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23.09.2009
Halo Announces Completion of Duport Gold Transaction
Halo Announces Completion of Duport Gold Transaction
Toronto, Ontario, September 23, 2009 -- Lynda Bloom, President and CEO of Halo Resources Ltd. (“Halo”, TSX.V:HLO; FSE:HRL) is pleased to announce that Everton Resources Inc. (“Everton”) has competed the acquisition of Hays Lake Gold Inc. (“HLG”), a private company, that holds on option granted by Halo on the Duport Gold Property (as described in the press release of July 14, 2009). Under the terms of the share purchase agreements with HLG shareholders, Halo will be issued 1,006,104 common shares of Everton.
Halo granted HLG an option to earn up to a 75% in the Duport Gold Property (as described in the press release of October 15, 2008). To fully earn its interest HLG must make various cash payments and fund up to $5,000,000 of exploration expenditures by October 31, 2012. HLG can earn 51% by funding $1,500,000 of exploration expenditures by May 1, 2010 and can earn an additional 24% by funding additional exploration expenditures of $3,500,000 by October 31, 2012.
Everton has also acquired HLG’s various options to acquire a consolidated land package located adjacent to the Duport Gold Property that includes the Cedar Island gold zone located on the mainland. Everton’s president, Andre Audet, stated “HLG has, for the first time, assembled this large land package to make the overall project viable through the use of a common road network, power grid, and milling complex. The Shoal Lake gold project holds two significant high grade gold deposits with in-situ NI43-101 compliant indicated and inferred mineral resource estimates and 5 former gold producing mines. Everton intends to fast track the development of the Shoal Lake project.”
Everton Resources has over $5 million in cash and investments with properties in the Dominican Republic, Ontario and Quebec.
For further information, please contact:
Lynda Bloom, President & CEO or Marc Cernovitch, Chairman
Halo Resources Ltd.
Tel: 416-368-7045 Fax: 416-368-9805
Toll Free: 1-866-841-0068 lbloom@halores.com
About Halo Resources Ltd.
Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. The Company’s focus is the 200 sq. km. Sherridon VMS Property, a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. A 2008 NI43-101 compliant copper zinc resource, for four of the known deposits in the district, was completed in less than 18 months, with exploration activity ongoing. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and is the operator for several contiguous joint venture properties in West Red Lake covering 45 sq. km. The Company is operated by an experienced management team with a growth strategy to develop a diversified portfolio of advanced mining projects.
“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."
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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Toronto, Ontario, September 23, 2009 -- Lynda Bloom, President and CEO of Halo Resources Ltd. (“Halo”, TSX.V:HLO; FSE:HRL) is pleased to announce that Everton Resources Inc. (“Everton”) has competed the acquisition of Hays Lake Gold Inc. (“HLG”), a private company, that holds on option granted by Halo on the Duport Gold Property (as described in the press release of July 14, 2009). Under the terms of the share purchase agreements with HLG shareholders, Halo will be issued 1,006,104 common shares of Everton.
Halo granted HLG an option to earn up to a 75% in the Duport Gold Property (as described in the press release of October 15, 2008). To fully earn its interest HLG must make various cash payments and fund up to $5,000,000 of exploration expenditures by October 31, 2012. HLG can earn 51% by funding $1,500,000 of exploration expenditures by May 1, 2010 and can earn an additional 24% by funding additional exploration expenditures of $3,500,000 by October 31, 2012.
Everton has also acquired HLG’s various options to acquire a consolidated land package located adjacent to the Duport Gold Property that includes the Cedar Island gold zone located on the mainland. Everton’s president, Andre Audet, stated “HLG has, for the first time, assembled this large land package to make the overall project viable through the use of a common road network, power grid, and milling complex. The Shoal Lake gold project holds two significant high grade gold deposits with in-situ NI43-101 compliant indicated and inferred mineral resource estimates and 5 former gold producing mines. Everton intends to fast track the development of the Shoal Lake project.”
Everton Resources has over $5 million in cash and investments with properties in the Dominican Republic, Ontario and Quebec.
For further information, please contact:
Lynda Bloom, President & CEO or Marc Cernovitch, Chairman
Halo Resources Ltd.
Tel: 416-368-7045 Fax: 416-368-9805
Toll Free: 1-866-841-0068 lbloom@halores.com
About Halo Resources Ltd.
Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. The Company’s focus is the 200 sq. km. Sherridon VMS Property, a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. A 2008 NI43-101 compliant copper zinc resource, for four of the known deposits in the district, was completed in less than 18 months, with exploration activity ongoing. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and is the operator for several contiguous joint venture properties in West Red Lake covering 45 sq. km. The Company is operated by an experienced management team with a growth strategy to develop a diversified portfolio of advanced mining projects.
“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."
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA40637D1087
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.