadian dollars. Additional information relevant to the Company’s activities, can be found on SEDAR at www.sedar.com .


Company Overview


The Company is a resource exploration company currently engaged in the acquisition and exploration of precious and base metals with mineral interests located in Manitoba and Ontario, Canada. The Company has not earned any production revenue, nor found any proved reserves on any of its mineral interests.
The Company is a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The Company trades on the TSX Venture Exchange (“TSXV”) under the symbol “HLO” and on the Frankfurt Stock Exchange (“FSE”) under the symbol “HRLN”.
Forward Looking Statements
Certain information included in this discussion may constitute forward-looking statements. Forward-looking statements are based on current expectations and entail various risks and uncertainties. These risks and uncertainties could cause or contribute to actual results that are materially different than those expressed or implied. The Company disclaims any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


Exploration Projects

Sherridon VMS Property, Manitoba

The Sherridon VMS Property is located 65 kilometers northeast from the Hudson Bay Mining and Smelting Co. Ltd.’s (“HBMS”) mining/metallurgical complex which is linked by an all-weather 78 km road.
The Sherridon VMS Property includes the site of the former Sherritt Gordon Mines’ copper-zinc mine that operated from 1931 to 1951 and produced 7.7 million tonnes of copper-zinc ore with recovered grades of 2.46% copper and 0.8% zinc. The actual zinc grade is estimated at 3% zinc but zinc was only recovered from the East Mine from 1942 to 1946. The site is also serviced by a railroad, power line and the small community of Sherridon/Cold Lake.
The Company updated inferred and indicated resources for four deposits (Cold, Lost, Bob and Jungle) in November 2010 (see below) and continues to advance exploration targets throughout the district.
On December 22, 2009, the Company concluded the signing of an option agreement with Hudson Bay Mining and Smelting Co., Limited (“HudBay”), a subsidiary of HudBay Minerals Inc. (TSX: HBM). The agreement allows HudBay to earn up to a 67.5% joint venture interest in 112 hectares that host the Cold and Lost mineralization.
In order to exercise the option to earn a 51% interest, HudBay was required to make cash payments totalling $800,000 and fund exploration programs totalling at least $1.35 million. In December 2011 HudBay earned its initial 51% interest by making the final cash payment of $400,000 and confirming that it had met the $1.35 million of expenditures.
- 2 -
Halo and HudBay will now proceed to form a joint venture, with HudBay as the operator. HudBay can increase its interest to 67.5% by making a total of $4.5 million in cash payments prior to commencement of commercial production. No work on the Cold-Lost joint venture ground is anticipated in 2013.
Halo has the right to reacquire HudBay’s interest by partially reimbursing HudBay’s total expenditures, or granting to HudBay a 1% net smelter return royalty (“NSR”), if the feasibility study and application for permitting are not completed by December 22, 2013.
On October 17, 2011, as amended October 9, 2012, the Company entered into an option agreement with HudBay for the western half of Halo’s Sherridon project in Manitoba. To earn an initial 51% interest, HudBay must make cash payments of $1.6 million and complete $5 million in exploration over three years. To increase its interest to 75%, HudBay must complete a feasibility study and make cash payment of $1.75 million by October 17, 2017. If a production decision is made, HudBay will finance Halo’s proportionate share of development costs which would be repaid from Halo’s share of revenues.
In addition, HudBay transferred its Park property claims to Halo and cancelled its 2% NSR at the Jungle property. In total the newly defined Sherridon West property will encompass 9,927 hectares and enclose, but do not include, the Cold-Lost joint venture ground.
HudBay, as operator of the West Sherridon project has proposed a work program of $2.2 million, including 6,500 meters of drilling which was expected to commence in May 2012. The work permit from the Manitoba government to allow drilling to commence is pending and some of the planned work will be delayed until winter of 2013 to minimize environmental impact. The main targets will be at the past-producing East and West Mines at depth. HudBay advised Halo that it has completed a ground geophysical survey, to test a major late-time response electromagnetic end-of-hole anomaly located at depth between the Bob and Cold-Lost deposits, and that the results are pending. The ground geophysical survey was planned to better define the source of the end-of-hole anomaly and serve as the basis for diamond drill testing. The occurrence of a major late-time response EM anomaly located in the known prospective stratigraphy between the Bob and Lost deposits, and in the vicinity of 2008 Halo drill results of up to 2.4% copper over 2.4 meters, is highly encouraging.
Halo retains its 100% interest in the eastern portion of the Sherridon property, which is now referred to as the Sherridon East property, and totals 11,175 hectares hosting high-quality gold and base metal grassroots exploration targets.
Halo recently renegotiated option agreements for the non-contiguous Weldon and Drew claims that are located west of the Sherridon area and now hold a 100% interest in both properties.
NI43-101 Compliant Resource Estimate
As announced in a press release dated November 4, 2010, the Mineral Resources for the Cold, Lost, Bob Lake and Jungle Lake copper-zinc deposits at Halo’s Sherridon VMS Property, Manitoba were revised to include 6.5 million tonnes grading 0.85% copper and 1.22% zinc as Indicated Resources and an additional 15.9 million tonnes grading 0.68% copper and 0.84 % zinc as Inferred Resources with precious metal credits. At least 75% of the material in both categories is contained within potentially economic open pits (within 200 meters of surface). The revised resource estimate represents an almost 30% increase in contained copper and zinc in both the inferred and indicated resource categories relative to the 2008 NI43-101 estimate.
The Mineral Resources are reported in accordance with Canadian National Instrument 43-101 (“NI43-101”) and have been estimated in conformity with the generally accepted Estimation of Mineral Resource and Mineral Reserves Best Practices guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). Additional details are included in the November 4, 2010 press release. The resource estimates reported in this press release were produced by Gary Giroux, P.Eng. MASc., a Qualified Person as defined by NI 43-101.

