Halo Resources Ltd.: Results of Annual General Meeting
TORONTO, ONTARIO -- (Marketwire) -- 11/28/11 -- Halo Resources Ltd. (TSX VENTURE: HLO)(FRANKFURT: 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 management 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, Chairman
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.
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:
Halo Resources Ltd.
Marc Cernovitch
Chairman
416-619-7539
ir@halores.com
www.halores.com
