Halo Earns 60% Interest From Goldcorp at West Red Lake
June 02 2011 - 7:55AM
Marketwired
Halo Resources Ltd. (TSX VENTURE: HLO)(FRANKFURT: HRLN) ("Halo" or
the "Company") is pleased to announce that it has exercised its
option to acquire interests in various claims referred to as the
West Red Lake Property from Red Lake Gold Mines Partnership (the
"Partnership"), a partnership between Goldcorp Canada Ltd. and
Goldcorp Inc. (TSX: G)(NYSE: GG) ("Goldcorp").
Halo has expended the $3.25 million on exploration activities at
the West Red Lake property as required by the option agreements and
has earned the following interests in three groups of claims as
shown on the accompanying map:
http://media3.marketwire.com/docs/hlo0602.pdf.
1. A 60% recorded interest in the Unpatented Property; and
2. A 45% recorded interest in leasehold patent mining claims KRL47707 and
KRL47708 (the "Seventy-Five Percent Claims"); and
3. A 30% recorded interest in certain patented mining claims (the "Patented
Property") located in the Red Lake District of Ontario.
Goldcorp has advised Halo that it does not intend to exercise a
back-in right. Pursuant to the agreement Halo shall issue 100,000
fully paid and non-assessable common shares of Halo.
"We are pleased to have reached this important milestone" stated
Lynda Bloom, Halo's President & CEO. "Halo is encouraged by the
continued exploration success in the West Red Lake area and plans
to accelerate exploration with the help of our partner".
ON BEHALF OF THE BOARD OF DIRECTORS
Marc Cernovitch, Chairman
About Halo Resources Ltd.
Halo is a Canadian-based resource company focused on the
acquisition of near production base and precious base metal
deposits. The Company's focus is the 200 sq. km. Sherridon VMS
Property, a combination of mature and grassroots volcanogenic
massive sulphide (VMS) copper, zinc and gold exploration
opportunities. A 2010 NI43-101 compliant copper-zinc resource, for
four of the known deposits in the district, is available at
www.sedar.com. The Company has a joint venture interest in the
Duport Property, an advanced gold property near Kenora, Ontario and
is the operator for Goldcorp joint venture properties in West Red
Lake covering 26 sq. km. The Company is operated by an experienced
management team with a growth strategy to develop a diversified
portfolio of advanced mining projects.
Forward Looking Statements
This Company Press Release may contain certain "forward-looking"
statements and information relating to the Company that are based
on the beliefs of the Company's management as well as assumptions
made by and information currently available to the Company's
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one
or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: First Canadian Capital Corp. 416-742-5600 or Toll
Free: 1-866-580-8891 ir@halores.com www.halores.com
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