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 TanzaniaThe 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 OptionsOn 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
richard@helioresource.com
or
irene@helioresource.com.
ON
BEHALF OF THE BOARD OF DIRECTORS
"Richard D.
Williams"
Richard D. Williams, P.Geo
CEO
"Chris
MacKenzie"
Christopher J. MacKenzie,
C.Geol.
COO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release.