|Mon Apr 24, 2006|
Yale Continues with Makuru and Leicester Options; Teck Completes Phase 1 Drill Programme at Vredelus; Warrant Exercise Completed; Stock Options Granted
|Helio Resource Corp. (TSX-V: HRC) ("Helio" or the "Company") is pleased to announce that Yale Resources Ltd (TSX-V: YLL) has decided to continue into the second year of the option agreements regarding the Makuru and Leicester properties, both located in NW Namibia. As part of the agreements Yale has issued 225,000 common shares to Helio. Yale has set a budget of $500,000 for exploration activities on the two projects for this year.|
On a separate note, Teck Cominco, Helio's partner on the Vredelus gold project, has notified the Company that it has completed a 20-hole, 3,043m RC drilling programme on the Vredelus licence. Results will be released once they are disclosed by Teck Cominco to Helio.
Additionally, further to the Company's news release dated March 14, 2006, a total of 1,767,500 share purchase warrants (out of a maximum of 1,777,500), priced at $0.50 per share, have been exercised, realizing $883,750 to the treasury. Consequently, Helio now has 27,602,800 common shares issued and outstanding, of which management and insiders control 39%.
Also, Helio has granted 910,000 stock options, priced at $0.80 per share, to directors and employees of the Company. The stock options will expire on April 18, 2011.
Helio Resource Corp., based in Windhoek, Namibia, is one of Southern Africa's leading exploration companies and specializes in project generation. Helio is developing 11 gold, copper and diamond properties in Namibia, Botswana and Tanzania. As part of its approach to project development, Helio has forged partnerships with firms such as Teck Cominco, Indicator Minerals and Yale Resources to advance a number of its projects.
For additional information, please contact Irene Dorsman at (604) 668 8363 or by e-mail 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.
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