Halo Sherridon 2013 Work Program

Halo remains committed to mineral resource investigation and evaluation of its 100%-owned Sherridon East Property that covers 10,837 hectares, as well as the non-contiguous Weldon and Drew claims (723 hectares). The 2011 summer work program focused on gold prospects north of Auriga Resource’s Puffy Lake/Maverick gold project. As reported in a press release November 9, 2011, 20 samples collected from three closely-spaced pits reported, on average, greater
than 10 g/t gold and up to 16.4 g/t gold. The samples are located along a north-south striking feature that is prominent on airborne magnetic surveys and shows continuity of more than 1,600 meters to the south. An outcrop located 1,600 meters to the south of the three above-mentioned pits was sampled and returned values up to 3.5 g/t gold. Overburden cover prevented systematic sampling of the formation along the projected 1,600 meter strike length.

Work planned for the Quarter Moon Lake gold prospect to assess the gold potential of the Sherridon East Property has been deferred to Q3 2013. Permits are still pending for the work required to keep the Hayhurst mineral claims in good standing and this work has also been deferred until 2013.

Red Lake District, Ontario

The West Red Lake Property is located about 32 km west of the prolific Campbell and Red Lake Mines in the Red Lake Camp that has produced 20 million ounces of gold within the Red Lake greenstone belt. The property, located in Ball Township, Ontario, covers widespread gold mineralization from surface showings and hosts several small gold deposits. Previously, several companies, including Hemlo Gold Mines Ltd., Goldcorp Inc. (“Goldcorp”), Cochenour-Williams Gold Mines Ltd, Dumont Nickel and May-Spiers Gold Mines Ltd. have carried out intermittent exploration in this area since 1935 and the property is now consolidated into a larger package of contiguous claims.

In May 2011, Halo acquired an interest in the Middle Bay, Pipestone Bay and Biron Bay properties (collectively the “West Red Lake Property”) from Red Lake Mines Ltd. (“RLGMP”) a subsidiary of Goldcorp. Halo holds a 60% interest in 67 unpatented mining claims, a 45% interest in two mining claims, and a 30% interest in ten patented mining claims. The Company issued 100,000 common shares of its share capital to Goldcorp to complete the transaction.
In February 2011, Halo signed a joint venture agreement with Aurcrest Resources with respect to the 9 claim units (144 hectares) referred to as the Bridget Lake claims. Halo holds a 65% interest in the Bridget Lake claims which are contiguous with the RLGMP joint venture property package. RLGMP has acquired a 40% interest in Halo’s interest in the Bridget Lake claims.

