VAL-D'OR, Quebec, Nov. 16, 2005 (PRIMEZONE) -- Serge Roy, President and CEO of Metanor Resources Inc. (TSX-V:MTO) and Marc Cernovitch, President and CEO of Halo Resources Ltd. (TSX-V:HLO) (OTCBB:HLOSF) (FSE:HRL) are pleased to announce the results of an NI-43-101 compliant resource estimate for the Bachelor Lake Joint Venture property located near Desmaraisville, Quebec.
The resource was estimated using a block model and inverse square distance interpolation. An additional 13,346 meters of underground diamond drilling from 69 holes completed between April and July 2005 as well as the inclusion of the East and West Zone deposits located on the recently acquired, contiguous Hewfran property comprise this new resource estimate. The resource estimate is summarized below: -0-
Au Au
Tonnes (g/t) (oz)
Bachelor / Hewfran
Measured 192,594 8.80 54,504
Indicated 648,997 7.49 156,352
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Measured + Indicated 841,591 7.79 210,857
Inferred 426,148 6.52 89,366
(1) The effective date of the resource estimate is October 5, 2005.
(2) The Qualified Person for the mineral resource estimate, as
defined by National Instrument 43-101, is Alain Carrier, M.Sc.,
P.Geo, Innovexplo Inc.
(3) Mineral resources are not reserves and do not have demonstrated
economic viability.
(4) The resources were compiled using a assay composite cut-off grade
of 3.43 g/t Au (0.10 oz/t Au) and a fixed density of 2.755 g/cm3
(11.636 ft3/t).
Innovexplo Inc. Geological Services, an independent qualified consulting firm based in Val-d'Or, Quebec was mandated by the joint venture partners to produce the resource estimate on the property where they have been extensively involved in data acquisition, data management, geological interpretation, 3D modeling, QA/QC analyses, basic statistics, variography studies and resources calculations. The geological interpretation of the mineralized zones was carried out using transverse sections and also plan views. Results of the interpretation were digitized and linked as 3D solids using Gems software. Wire frame solids were built for the six (6) estimated zones. The database used for the resource estimate included 15,192 assay results from 394 diamond drill hole records, and relies upon 3,684 composite intervals.
The estimate of measured resources incorporated information from underground mapping and face sampling results. Indicated and inferred resources were determined from drill hole results using a block model approach. Results from the resource estimate are presented undiluted and in-situ and some resource blocks may be locked in pillars and unrecoverable.
The complete NI 43-101 technical report from Innovexplo describing the procedures and parameters involved in the resource estimate will be filed by both companies and available on SEDAR within 30 days. The report states: "Innovexplo by virtue of its calculated estimate of the project resource affirms the resource estimate in accordance with NI 43-101 technical standards."
Innovexplo is recommending a two-phase work program leading to the preparation of a feasibility study that will confirm the economic viability of the mineral resource.
Halo and Metanor are both very pleased with the significant progress achieved at the Bachelor Lake Joint Venture project to date, and are now discussing and planning the next phases of work. A surface drill program is currently underway and is actively testing the western extension of the deposit near and across the historic boundary between the Bachelor Lake and Hewfran properties. An in-house scoping study is being updated on the basis of the new resource estimate and will be used as a basis for continued exploration and the design of the feasibility study program.
Qualified Person
Alain Carrier, M.Sc., P.Geo of Innovexplo Inc. is an Independent Qualified Person under National Instrument 43-101 and lead author of the Bachelor Lake Property Resource Estimate Report. He has reviewed and approved this release.
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.