VANCOUVER, British Columbia, May 20, 2005 (PRIMEZONE) -- Marc Cernovitch, President & CEO of Halo Resources Ltd. (TSX:HLO) (OTCBB:HLOSF) (FSE:HRL) is pleased to announce the closing of the previously-announced acquisition of the option to acquire an undivided ownership interest of 50% in and to the Bachelor Lake Property in Quebec, Canada from Wolfden Resources Inc. (TSX-V:WLF) ("Wolfden"). Metanor Resources Inc. currently holds an undivided ownership interest of 100% in and to the Bachelor Lake Property.
The Company paid $650,000 in acquisition costs and $1,293,123 as reimbursement for exploration expenditures, for a total of $1,943,123 and issued 2,100,000 common shares to Wolfden as consideration for the assignment to the Company of all of Wolfden's right, title and interest in and to an Option Agreement dated April 24, 2003 between Wolfden and GeoNova Explorations Inc. and the Bachelor Lake Property.
The Bachelor Lake Property is located in the Le Sueur Township, Desmaraisville sector of Quebec and has excellent exploration potential.
Additional Information
For further information on the Bachelor Lake Property, please see the Bachelor Lake Gold Mine Property NI 43-101 -- Technical Report dated December 20, 2004 (Revised Version), filed on SEDAR at www.sedar.com.
Halo Resources Ltd.
Halo Resources Ltd. (TSX:HLO) (OTCBB:HLO) (FSE:HRL) is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. Currently the Company owns or has an interest in 3 projects: Duport, which is an advanced stage gold project with an ongoing drill program of up to 20,000 meters; Bachelor Lake, which is a gold exploration project with an ongoing 12,000 meter drill program; and a letter of intent regarding Quarter Moon, which is a grass roots gold project with a 2,000 meter drill program scheduled for the near future. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company's growth strategy is to develop a diversified portfolio of advanced mining projects.
Website: www.halores.com
ON BEHALF OF THE BOARD
"Marc Cernovitch" President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Except for the historical statements contained herein, this news release presents forward-looking statements that involve inherent risks and uncertainties. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they give no assurance that their expectations will be achieved. Certain risks and uncertainties inherent in the Company's operations include political, economic, environmental and geological issues, including but not limited to, the continued need for additional capital, the competition within the mining industry, and other risks detailed from time to time in the Company's periodic reports filed with the British Columbia Securities Commission and the United States Securities and Exchange Commission. Investors are cautioned that, except as disclosed in the materials to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Halo Resources Ltd. should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.