In April 2011 Halo staked 7 new claims, covering a total of 642 hectares, which have been recorded as being held 60% by Halo and 40% by RLGMP. The claims cover an area of sheared felsic volcanics, which also host the 1930’s-era Miles Red Lake and May-Spiers Gold Mine. The total West Red Lake land package was increased by 20 percent to a total of 4,394 ha.
Between 2008 and January 2011, Halo completed 31 core holes, for a total of 5,520 meters at a number of widely spaced targets. Numerous narrow intervals, anomalous with respect to gold and often associated with sulphides have been intersected, such as mineralized quartz-carbonate veins with grades between 3.4 and 9.4 g/t gold, generally less than 1m in width, for three out of five holes of the 2008 drill program. Most of the better intersections were reported within an east-west trending chemical sedimentary unit, with a strike length of several kilometres, which is the Company’s current focus. In 2011, the highest grade intersection reported was 18.8 g/t gold over 0.8 meters, in hole NGI 10-31, north of Galena Island. Other holes intersected broad zones anomalous in gold.
In 2009, Halo intersected 7.1 g/t gold over 5.8 meters (Hole RL08-009 drilled from Bridget Lake) located between two exposed zones of visible gold mineralization associated with narrow quartz veins on the shores of Bridget Lake. Previous operators had identified a series of high-grade gold veins west of the lake and Halo reported surface channel samples with up to 161 g/t (4.7 ounces per ton gold) over 1.1 m length along a quartz vein selvedge.
In February 2012, Halo completed two diamond drill holes totaling 380 m west of Bridget Lake. Hole B12-037 was drilled to intersect off-sets observed in geophysical surveys below Bridget Lake. Mineralization was associated with structures, disseminated pyrite and the one narrow occurrence of banded iron formation (“BIF”) within a package of sediments. Five samples, approximately one-meter long, assayed between 0.335 to 0.948 g/t gold with an additional 4 m zone at 117 m downhole that assayed 0.834 g/t gold.
BL12-038 was only drilled to 50 m when it was abruptly halted due to an early thaw. The hole was intended to test for additional north-south trending high-grade quartz veins similar to those identified east of the hole at surface. At 27.3 m, an interval of 5.8 m grading 0.404 g/t Au was intersected. The intersection is hosted by sulphide iron formation in contact with dolostone and associated with disseminated pyrite. A second interval of 1.77 m at 42 m down hole, assayed 0.381 g/t gold.

The two zones of anomalous gold values encountered in BL12-038 warrant further investigation as similar elevated gold values were associated with high-grade gold values in quartz veins that intersected BIF in surface trenches. Drilling has not proven to be the best method for intersecting these relatively narrow zones of mineralization. Instead, mechanical trenching or stripping of the banded iron formation in this area is recommended, followed by geological mapping and channel sampling. The main objective of the proposed program will be to determine if there are a sufficient density of gold-bearing quartz veins intersecting the BIF to be of economic interest, with similar gold grades as those encountered from north-south trending quartz veins identified by previous operators. The outcome of this program will determine whether additional drilling, potentially at greater depths, is warranted below Bridget Lake.
At Pancake Bay, 1.5 km west of Bridget Lake, a sinistral offset of roughly 150 meters is observed between one side of the bay and the other. This offset is likely due to a fault that also appears to be expressed by a geophysical anomaly. Five stratigraphic holes were drilled for a total of 1,295 m to establish the breadth and extent of the alteration suggested by the geophysical anomaly. Additional planned holes were not completed due to unexpected warm weather in March.
A total of sixteen separate intervals of anomalous gold concentrations were intersected in holes PB12-032, PB12-033 and PB12-035. These intervals include two mineralized zones in hole PB12-032 of 11 m with composite gold grades of 0.22 to 0.24 g/t Au respectively. The anomalous gold grades at Pancake Bay are encouraging and additional drilling to test the projected fault zone is planned.
Final expenditures for the program were less than the projected $1 million since only 1,692 m of drilling was completed due to unseasonably warm weather. The drill program costs are shared 60:40 as to Halo and RLGMP for 1,310 m of drilling at Pancake Bay and Halo’s portion of the costs for drilling 382 m at Bridget Lake is 39%, with the remainder shared between RLGMP and Tribute Minerals Corp.

Duport Property, Ontario

The Company originally acquired a 100% interest in the Duport Property in February 2005 from the Sheridan Platinum Group (“Sheridan”). Everton Resources Inc. (TSXV:EVR, Frankfurt: ERV) (“Everton”), through its wholly-owned subsidiary Hays Lake, had earned an interest in the Duport Property in 2010 but failed to meet the required option payments.
As a result of the decision by Hays Lake to terminate its option, the Company determined to relinquish its entire interest in the Duport Property to Sheridan in accordance with the agreements. During fiscal 2012 the Company conducted an impairment test to write-down the Duport Property to its recoverable amount of $8,000,000, which is the redemption value of the redeemable preferred shares, and an impairment provision of $4,016,422 was recorded.


