HRC Helio Resource Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN
THE UNITED STATES.


Helio Resource Corp. ("Helio" or the "Company") (TSX VENTURE:HRC) is pleased to
announce that, effective January 18, 2008, the Company has closed the previously
announced non-brokered private placement (the "Private Placement" - see news
release dated December 5, 2007).


The purchasers of the Units in connection with the Private Placement were Dundee
Resources Limited ("Dundee") and an affiliate. Dundee is a wholly-owned
subsidiary of Dundee Corporation (TSX:DCA) and carries out the resource
investments and initiatives of Dundee Corporation.


The Private Placement was fully subscribed and the Company issued 7,000,000
Units of the Company at a price of $0.75 per Unit for gross proceeds of
$5,250,000. Each Unit comprised one common share and one half of one common
share purchase warrant. Subject to the acceleration provision discussed below,
each whole warrant entitles the holder to purchase one common share of the
Company at a price of $0.85 until January 18, 2010. If, after June 30, 2008, the
common shares of the Company trade at a price of $1.25 or greater for a period
of 21 consecutive days, the Company shall be entitled to accelerate the expiry
date of the warrants by providing 30 days written notice to the holder of the
warrants. No commission or finders fees were paid in connection with the Private
Placement. The common shares and warrants comprising the Units are subject to a
four month hold period that expires May 19, 2008.


As part of the transaction, Colin Jones has been appointed to the Board of
Directors of the Company, subject to the approval of the TSX Venture Exchange.
Colin Jones is a representative of Dundee.


Following the closing of the Private Placement, Dundee and its affiliates own
and/or have control and direction over 8,360,500 common shares and 4,400,000
share purchase warrants representing approximately 19.46% of the issued and
outstanding shares of the Company on an undiluted basis or an approximate 26.94%
interest assuming the conversion of all warrants held by Dundee and its
affiliates. As required by TSX Venture Exchange policies, the Company has
obtained the written approval of a majority of the disinterested shareholders to
the Private Placement.


The proceeds of the Private Placement will be used by Helio for advancement of
the SMP gold project in Tanzania and general corporate working capital.


ON BEHALF OF THE BOARD OF DIRECTORS

Richard D. Williams, P.Geo, CEO

Christopher J. MacKenzie, C.Geol., COO

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