TSX-V Trading Symbol:
HRC
VANCOUVER, May 31, 2016 /CNW/ - Helio Resource Corp
(TSX-V: HRC), ("Helio" or the "Company") is pleased to report
that the transaction previously announced on February 18, 2016, whereby Helio, Damara Gold
Corp (TSX-V: DMR) and Osino Resources Corp. (a private corporation)
agreed to merge their respective interests in Namibia, has been completed.
Helio's Namibian interests comprise two exploration licences,
namely EPL 3738 (Wilhelmstal) and EPL 3739 (Otjimbojo), which
together are referred to as the Damara Gold Project ("DGP").
Helio and Damara have agreed to rescind their earn-in agreement
(see news release dated March 27,
2014), and have transferred their respective interests in
the DGP to Osino. In a separate arm's length transaction Helio
assigned a portion of its interest in Osino to a third party in
consideration of $456,000.
Richard Williams, CEO, stated;
"We are pleased to have partnered with Osino to advance the Damara
Gold Project. Given Osino management's past track record,
developing and selling the Otjikoto gold mine to B2Gold Corp., we
are confident the project is in good hands. This agreement allows
Helio to continue to focus on the development of the SMP Gold
Project in Tanzania."
About Helio Resource Corp.
Helio Resource Corp. is a resource company focused on advancing
the 100% owned SMP Gold Project in Tanzania to a production decision, and
outlining the resource potential at the DGP Gold Project in
Namibia.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D.
Williams"
"Chris MacKenzie"
Richard D.
Williams,
P.Geo
Christopher J. MacKenzie,
C.Geol.
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.
SOURCE Helio Resource Corp.