|Wed Sep 21, 2005|
Namibian Government Grants Renewal of the Vredelus and Otjitombo Licences; Teck Cominco to Commence Drilling at Vredeuls
|Helio Resource Corp. (TSX-V: HRC) ("Helio" or the "Company") is pleased to report that the Otjitombo Licence (100% Helio) and the Vredelus Licence (Optioned to Teck Cominco), both held by the Company's 100% owned Namibian subsidiary, BAFEX Exploration (Pty) Ltd., have been renewed by the Ministry of Mines and Energy for a further period of two-years.|
Furthermore, the Company has been informed that Teck Cominco Namibia Ltd. ("Teck Cominco") is expecting to commence a 2,500 - 3,000m RC drilling programme at the Vredelus gold project during October 2005.
Teck Cominco has committed to spend a minimum of C$250,000 on exploration before May 27, 2006. Stage 1 (to earn a 60% interest) of the three stage earn-in agreement between the Company and Teck Cominco requires Teck Cominco to spend $4,375,000 on exploration before May 27, 2009 and make cash payments to the Company totaling C$1,250,000.
For additional information, please contact Richard Williams at (604) 668 8356 or by email at email@example.com
ON BEHALF OF THE BOARD OF DIRECTORS,
"Richard D. Williams"
Richard D. Williams, P.Geo
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can return to the Top of this page