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 Tue Nov 16, 2004
Airborne Geophysical Survey Identifies Significant Targets on the Leicester and Zebra Licences

 Helio Resource Corp. ("Helio") is pleased to announce that it has received the data and interpretation from the recently completed high-resolution magnetic-radiometric survey over its' 100% owned Leicester and Zebra properties (60,000 and 20,000 hectares, respectively). The new survey has identified multiple large magnetic anomalies coincident with Landsat iron-oxide anomalies, an IP chargeability anomaly and known copper mineralisation.

Leicester is an Iron-Oxide Copper Gold (IOCG) target, highlighted as follows:
  • Adjacent to a major regional structure (the 150km-long Rehderstal Fault);

  • Hematite-magnetite-copper mineralisation hosted by deformed granites;

  • A "jog" in the Rehderstal Fault is directly coincident with a 7km x 4km copper in stream sediment anomaly (in a sample population of 2,449 samples covering 88km2), a 7km x 3km magnetic anomaly, and a Landsat iron oxide anomaly;

  • Historic soil sampling (5,575 samples) along a 33km strike length of the Rehderstal Fault shows the "jog" to be consistently anomalous in copper;

  • IP coverage of the eastern side of the "jog" shows a 600m x 300m IP chargeability anomaly (16 -- 25msecs) directly overlying the eastern part of the main magnetic anomaly. The IP anomaly is open to the west into the area of the coincident stream sediment / magnetic anomaly (see map attached);

  • Falconbridge, in 1970, drilled eight diamond drill holes for 1,357m, seven of which intersected copper mineralization, along the northern margin of the "jog". The best two drill intersections -- located 7.8km apart -- were 19.3m @ 1.53% Cu & 35g/t Ag, and 9.9m @ 0.71% Cu respectively. Mineralisation is open at depth and along strike, and gold was not assayed for. For more information on the historic drilling results, please refer to the independent NI43-101 technical report available on Helio's company page at www.sedar.com;

  • The coincident 7km x 3km magnetic, IP and stream sediment anomalies, immediately south of the Falconbridge drilling, have not been drill tested.

Helio intends to conduct an extensive ground IP and soil sampling survey over the main magnetic target to better define new drill targets for testing during early 2005. The airborne magnetic survey also covered Helio's Zebra property, located immediately west of the Leicester licence. Zebra contains the extensions to the Leicester IOCG system together with a newly discovered pyrrhotite-chalcopyrite bearing gabbro intrusion. The airborne magnetic survey indicates that this gabbro intrusion has minimum dimensions of 5km x 4km. A ground electromagnetic (EM) survey is planned over this anomaly to identify potential Ni-Cu sulphide mineralisation.

The high-resolution airborne magnetic survey was flown by GPX Geophysical Exploration Services of Perth, Western Australia. The survey covered 60,000 hectares of the Leicester and Zebra licences with flight-lines at 200m line-spacing and 80m mean terrain clearance.

In addition to the Leicester licence, Helio has drill-ready targets on two other 100%- owned properties, namely Otjitombo (copper-gold-cobalt) and Vredelus (gold). Technical information for the Otjitombo and Vredelus projects can be viewed in the NI43-101 report on Helio's company page at www.sedar.com. Qualified Persons

The exploration programmes underway in Namibia are under the direct supervision of Mr. Christopher MacKenzie, C.Geol., Executive Chairman of Helio Resource Corp. For additional information, please contact Richard Williams at (604) 240 8945 or by email at r-d-williams@shaw.ca


ON BEHALF OF THE BOARD OF DIRECTORS,
"Richard D. Williams"
Richard D. Williams, P.Geo
President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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