Helio successfully completes earn-in on the Saza Licence - SMP Gold Project,
Tanzania
TSX-V Trading Symbol: HRC
The option agreement for Saza required Helio, through its 100% owned Tanzanian subsidiary BAFEX
Thorntree, a small Tanzanian mining company, retains a 2% royalty. Helio has the right to purchase 50% of the royalty for CAD$1,000,000 at any time prior to commercial production.
The completion of the agreement was the issuance of CAD$250,000 in Helio shares (416,667 shares) to Thorntree, based on the closing price of Helio's shares on
The Company has been successful in delineating a number of significant gold occurrences on Saza, the most advanced being the Kenge Target.
The Kenge Target currently comprises 6 zones of mineralisation, Kenge NW, Kenge Main, Kenge SE, Snakebite, Mbenge, and Mbenge E. All of the zones have been tested with a combination of diamond and reverse circulation drilling - details are presented in the link below:
- Map Showing Mineralized Zones at the Kenge Target http://www.helioresource.com/i/pdf/2009-11-23_NRM1.pdf In addition to Saza, the Company has options to earn a 100% interest, subject to the same royalty conditions, in four other licences (see news releases dated October 16, 2008, and September 11, 2006): - Saza West - also optioned from Thorntree - Gap, Kwaheri, and Ilunga - optioned from Dhahabu Resources and Mining, another small Tanzanian mining company. ABOUT THE SMP GOLD PROJECT --------------------------
Helio, through its 100% owned subsidiary BAFEX
Since
Chris MacKenzie, M.Sc., C.Geol., Helio's COO and a Qualified Person as designated by NI 43-101, supervises the exploration at the SMP project, including the sampling and quality assurance/quality control programmes, and has reviewed the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS "Richard D. Williams" "Chris MacKenzie" Richard D. Williams, P.Geo Christopher J. MacKenzie, C.Geol. CEO COO Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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For further information: Richard Williams, (604) 638-8005 or by e-mail to [email protected]
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