Exploration Plans for 2013


Future exploration activities by the Company in the Sherridon area are largely dependent upon the success of exploration work soon to be undertaken by HudBay under its option agreement with Halo.

The successful discovery of new deposits at Sherridon West would provide the necessary stimulus to evaluate similar exploration targets within Sherridon East. Pending the successful outcome of Sherridon West exploration, the Company expects to write-down the value of the Sherridon properties.




Current market conditions and alternative exploration opportunities has also prompted the Company to initiate discussions with Goldcorp to solicit its interest in acquiring ownership and operating control of the West Red Lake Property.



Pending the outcome of these discussions, the Company has deferred previously planned 2012 exploration activities until 2013.
During 2012 the Company has considered numerous alternate exploration opportunities including advanced stage copper and gold projects within Canada and also in Latin America and Africa.

The Company is currently considering potential involvement in a high grade copper project in Chile.


Financial Condition / Capital Resources


At November 30, 2012 the Company had working capital of $2,278,485, had not yet achieved profitable operations, has a deficit of $42,022,898 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company will require additional financing in order to conduct its planned work programs on its mineral interests, meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. There can be no assurance that it will be able to do so. If such funds cannot be secured

Outstanding Share Data

The Company’s authorized share capital is unlimited common shares without par value. As at January 25, 2013, there were 29,004,283 issued and outstanding common shares, 1,886,000 stock options outstanding, at exercise prices ranging from $0.45 to $1.00 per share and 320,000 warrants outstanding, with an exercise price at $0.70 per share.
Antwort auf Beitrag Nr.: 44.101.467 von achimsinan am 04.02.13 17:40:44wie immer extrem konstruktive beitraege achi zum wert halo!!! weiter so.
nee habe immernoch internet dafür reicht es noch
Die nächsten Quartalszahlen stehen an und selbst in Kanada wird es bald Frühling. Dann wird verstärkt gebohrt und hoffentlich auch etwas gefunden. Glück auf uns allen!
Hallo,
Noch sind keine Bohrungen geplant auf sherridon. Mal abwarten ob überhaupt dieses Jahr gebohrt wird.
Lg
Dazu brauchen die eine bohrerlaubnis und die gab es letztes Jahr auf sherridon nicht.
Die werden nie ein direct Shipping oder eine Mine auf Sherridon hochziehen wenn es wegen Umweltprobleme nicht einmal eine Bohrerlaubniss bekommen haben.
Da müssten bei uns schon alle Alarmglocken klingen
Marc Cernovitch ist nur ein Sprücheklopfer und verdient sich bei Halo eine Goldene Nase fürs nichts tun
TORONTO, ONTARIO -- (Marketwire) -- 03/07/13 -- Halo Resources Ltd. (TSX VENTURE: HLO)(FRANKFURT: HRLN) ("Halo") and QRS Capital Corp. (TSX VENTURE: QRS) ("QRS") announce that they have entered into a letter of intent to merge and form a combined exploration and development company that will focus on the exploration of the 7,960 hectare Aurum Copper Project (the "Aurum Project") in Chile recently optioned by QRS (see news release of QRS dated February 19, 2013 ). The Aurum Project is situated on the same San Felix fault system that hosts Teck Resources Ltd.'s El Relincho deposit. It is expected that QRS w will begin work shortly on the re-classification and expansion of the historical resources at the Aurum Project and commence the systematic exploration of two identified drill targets.

Merged Entity Highlights

-- The acquisition by QRS of the Aurum Project is the culmination of an 18-
month process to assess the potential of some 150 exploration properties
throughout South America.

-- QRS completed extensive due diligence work on the Aurum Proeject and
believes that it has exploration potential to supplement the existing
copper deposit.

-- Halo has sufficient cash to facilitate the commencement of an structured
exploration program at Aurum while continuing to work with its strategic
partners to explore its gold and copper-zinc properties in Canada.

-- The merger will substantially benefit the capacity of the newly
established exploration Company to explore its flagship Aurum Project
with the potential to enhance shareholder value.

Marc Cernovitch, President & CEO of Halo, commented that, "This merger brings together the strengths of two promising junior exploration companies, by combining the copper exploration potential of the Aurum project and the financial resources of Halo. We are very excited about this merger and look forward to beginning exploration in the near future."

