Vancouver B.C. July 06, 2011: Alto Ventures Ltd. (ATV: TSX-V) ("Alto") and Foundation Resources Inc. (FDN: TSX-V) ("Foundation") or together "the Companies" are pleased to announce the commencement of their 6,000-metre summer diamond drilling and other surface exploration programs on the Coldstream Property ("the Property") in northwestern Ontario. Foundation is the operator of this program and owns a 60% interest in the Property. Alto owns the remaining 40%. The two primary objectives of this 2011 summer drill program are:
- Expand high-grade gold mineralization (8.39 g/t gold over 11.0m) discovered at Iris Lake during the 2011 winter drilling program. This high-grade gold discovery is open along strike to the northeast and southwest of the mineralization site and located approximately 1500 metres north of the East Coldstream Deposit.
- Continue expanding the East Coldstream Gold Deposit ("the Deposit") both laterally and down plunge immediately west of the Deposit in a virtually unexplored area.
In addition to the drilling, a pole-dipole induced potential (IP) survey is currently in progress to obtain drill targets on the Span Lake claims adjacent to the Moss Lake Gold Deposit (1.1 million ounces in 'Indicated' and 520,000 ounces in 'Inferred' categories (Moss Lake Gold Mines Ltd. - News Release dated July 14, 2010). Historical drilling by Inco Ltd. (now "Vale") in the 1980s from this area returned anomalous gold values (e.g., 0.99 g/t gold over 24.5 m and 1.5 g/t gold over 3.5 m) suggesting a potential extension of the Moss Lake Gold Deposit (QES Zone) onto the Property. Also, a surface program, consisting of litho-structural study, prospecting and lithogeochemical sampling is in progress in other areas in order to identify new mineralized zones of economic potential within the Property.
Over 6,000 metres of diamond drilling were completed during the 2011 winter exploration program on the East Coldstream Deposit and exploration drilling elsewhere on the Property. The drilling expanded the down-plunge and lateral continuity of the Deposit and resulted in a new high-grade gold discovery (8.39 g/t gold over 11.0m - News Release dated March 22, 2011) south of Iris Lake in the northeastern part of the Property. The high-grade gold discovery is located approximately 1500 metres north of the East Coldstream Deposit. The current summer drilling program is designed as a follow up to the successful completion of the winter drilling on the Property.
Encouraged by the positive drilling results, the Companies strongly believe that the 2011 winter drilling program was executed successfully and has potentially increased the area of gold mineralization at the East Coldstream Deposit. The program also produced several significant exploration targets, such as the high-grade gold mineralization in the Iris Lake area, for follow-up exploration in the 2011 summer exploration programs. The current drilling program will further advance the East Coldstream Deposit by adding potentially more gold-enriched areas to the Deposit which is currently subject to a NI 43-101 compliant resource estimation by Wardrop, a Tetra Tech Company (News Release dated March 01, 2011).
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified Person for the Coldstream Project supervised the drill program and has reviewed and approved the technical content of this news release.
About the East Coldstream Deposit
The East Coldstream Deposit is hosted within mafic to intermediate metavolcanic rocks which have been intruded by dike/sill-like bodies of quartz-feldspar porphyries and gabbros. All these rock types have been variably altered (silica, hematite, carbonate, chlorite) and deformed by east- to east-northeast striking North Coldstream Shear/Deformation Zone. Gold is associated with 1 to 5 percent, fine-grained pyrite.
About the Coldstream Property
The 6,234-hectare Coldstream Property is located along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.
For more details regarding the Coldstream Property, please visit our website at www.altoventures.com
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold properties. The Company is developing advanced projects at its Destiny gold property in Quebec and its Coldstream gold property in Ontario. Further exploration activities are planned on its Beardmore-Geraldton gold properties, the Oxford Lake gold project in Manitoba and the Chilko gold project in British Columbia. For more details regarding the Company's projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Richard J. Mazur, P. Geo.,
CEO
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.
For further information contact:
Mike Koziol,
President and Director
ALTO VENTURES LTD.
Unit 8 -- 1351D Kelly Lake Rd
Sudbury, ON., P3E 5P5
Tel: 705-522-6372
Fax: 705-522-8856
Email: koziol@altoventures.com
Matt Terriss,
Director of Corporate Affairs
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-638-3947
Fax: 604-689-3609
Email: terriss@altoventures.com
