Halo, QRS Capital to combine to focus on Aurum
2013-03-08 07:30 ET - News Release
See News Release (C-HLO) Halo Resources Ltd (2)
Mr. Marc Cernovitch of Halo reports
HALO AND QRS ANNOUNCE BUSINESS COMBINATION
Halo Resources Ltd. and QRS Capital Corp. have entered into a letter of intent to merge and form a combined exploration and development company that will focus on the exploration of the 7,960-hectare Aurum copper project in Chile recently optioned by QRS (see news release of QRS dated Feb. 19, 2013). The Aurum project is situated on the same San Felix fault system that hosts Teck Resources Ltd.'s El Relincho deposit. It is expected that QRS will begin work shortly on the reclassification and expansion of the historic resources at the Aurum project and commence the systematic exploration of two identified drill targets.
Merged entity highlights
- The acquisition by QRS of the Aurum project is the culmination of an 18-month process to assess the potential of about 150 exploration properties throughout South America.
- QRS completed extensive due diligence work on the Aurum project and believes that it has exploration potential to supplement the existing copper deposit.
- Halo has sufficient cash to facilitate the commencement of an structured exploration program at Aurum while continuing to work with its strategic partners to explore its gold and copper-zinc properties in Canada.
- The merger will substantially benefit the capacity of the newly established exploration company to explore its flagship Aurum project with the potential to enhance shareholder value.