QRS's CEO, John Seaman, states: "The merger with Halo provides a value-added financial solution at a time when it is increasingly difficult to find funds for exploration, and is a solution that enables us to take forward the exploration of Aurum in a timely manner and ultimately create value for our shareholders."

Terms of the Merger

The merger (the "Merger") is expected to be completed by way of a plan of arrangement under the Business Corporations Act (British Columbia). Under the plan of arrangement, QRS will acquire all of the outstanding common shares of Halo in exchange for units of QRS (the "QRS Units"). Each QRS Unit will consist of one common share of QRS and one half of one whole QRS warrant. Each whole QRS Warrant will entitle the holder to acquire one additional QRS Share for two years from the closing of the transaction at a price equal to the price of any concurrent financing, or such other price as may be subsequently agreed by Halo and QRS. As a result, Halo will become a wholly-owned subsidiary of QRS. QRS will also acquire all other outstanding options and warrants of Halo in exchange for options and warrants of QRS, adjusted for the applicable exchange ratio. The share exchange ratio on the Merger will be such that upon completion of the Merger, QRS (or the "Resulting Entity") will be owned 50% by shareholders of Halo and 50% by shareholders of QRS.

As part of the Merger: (a) the common shares of QRS will be consolidated on a 1.5464:1 basis so that upon completion of the Merger, the Resulting Issuer will have 30 million common shares outstanding (before the completion of any financings), and (b) the Resulting Issuer will have a new name acceptable to both Halo and QRS. Halo or QRS may complete a financing before or concurrently with completion of the Merger. The terms of any potential financing have not been established.

After completion of the Merger, the Resulting Issuer's executive officers and board of directors will consist of the following persons:

Marc Cernovitch, Chairman, Director

Mr. Cernovitch studied Economics at McGill University. He started his career in the financial sector as a stockbroker and has lived and worked in Montreal, Calgary, Vancouver, New York and Toronto. Since leaving the brokerage industry, Marc has focused on corporate development, funding and building companies primarily in the resource and energy technology fields. He has a strong background in corporate governance and finance.

John Seaman, CEO, Director

Mr. Seaman currently serves as CEO & Chairman of QRS Capital Corp. and CFO and Director of Tembo Gold Corp. Mr. Seaman served as CFO of Premier Gold Mines Limited, a mineral exploration company, from August 2006 until July 2012 and as Chief Financial Officer of Pediment Gold Corp., a mining exploration company, from April 2007 until February 2011. Additionally, Mr. Seaman served as the Chief Financial Officer of Wolfden Resources Inc. Mr. Seaman serves as an independent director of several TSX Venture Exchange and Toronto Stock Exchange listed companies. Mr. Seaman received a Bachelor of education degree from Lakehead University in April 1993 and a Bachelor of Science degree in April 1990.

Diego Benalcazar, President, Director

Mr. Benalcazar has been involved in mineral exploration, mining property evaluation and acquisitions throughout Latin America and the Caribbean. He has held managerial and consulting positions with several international mining companies, including Homestake International Minerals Ltd., Pancontinental Mining Ltd. and the U.S. subsidiary of Belgium-based Union Miniere. Mr. Benalcazar was also general manager for several subsidiaries of the Swiss Holderbank Cement Group. He has additionally served as director of ready-mixed concrete for HolcimCementos Caribe SA in Venezuela and CemetosBoyaca SA in Colombia, which included responsibilities in the Caricom trade market. In the past three years, Mr. Benalcazar served as country manager for several Ecometals Ltd. subsidiary companies in Ecuador. As a former president and member of the board of directors of the Ecuadorian Chamber of Mines, Mr. Benalcazar has actively represented the mining industry in discussions with government authorities. Mr. Benalcazar holds a BA in geology from North Carolina State University and has completed the program for management development at Harvard Business School.

Paul Roberts, CFO, Director

Mr. Paul Roberts is Chief Financial Officer, Director of QRS Capital Corp. He has been Chief Financial Officer of the Corporation since November 2010. Mr. Roberts has been a director of Galena Capital Corp., a company listed on the Exchange since September 2009. Since March 2008, Mr. Roberts has served as Financial Manager of Apex Investigation & Security Inc., one of the companies in Thunder Bay, Ontario. Since July 1994, he has been a real estate broker with Apex Realty Services, a private real estate firm.

