COMPANY WEBSITE: http://www.halores.com/s/Home.asp HALO RESOURCES LTD. Versant Partners Report, Oct 2007 Symbol/Exchange: HLO-TSXV Sector: Mining and Metals All dollar values in C$ unless otherwise noted. Current price: $0.59 Financial summary Shares O/S (mm) 40.7 52-week range $0.31 - $0.67 Shares Fully Diluted 52.8 Avg. vol. (000) 552 Market Capitalization ($mm) $24.0 Fiscal year-end 31-Dec Source: Company reports and Versant Partners EXPLORATION THESIS Halo Resources is revisiting the VMS camp of Northern Manitoba. Manitoba VMS deposits have a long rich history as the province is home to 15% of Canada’s VMS deposits, including Flin Flon. DISCOVERY POTENTIAL Halo’s Sherridon VMS camp is located 65 km northeast of Flin Flon and contains the pastproducing Sherritt Gordon orebody. This deposit contained 7.7 Mt grading 2.46% Cu, 0.80% Zn, 0.41 g/tonne Au and 42.0 g/tonne Ag. COMPANY FOCUS POINTS ) Projects: Duport (gold); Sherridon VMS (copper- zinc); and West Red Lake (gold). ) At Sherridon’s new Lost Lake Zone, Halo intersected 1.2% Cu and 6.3% Zn over 6.5 m in DH07-57 and 1.6% Cu and 4.9% Zn over 5.1 m in DH07-55. ) Lost Lake zone extends 800 m south of the railroad in a previously untested area. ) Down-hole geophysics is underway to help define a second phase of drilling at Lost Lake. ) Halo intersected 2.6 m of 1.4% Cu and 8.2% Zn at 56.4 m in DH07-49 at Sherridon’s Cold Lake ) Assays increased to 27% zinc over 0.65 metres. ) Mineralized zone continuous over 400 metres. ) Assay results pending for three holes at Cold Lake. ) Halo intersected 8.2 m of 2.79% Cu and 0.43% Zn at 200 m depth at Sherridon’s Jungle Lake. Ian T. Parkinson Indi Gopinathan, MBA, P.Eng. (Associate) iparkinson@versantpartners.com (416) 849-5009 igopinathan@versantpartners.com (647) 427-2208