TORONTO, ONTARIO -- (Marketwire) -- 02/09/12 -- Halo Resources Ltd. (TSX VENTURE: HLO)(FRANKFURT: HRLN) ("Halo" or the "Company") and AurCrest Gold Inc. (TSX VENTURE: AGO) ("AurCrest") are pleased to announce that further to its announcement dated October 27, 2008, the company has signed a final joint venture agreement in respect of the Bridget Lake Property in the prolific Red Lake area of Ontario.
Halo has acquired a 65% interest (from AurCrest) in the 9 claim units (144 hectares) situated in Ball Township, Red Lake Mining Division (the "Property"). The Property is adjacent to the Red Lake Gold Mines, Halo's West Red Lake joint venture property owned 60% by Halo and 40% by Red Lake Gold Mines.
"The completion of earn-in and the joint venture agreement is another important step in the consolidation of the West Red Lake area. Halo now has three joint venture agreements that combined provide control of 4,394 hectares in an area that has seen only fractured property ownership for the last 50 years. These claims cover an area of approximately 9km by 5km with prospective geology that ranges from nickel-bearing ultramafics to gold-bearing quartz veins", says Mr. Cernovitch.
Halo will be operator of the joint venture and Red Lake Gold Mines (a partnership of Goldcorp Inc. (TSX: G) and Goldcorp Canada Ltd.) has acquired a 40% interest in Halo's interest in the Property.
About Halo Resources Ltd.
Halo is a Canadian-based resource company with base metal and gold assets. The Sherridon VMS Property is a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities covering over 20 square kilometers. A 2010 NI43-101 compliant copper-zinc resource, for four of the known deposits in the district, included Indicated Resources of 6.5 million tonnes grading 0.85% copper and 1.22% zinc and Inferred Resources of 15.9 million tonnes grading 0.68% copper and 0.84 % zinc. HudBay holds options on half of the Sherridon VMS Property to earn 51% and controls 19% of the Company's shares. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and a 60:40 joint venture partnership with Red Lake Gold Mines Partnership (RLGMP), a partnership between Goldcorp Canada Ltd. and Goldcorp Inc. (TSX: G)(NYSE: GG) at West Red Lake covering 3,500 hectares. The Company is operated by an experienced management team with a growth strategy to develop a diversified portfolio of advanced mining projects.
About AurCrest Gold Inc.
AurCrest is a junior exploration company with over 70,000 acres of minerals claims in the Red Lake Mining District.
ON BEHALF OF THE BOARD OF DIRECTORS
Marc Cernovitch, Chairman
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
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:
Halo Resources Ltd.
Marc Cernovitch
President & CEO
416-619-7539
mcernovitch@halores.com
AurCrest Gold Inc.
Ian Brodie-Brown
President & CEO
416-368-2929
info@aurcrestgold.com