Derek Cathcart, Director

Mr. Cathcart holds a CMA, B.A. & MBA from the University of Western Ontario and is Managing Partner of First Canadian Property Investments Ltd. and Principal of Cathcart & Associates. From 1998 to 2005, Mr. Cathcart was a Partner of Capital Canada Limited, a recognized leader in providing investment banking services to predominantly mid-market companies. Derek specialized in resource finance for 15 years as a successful investment banker at Toronto Dominion and ABN AMRO, with responsibility for project finance and relationship management. Before becoming an investment banker, Derek held a number of senior financial management and planning positions at Abitibi-Price Inc. and Reed Paper Limited. Mr. Cathcart currently serves on the University Health Network Research Ethics Board as well as the Ontario Cancer Research Ethics Board - Governance Committee.

Tom Healy, COO

Mr. Healy, a mining engineer, is a graduate of the University of Melbourne and holds a postgraduate degree from the Royal School of Mines. He has over 40 years of experience in open pit and underground mine design and operations, and management of base and precious metal, coal, oil sands, diamonds and industrial mineral projects. Mr. Healy is also President of Kamcot International Ltd., an independent company providing management and engineering services to the international mining community.

Continuing with the business combination in an Advisory Board position:

James Rogers

Mr. Rogers is a registered Professional Geoscientist (Ontario) with over 30 years' experience in the Canadian mining industry. Until recently, Mr. Rogers was a Director, President and CEO of Mega Precious Metals Inc. (TSX VENTURE: MGP) and prior to that, he was the Regional Exploration Manager for Goldcorp Inc. (TSX: G) located in Ontario's Red Lake Gold Camp. He was awarded the CIM Professional Proficiency metal in 1988 when he was Chief Mine Geologist at Dickenson Mine, predecessor to the current Red Lake Gold Mines. The first exploration drill holes into what ultimately became Goldcorp's High Grade Gold Zone were drilled on Mr. Rogers's watch. While at Eskay Creek Mine as Chief Geologist, he was part of the team that received the E.A. Schultz Award for Mine Development.

Lynda Bloom

Ms. Bloom has 30 years of leadership experience in the mining industry, which includes responsibility for project generation, financing and regulatory compliance. After earning an M.Sc. at Queen's University in Geological Sciences, she gained experience as an exploration geochemist planning and interpreting geochemical surveys across Canada, and in many South American and African countries. She is recognized as a world expert on assay methods and has travelled extensively worldwide to review sampling and analytical procedures. Over the past 20 years, she has also acted as a consultant to some of the largest exploration and mining companies in the world including Barrick, Falconbridge, AngloAmerican and Cameco. She is a Director of the Prospectors and Developers Association of Canada and recently completed her term as Chair of the Canadian Institute of Mining and Metallurgy - Toronto branch. She also serves on several government advisory boards.

Nick Demare

Since May 1991, Mr. Demare has been the president of Chase Management Ltd., a private company which provides administrative, management and financial services to private and public companies engaged in mineral exploration and development, gold and silver production, oil and gas exploration and production, and venture capital. He also currently serves as an officer and director of other public reporting companies, including Batero Gold Corp., Mirasol Resources Ltd., Tasman Metals Ltd. and East West Petroleum Corp. Mr. Demare holds a bachelor of commerce degree from the University of British Columbia and is a member in good standing of the Institute of Chartered Accountants of British Columbia.

Secured Loan by Halo

Halo has agreed to lend to QRS up to $500,000 by way of a secured loan for working capital purposes. The term of the loan will be 1 year and will be secured by a general security agreement over QRS's assets and property.

Closing Conditions

-- Completion of the Merger is subject to a number of conditions, including
the following:

-- completion of due diligence with results satisfactory to each party;

-- execution of a definitive arrangement agreement;

-- approval by the shareholders of both Halo and QRS to the Merger at joint
meetings expected to be held in the second quarter to 2013;

-- court approval for Halo;

-- receipt by Halo and QRS of fairness opinions from their respective
financial advisors;

-- all representations and warranties of each party being true, and all
covenants of each party having been complied with, at closing;

-- receipt of all required third party consents;

-- receipt of all required regulatory approvals, including the approval of
the TSX Venture Exchange;

-- the absence of a material adverse change in the business, financial
condition, assets or operations with respect to each party; and

-- notices of dissent given by holders of less than 3% of the outstanding
shares of Halo.

