|Mon Sep 10, 2007|
Report On AGM, Issuance Of Incentive Stock Options And Update On Tanzania Drilling Activities
|Helio Resource Corp (the "Company") (TSX-V: HRC) announces that it held its AGM on August 29, 2007 and all resolutions were approved unanimously (see the SEDAR filing of the Information Circular, dated August 3, 2007, on the Company's page at www.sedar.com for further information). |
At the subsequent Board of Directors meeting the following resolutions were adopted:
1. Grenville Thomas was re-appointed Chairman of the Board.
2. The Audit Committee, comprising Cliff Davis (Chairman), Grenville Thomas, and Richard Williams, was re-appointed.
3. The Compensation Committee, comprising Cliff Davis, Grenville Thomas, and Stephen Leahy, was re-appointed.
Officers of the Company comprise Chris MacKenzie (Chief Operating Officer), Richard Williams (Chief Executive Officer), Matias Herrero (Chief Financial Officer), and Stewart Lockwood (Corporate Secretary).
Current Drilling Activities in Tanzania
The Company is currently using two drill rigs (one reverse circulation (RC) and one diamond drill rig) to drill test ten different targets on its SMP gold project in Tanzania.
Diamond drilling is ongoing at the 2km-long Kenge target (see news release dated May 23, 2007), where recent drilling has intersected up to 21.95m grading 6.9g/t gold. Through the summer, the Company has completed 14 diamond drill holes and 20 reverse circulation holes at Kenge together with 6 diamond drill holes at the Snakebite target. Diamond drill results are expected in the next two weeks, and the RC results should be available in early October. The diamond drill rig is currently infilling drilling at the Kenge target, and it is anticipated that the whole 2,000m strike extent of the Kenge target will be tested with a drill hole every 50m by the end of September.
Reconnaissance RC drilling has been completed at the Cheche East (8 holes) Snakebite West (8 holes), Mbenge (26 holes), and Kipanga (15 holes) targets, which are located along a 5km section of the Saza Shear Zone. The Company expects to be in receipt of results from this drilling through September and into early October.
The RC drill rig will also be used to test the Konokono, Porcupine, Gap, Panya, and Kwaheri targets. This current round of drilling is anticipated to be completed in November, 2007.
A map showing the location of all nine targets being tested by the RC rig can be viewed below.
Incentive Stock Options
On Friday, September 7, the Board of Directors, pursuant to the Company's Stock Option Plan, approved the issuance of 760,000 incentive stock options to directors and employees at an exercise price of $0.70 per share. The stock options will expire on September 6, 2012.
Helio Resource Corp. is a dynamic, technically-driven mineral exploration company, focused on high-quality project generation in southern Africa. Helio is actively exploring 22 prospective gold, base-metal and diamond properties in Namibia, Botswana, Mozambique and Tanzania. The main focus for the Company is the development of the SMP gold project in Tanzania. As part of its strategic approach to project development, Helio continues to pursue joint venture partners for its projects in Namibia, Botswana and Mozambique and to assess new opportunities in Southern Africa.
For additional information, please contact Richard Williams or Irene Dorsman at +1 604 638 8007 or by e-mail to or .
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
Christopher J. MacKenzie, C.Geol.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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