The financing, which has largely been taken up by European investors, involves the issue of up to 11,111,111 "units" at a price of $0.18 per "unit". Each "unit" consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.30 for a period of two years. Completion of the private placement remains subject to acceptance by the TSX Venture Exchange.
$638,000 Drill Program Approved for Despinassy, Quebec
Joint Venture partners Alto Ventures Ltd (70%) and Commander Resources Inc (30%) have approved the winter 2004-2005 exploration program and budget of $638,000 for the Despinassy project, located 75 km north of Val D'Or, Quebec. The program consists of Gradient IP geophysics to search for new targets along strike west of the known mineralization and 5,000 metres of diamond drilling. The geophysical work has been completed and the results are pending. Diamond drilling is scheduled for early January to begin delineation of an inferred resource and to test existing and new targets along selected segments of an approximately 10km long deformation corridor.
About Alto Ventures Ltd
Alto is a gold exploration and development company with a portfolio of mid to advanced stage exploration properties in the Canadian Shield. The Company is focused on exploration and acquisition of mineral properties in the Abitibi greenstone belt in Ontario and Quebec as well as in historic gold producing districts in the western Superior Province of Ontario and Manitoba.
ON BEHALF OF THE BOARD:
Rick Mazur
President & CEO
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
For further information, contact:
Rick Mazur
President & CEO
Alto Ventures Ltd.
Suite 910-475 Howe Street
Vancouver, B.C. V6C 2B3
Phone: 604-681-2409
Fax: 604-689-3609
Email: info@altoventures.com
Mike Koziol
Vice President, Exploration
Alto Ventures Ltd.
Unit 3 - 1349 Kelly Lake Road
Sudbury, Ontario P3E 5P5
Phone: 705-522-6372
Fax: 705-522-8856
Email: exploration@altoventures.com
