EXHIBIT 10-1
HALO RESOURCES LTD.
NEWS RELEASE
DATED
FEBRUARY 5, 2008
HALO RESOURCES LTD.
#2900A - 25 KING STREET
YORK, ON M9N 1K8
TEL: (416) 368-7045 FAX: (416) 368-9805
TSXV SYMBOL: HLO OTCBB SYMBOL: HLOSF
FRANKFURT EXCHANGE: HRL
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HALO ANNOUNCES ITS INTENT TO TERMINATE ITS SEC REPORTING OBLIGATIONS
TORONTO, ONTARIO, FEBRUARY 05, 2008 -- LYNDA BLOOM, PRESIDENT AND CEO OF HALO
RESOURCES LTD. (TSX:HLO; OTC.BB:HLOSF; FSE:HRL) announced its intention to file
a Form 15F today with the U.S. Securities and Exchange Commission (the "SEC") to
voluntarily terminate its reporting obligations under the United States
Securities Exchange Act of 1934 (the "Exchange Act"). The Company expects the
termination to take effect no later than ninety days after the filing the Form
15F. As a result of the filing of the Form 15F, the Company will immediately
cease to file certain reports, including Form 20-F and Form 6-K, with the SEC.
The Company's Board of Directors authorized this action based on its assessment
that (a) continued compliance with the rules of the SEC in particular Section
404 of the Sarbanes-Oxley Act of 2002, would be expensive and burdensome
considering the limited benefits it might realize and (b) investors in the
shares of the Company are accorded protection by the Company's continued
compliance with the rules of the TSXV, on which it will maintain its listing,
and the Business Corporations Act (British Columbia).
The Company will continue to make publicly available information otherwise
provided to its shareholders by posting such information on the investor
relations portion of its website at www.halores.com.
For further information, please contact:
Lynda Bloom, President & CEO or Marc Cernovitch, Chairman
Halo Resources Ltd.
Tel: 416-368-7045 Fax: 416-368-9805
Toll Free: 1-866-841-0068
lbloom@halores.com
ABOUT HALO RESOURCES LTD.
Halo 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;
Red Lake, which is a gold exploration project, and the Sherridon project that is
a combination of mature and grassroots volcanogenic massive sulphide (VMS)
copper, zinc and gold exploration opportunities. 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.
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The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. This news release presents "forward looking
information" within the meaning of the applicable Canadian securities laws that
involve inherent risks and uncertainties. Forward-looking information includes,
but is not limited to, information with respect to the proposed private
placement. Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of Halo to be materially different from those
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expressed or implied by such forward-looking information, including but not
limited to: risks related to financings; risks related to the integration of
acquisitions; risks related to joint venture operations; actual results of
current exploration activities; actual results of current or future reclamation
activities; conclusions of economic evaluations; changes in project parameters
as plans continue to be refined; future prices of gold and other minerals and
metals; possible variations in ore reserves, grade or recovery rates; failure of
equipment or processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; and delays in obtaining governmental
approvals or financing or in the completion of development or construction
activities. Although the management and officers of Halo Resources Ltd. believe
that the expectations reflected in such forward-looking information are based
upon reasonable assumptions and have attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking information Halo does
not undertake to update any forward-looking information referenced herein,
except in accordance with applicable securities laws. Trading in the securities
of Halo Resources Ltd. should be considered highly speculative.