Helio Resource Corp, listed on the TSX-V (symbol HRC:V), is a gold exploration and development company with licenses and operations in Tanzania and Namibia.
On 9th May 2013, CE Mining completed a PIPE investment in Helio Resource to become its single largest shareholder. The IFC is the second largest shareholder. Brad Mills and his Plinian team are taking operational control over Helio under an Operating Agreement and target completing work on the Pre-Feasibility Study by Autumn 2013.
Since inception, Helio has invested over $48 million in exploration and has NI 43-101 Measured & Indicated resources of over 1 million ounces of gold, as prepared by SRK.
In September 2012, Helio released a NI 43-101 compliant PEA for three targets at the SMP Gold Project. At $1,450 per ounces of gold and a 8% discount rate, the report allows for a base case of 500,000 ounces of gold production with a NPV of US$85.7 million or an upside outcome of 803,000 ounces of gold with a NPV of $146.1 million.