No assurances can be given that the Merger will be completed, that the conditions to closing will be satisfied, or that the terms of the Merger will not change materially from those described in this news release.

About Halo Resources Ltd.

Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits.

About QRS Capital Corp.

QRS is a mineral exploration company focused on exploration and development stage copper and gold targets in South America, particularly in Chile, Peru and Mexico.

ON BEHALF OF THE BOARDS OF DIRECTORS

Marc Cernovitch, President and Chief Executive Officer

John Seaman, Chairman & Chief Executive Officer

Forward-Looking Information

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information is frequently, but not always, characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information in this news release includes, but is not limited to, statements with respect to the negotiation and final terms of a definitive agreement with respect to the merger, the completion of the merger, the business plans and strategies of the resulting issuer, the development of the Aurum Project and the realization of the potential, if any, at the Aurum Project. The reader is cautioned not to place undue reliance on forward-looking information. Forward-looking information is based on certain assumptions, opinions and estimates of management at the date the information is given and is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. These assumptions include, but are not limited to, no material adverse change in the business or affairs of either QRS or Halo. Factors that could cause the forward-looking information to differ materially in actuality include risks typical of operating in the mining industry, changes in gold and other metal prices, fluctuations in currency exchange rates and the failure to obtain the required shareholder and regulatory approvals for the merger. More information about the risks and uncertainties affecting QRS and Halo can be found in QRS's and Halo's filings posted on SEDAR at www.sedar.com. Neither of QRS and Halo undertakes an obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except in accordance with applicable laws
The Aurum Copper Project is a 7,960 ha property located 12km from Teck Resources El Relincho project which currently consists of 3.2 million tonnes of contained copper in indicated resource, and is situated within the same regionally extensive north

Aurum hosts a near surface copper oxide deposit and high-grade copper sulphide intersections at depth.


Location and Infrastructure


The project is ideally located 85km east-southeast of the city of Vallenar, Chile. Located at only 2,000m altitude above sea level, the project is in a favourable climate and has excellent year round road access. Industrial use water is available within the project limits and water rights are included in the mining title. Aurum is within 70 km trucking distance of Enami's custom copper and gold processing facility and 180 km of three port options. The project site is situated in a desert environment with no local inhabitants.

Regional Geology


The San Felix Fault system cross-cuts a thick sequence of generally steeply west-dipping Late Triassic volcanic and sedimentary rocks. Contact metamorphism has generally converted the proximal Triassic rocks to calc-silicate hornfels and local pyroxene-garnet skarn. The sequence occurs within a large embayment along the SE contact zone of the Morteros diorite-monzonite batholith a part of the Late Cretaceous Merceditas pluton.

All rock types and the Tabaco thrust are cut by vertical to steep NW dipping and N to NE trending branches of the San Felix fault system. Cross faults of apparently post-mineralization age appear to be cutting and displacing the San Felix fault.

Outcrop Samples

High Cu grades (> O.4%) encountered in 38 out of 60 samples.




Historic Work


Historic work has identified the 1km Carmen mineralized oxide zone. Thirty (30) line km magnetometry and IP geophysical survey delineated an open-ended northeast elongate anomaly ~150-400m wide and 2.2 km long. There has been 8,340m of drilling in 92 holes completed to delineate the Carmen copper oxide deposit.

Drilling on IP anomalies intercepted significant drill holes including:

TAB 01A: 144 m @ 0.43% Cu including 40m @ 1.15% Cu
TAB 31: 84 m @ 0.70% Cu
TAB 23: 70m @ 0.70% Cu
TAB 83: 67 m @ 1.40% Cu
TAB 01: 28 m @ 1.70% Cu
CMM6: 71m @ 1.19%Cu
Historic Resource Estimates


From the 1800's through to the 1960's, Aurum has been host to extensive small scale high-grade copper mining throughout the property.

In 1964,Metalmine estimated a copper resource of 18 Mt of ~1% soluble copper to a vertical depth of 30 m, covering some 750 m of the 2,200 m geophysical anomaly.

In 1993, Blue Ridge Resources estimated within the same area and to a depth of 25 m, a resource of approximately 20 Mt of similar copper grade.

