Halo Announces Completion of Financings to Raise $4.5 Million

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2010) - Halo Resources Ltd. (TSX VENTURE:HLO - News; FRANKFURT:HRLN - News; "Halo" or the "Company") is pleased to announce that Halo has completed the financings originally announced in the Company's press release dated December 8, 2010 to raise gross proceeds of CDN$4.5 million.

Private Placement with HudBay Minerals Inc.

The Company has issued 3,655,000 units (the "Units") to HudBay Minerals Inc. (TSX, NYSE: HBM - News News; "HudBay") at a price of $0.50 per Unit for gross proceeds of $1,827,500. Each Unit consists of one common share (a "Share") in the capital of the Company and one-half of one non-transferable common share purchase warrant (each whole warrant a "Warrant"). Each whole Warrant is exercisable to acquire one additional common share (a "Warrant Share") in the capital of the Company at an exercise price of $0.60 per Warrant Share until December 23, 2012.

Brokered Private Placement

The Company raised gross proceeds of $1,300,000 through the issuance of 2,600,000 Units (the "Brokered Private Placement"). The Units have the same terms and conditions as the Units issued to HudBay, as described above. Loewen Ondaatje McCutcheon Limited and D&D Securities Inc. (collectively, the "Agents") acted as agent in respect of the Brokered Private Placement on a best efforts basis. In consideration of the Agents' services in relation to the Brokered Private Placement, the Company paid the Agents an aggregate cash fee of $91,000, which is equal to 7% of the gross proceeds raised in the Brokered Private Placement, and issued to the Agents compensation warrants exercisable (the "Agents' Compensation Warrants") to purchase up to an additional 260,000 Units at an exercise price of $0.50 per Unit until December 23, 2012.

Non-Brokered Private Placement

The Company raised gross proceeds of $1,372,500 by the issuance of 2,745,000 Units to various purchasers (the "Non-Brokered Private Placement"). The Units issued in the Non-Brokered Private Placement have the same attributes as those issued to HudBay and under the Brokered Private Placement, as described above.

In consideration for services provided to the Company in connection with the Non-Brokered Private Placement, the Company has paid, to arm's length parties, aggregate cash fees of $66,570 and issued an aggregate of 165,200 compensation warrants (the "Finders' Compensation Warrants") as payment of finders' fee. Each Finders' Compensation Warrant has the same terms as the Agents' Compensation Warrants issued under the Brokered Private Placement.

Proceeds from the financings will be used to fund the exploration of the Company's Sherridon Property and for general working capital.

All of the securities issued in connection with the financings are subject to a four month hold period under applicable securities laws and the rules of the TSX Venture Exchange, expiring April 24, 2011.

ON BEHALF OF THE BOARD OF DIRECTORS

Marc Cernovitch, Chairman

About Halo Resources Ltd.

Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. The Company's focus is the 200 sq. km. Sherridon VMS Property, a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. A 2008 NI 43-101 compliant copper-zinc resource, for four of the known deposits in the district, was completed in less than 18 months. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and is the operator for several contiguous joint venture properties in West Red Lake covering 45 sq. km. The Company is operated by an experienced management team with a growth strategy to develop a diversified portfolio of advanced mining projects.

Forward-Looking Statements

This Company Press Release may contain certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

Neither 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.

Michael Joyner
Halo Resources Ltd.
IR
416-619-7539
416-601-9046 (FAX)
[email protected]
www.halores.com

416-742-5600 or Toll Free: 1-866-580-8891
First Canadian Capital Corp.