VAL-D'OR, Quebec, July 13, 2005 (PRIMEZONE) -- Marc Cernovitch, President and CEO of Halo Resources Ltd. (TSX.V:HLO) (OTCBB:HLOSF) (FSE:HRL) and Serge Roy, President and CEO of Metanor Resources Inc. (TSX.V:MTO) are pleased to announce new results from the ongoing 12,500m underground drilling program at Bachelor Lake, Quebec. Significant assay results were returned from the deep extension (below Level 12) of the "Main", "A" and "B" mineralized zones (see also Press Release of May 26, June 8 and June 23, 2005). New highlighted results are from below Level 12 and the intercepts are listed below:
Bachelor Lake "A Zone":
-- 17.77 g/t Au over 3.25 m contained within 9.19 g/t Au over
8.20 m (hole 12-59);
Bachelor Lake "B Zone":
-- 11.08 g/t Au over 1.75 m contained within 4.16 g/t Au over
13.20 m (hole 12-59);
-- 7.40 g/t Au over 3.20 m contained within 4.59 g/t Au over
7.25 m (hole 12-61);
-- 12.22 g/t Au over 2.15 m contained within 6.01 g/t Au over
6.30 m (hole 12-61);
-- 5.90 g/t Au over 1.85 m contained within 3.56 g/t Au over
5.85 m (hole 12-64);
-- 8.81 g/t Au over 2.90 m contained within 6.19 g/t Au over
7.10 m (hole 12-64);
Bachelor Lake "Main Zone":
-- 7.10 g/t Au over 0.80 m contained within 4.46 g/t Au over
5.50 m (hole 12-59);
-- 11.75 g/t Au over 1.85 m contained within 3.25 g/t Au over
15.70 m (hole 12-60);
-- 9.28 g/t Au over 1.35 m contained within 7.66 g/t Au over
2.25 m (hole 12-62);
-- 27.43 g/t Au over 1.25 m contained within 9.29 g/t Au over
5.05 m (hole 12-66);
-- 6.89 g/t Au over 1.70 m contained within 3.56 g/t Au over
6.05 m (hole 12-76);
-- 12.22 g/t Au over 1.65 m contained within 5.55 g/t Au over
5.35 m (hole 12-80).
Please note that all the intervals are uncut and indicated over core lengths, not true vein or horizontal widths. See Table 1, for detailed assay results and Figure 1 and 2 for approximate hole locations.
Figure 1 : Bachelor Lake Main Zone Longitudinal View http://www.metanor.ca/PDF/LongMainBZone11-07.jpg
Figure 2 : Bachelor Lake B Zone Longitudinal View http://www.metanor.ca/PDF/LongBZone11-07.jpg
A 12,500m on-going drilling program
Two drill rigs are operating from existing stations located on 12th level. Since drilling commenced on April 6, 2005, a total of 59 holes have been completed for a cumulative amount of more than 10,970m. Initial interpretation of the core from these holes has indicated excellent core intervals and strong mineralization in all 3 vein systems. Drill results will be released on a regular basis as assay results become available over the next month.
End of the drilling program and new resource estimate
The underground drilling program should be completed in the next two weeks. Compilation of actual and historic results and geological interpretation will lead to a new geologic model and resource estimate. Halo and Metanor will then proceed with an intermediate economic study within two months of the end of underground works. This study's target is to prepare a sound development framework and to ensure that a favourable economic mining and production plan can be established and thereby justify the commencement of a fully bankable feasibility study. This intermediate study will also identify any specific additional data requirements and including the need for an advanced underground exploration program.
Table 1. - Bachelor Lake underground drilling program detailed assay results. http://www.metanor.ca/PDF/Table1pr13072005ang.pdf
Please note that all the intervals are indicated over core lengths, not true vein widths.
Qualified Person
The above information has been prepared under the supervision of Consulting Geologist Alain Carrier, M.Sc., P.Geo., InnovExplo inc., "Qualified" and "Independent" Person under 43-101 guidelines. Alain Carrier is actually supervising the field work and has verified the authenticity and validity of the data.
Quality Control and Quality Assurance Program
Assay samples are taken from drill core (BQ size) sawed in half with one half sent to a commercial laboratory and other half retained for future reference. A strict QA/QC program is followed which includes mineralized standards, blank and duplicate for each batch of samples. Significant assay results are duplicated at the original laboratory. The gold assaying method uses a 30-gram sample Fire Assays (atomic absorption with gravimetric finish for sample over 5 g/t Au) on splits from an initial 250-gram pulverized sample. The current drilling program seem to indicates that more visible gold occurs at depth at Bachelor Lake. The assay protocol was revised considering these coarse gold occurrences. Gold assaying is now obtain from a 50-gram sample on splits from an initial 1000-gram pulverized sample (crushing 90% less than 2mm and pulverization 90% less than 200 mesh). Assays were performed by ALS Chemex - Chimitec of Val-d'Or (Quebec), an assay laboratory accredited by the Standards Council of Canada. Metallic screen fire assay are completed on samples with visible gold or where initial multiple duplicates show any variability.
Halo has an option to earn a 50% interest of the Bachelor Lake Property in Quebec, Canada, owned by Metanor Resources Inc. (TSX.V:MTO).
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 wwww.sedar.com
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.