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 Fri Dec 24, 2004
Helio Completes Short Form Offering Financing

 Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is pleased to announce that it has completed the previously announced Short Form Offering Document financing (the "Offering"). The Offering was fully subscribed, resulting in the issuance of 4,000,000 Units of the Company at a price of $0.50 per Unit for gross proceeds of $2,000,000. Each Unit comprises one common share and one half of one share purchase warrant. One whole share purchase warrant entitles the holder to purchase one common share of the Company at a price of $0.50 per share for a period of twelve months from the closing date of the Offering. 540,000 Units are subject to a four month hold period, such hold period expiring April 24, 2005.

The Company paid Pacific International Securities Inc (the "Agent") $20,000 as a Corporate Finance Fee. A commission equal to 10% of the gross proceeds of the Offering was paid to the Agent, comprising $65,000 cash and 270,000 Units, the Units having the same terms and conditions as the Units in the Offering. The Units paid to the Agent as part of the commission are also subject to a four month hold period. The Agent also received 400,000 Agent's Warrants entitling the Agent to purchase 400,000 common shares in the Company at a price of $0.50 per share for a period of 12 months from the date of closing of the Offering.

The proceeds of the Offering will be used by Helio to advance its exploration properties in Namibia along the recommendations made by Steffen Robertson and Kirsten (South Africa) (Proprietary) Limited ("SRK") in its National Instrument 43 - 101 compliant technical report dated May 19, 2004 (available at www.sedar.com), and for general working capital and corporate purposes.

The Offering has been approved by the TSX Venture Exchange.

For additional information, please contact Richard Williams at (604) 668 8356 or by email
at richard@helioresource.com

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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