DGAP-News: Halo Resources Ltd.: HALO FURTHER CONSOLIDATES WEST RED LAKE PROPERTIES

29.07.2008

Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement.

Toronto, Ontario, July 29, 2008 Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX:HLO; FSE:HRL) is pleased to announce that a Letter Agreement has been signed with Rubicon Minerals Corporation ('Rubicon') to acquire up to a 75% interest in 87 claim units situated in Ball Township, Red Lake Mining Division (the 'Property') and adjacent to the Red Lake Gold Mines-Halo West Red Lake ('WRL') joint venture property currently being explored by Halo Resources Ltd. ('Halo', 'the Company').

The Property consists of several blocks located adjacent to the claims in the WRL joint venture property (see map below). A key component of the Property is a series of gold showings on Rubicon's Pipestone South claims, previously explored by Red Star Gold Corp. These gold showings fall on the same east-west trend that hosts the Company's West Middle Bay Zone, with samples up to 172 g/t gold and 314 g/t silver, and the Miles Red Lake mine that operated in the 1930s.

'We have now successfully consolidated an important land package in the prolific Red Lake Mining Division by initiating joint ventures with both Rubicon and Tribute Minerals ,' says Lynda Bloom. 'Assays are pending for a 10-hole drill program has just been completed at the West Middle Bay and North Bridget Lake zones on the WRL joint venture property. The results of the drill program and ongoing field work will define additional targets on the land package that has been consolidated for the first time in 75 years.'

Pursuant to the Letter Agreement, Halo will has a First Option to earn a 60% interest by making payments of $120,000 over four years, issuance of 50,000 common shares on signing and on the exercise of the option and work expenditures of $1,000,000 over four years as follows:

i) Cash Payments Year 1 (before July 31, 2008) $ 20,000 Firm and binding commitment Year 2 (before July 31, 2009) $ 20,000 Year 3 (before July 31, 2010) $ 40,000 Year 4 (before July 31, 2011) $ 40,000 TOTAL $ 120,000 Note: Halo has the option to pay up to 50% of the amount in shares at Halo's option.

ii) Share Payments 1) 50,000 Halo shares, on the later of: a) within 10 days of the Execution Date or, b) within 3 days of receipt of regulatory approval, and 2) 50,000 Halo shares, on the later of: a) prior to the end of Year 4 of the agreement (before July 31, 2011) or, b) within 3 days of receipt of regulatory approval

iii)Work Commitments

Year 1 (before July 31, 2009) $ 75,000 Firm and binding commitment Year 2 (before July 31, 2010) $ 225,000 Year 3 (before July 31, 2011) $ 300,000 Year 4 (before July 31, 2012) $ 400,000

Upon completion of the First Option, the companies will form a joint venture and Halo has the option to earn an additional 15% interest in the property for a total 75% interest by continuing the necessary work commitments to maintain the property in good standing and by delivering to Rubicon a Bankable Feasibility Study.

All payment of shares is subject to regulatory approvals. Lynda Bloom, President & CEO

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; West 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.

Value Relations GmbH T. 069 / 959246 - 11 F. 069 / 959246 - 20 HALO@ir-services.de www.halores.com

29.07.2008 Financial News transmitted by DGAP

Language: English
Issuer: Halo Resources Ltd.
Suite 1280, 625 Howe Street
V6C 2T6 Vancouver, BC
Kanada
Phone: +1 604 484 0068
Fax: +1 604 484 0069
E-mail: info@halores.com
Internet: www.halores.com
ISIN: CA40637D1087
WKN: A0DQZ4
Listed: Freiverkehr in Berlin; Open Market in Frankfurt

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