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Message: ...Halo takes writedown...
Hays Lake Gold won't advance stake on Kenora-area property, Halo takes writedown
By The Canadian Press | The Canadian Press – By The Canadian Press
TORONTO - Halo Resources Ltd. (TSXV:HLO.V - News) says it has decided to relinquish its entire interest in the Duport gold property near Kenora, Ont., and record a $4 million write-down, before taxes.
Halo made the move after receiving notice that Hays Lake Gold Inc. had terminated its option to earn a further 24 per cent interst in the property, the company announced Thursday.
Hays had earned a 51 per cent interest in the property under a 2008 agreement with Halo, which had acquired a 100 per cent interest in 2005.
Halo said Thursday its share will revert to a previous owner, Sheridan Platinum Group.
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