In 2006, SRK Consulting estimated a copper resource based on 74 (6,637 m) of the 92 holes drilled and reported a indicated mineral resource of 1.827 Mt of oxides grading 0.59% Cu with a secondary enriched zone of 1.743 Mt grading 0.70% Cu; and a inferred mineral resources of 0.836 Mt of oxides grading 0.59% Cu with a secondary enriched zone of 1.193 Mt grading 0.49% Cu.

New Exploration Potential


Previous IP geophysics successfully located the presence of sulphides beneath the <1 km long Carmen oxide deposit demonstrating its effectiveness as an exploration tool. Recent deep penetrating reconnaissance IP has now expanded the West Carmen exploration trend from 1 km to 7 km at depth (400 m chargeability). A new 10 km long exploration trend has emerged to the east showing remarkable chargeability continuity at depth. These trends are coincident with evidence of mineralization from:

Historic and current mining activity
High grade copper assays from recent grab samples
Lithology and stratigraphic data
"Relincho type" alteration zones depicted by remote sensing
The exploration program will focus on 6 specific targets within these multiple mineralized belts.

2013 Exploration Targets


Carmen Main
- Further define copper oxide deposit and sulphide feeder systems
Dolores
- 28 abandoned pits within a 100 ha area
East Anomaly (IP)
- Low Resistivity / High Chargeability anomaly
Aurum IV
- Old artisanal mining works over 400m strike length
Aurum II
- Aster alteration zone identified
Line 5000 W Anomaly
- IP anomaly and high Cu grade identified in rock sampling campaign
Halo Resources Limited und QRS Capital Corporation gaben gestern eine Absichtserklärung bekannt, wonach die beiden Unternehmen zu einem Explorations- und Entwicklungsunternehmen fusionieren. Der Fokus soll anschließend auf der Exploration des Aurum-Kupferprojekts in Chile liegen.

Gemäß Vereinbarung wird wird QRS alle ausstehenden Stammaktien von Halo im Tausch gegen Einheiten von QRS erwerben. Jede QRS-Einheit wird sich aus einer Stammaktie von QRS und einem halben QRS-Warrant zusammensetzen. Auf diese Weise wird Halo ein hundertprozentiges Tochterunternehmen von QRS.

Als Teil der Transaktion ist eine Konsolidierung der Stammaktien von QRS auf der Basis 1,5464:1 vorgesehen.


© Redaktion MinenPortal.de
Antwort auf Beitrag Nr.: 44.229.043 von Chrischy am 08.03.13 10:24:52Keine Ahnung
Was passiert mit dem hauptprojekt Sherridon
Was sagt Hudbay dazu(20%anteil an Halo )

Lg
Marc Cernovitch, Chairman, Director

Mr. Cernovitch studied Economics at McGill University. He started his career in the financial sector as a stockbroker and has lived and worked in Montreal, Calgary, Vancouver, New York and Toronto. Since leaving the brokerage industry, Marc has focused on corporate development, funding and building companies primarily in the resource and energy technology fields. He has a strong background in corporate governance and finance.

Fundamentales Kaufmannswissen und -handeln wurde durch Geldgier verdorben?
Halo zuckt und sonst erst einmal passiert etwas bei Tauwetter in Kanada. In Chile werden die Kupferminen bestreikt.
Mal sehen wann das letzte Stündlein geschlagen hat. Tja da hat man ganze Arbeit geleistet. :laugh::laugh::laugh:
Hier hat wohl das letzte Stündlein geschlagen, das Ding ist tot.
Auferstanden aus Ruinen? Neuer Name Sendero Mining WKN A1W2JK die Aktie und Sendero Mining WTS14 WKN A1Y3KU

Bereits gebucht bei meiner Bank mit geringerer Stückzahl als vorher. Handelsplätze Stuttgart und Frankfurt
Umtausch je im Verhältnis 1 zu 0,689553 in Sendero Mining Corp. Aktien sowie
Optionsscheine wegen einer Fusion per 09.07.2013, gem. Beschluss der
Generalversammlung. Die angefallenen Bruchteile wurden abgerundet.
Optionsrecht: Frist: bis 09.07.2014, Verhältnis: 1 zu 1 in Aktien der Sendero
Mining Corp., Preis: CAD 0,40 (in 2013) bzw. CAD 1,50 (in 2014) pro Aktie.
Optionsschein 0,40 C$ wären 0,29€ und da stimmt der aktuelle Kurs der Aktie bei weitem nicht im Moment. Wenn es bis Dezember dort sein sollte, würde es mich freuen, aber da brauchen wir viele gute News bis dahin.


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