Under terms of the acquisition of a 100% interest in the Oxford claim, Alto must make a cash payment of $25,000 and issue 200,000 shares. The Vendor retains a 2.5% Net Smelter Royalty and Alto has the option to purchase 1.0% of the royalty for $1 million. This acquisition is subject to TSX Venture Exchange approval.
The Rusty Zone gold deposit contains an historical resource estimate of 800,000 tonnes grading 6 grams gold per tonne as reported from drilling by Noranda in the late 1980's. While the gold mineralization indicated by the Noranda program is remarkably consistent, the drillhole density does not satisfy current resource reporting standards under NI Policy 43-101. Alto has not completed any work on the Rusty Zone to confirm Noranda's resource estimate.
Alto's Rusty Zone is associated with a strong electromagnetic anomaly. This anomaly trends east from the Rusty Zone through the Oxford claim and onto the Blue Jay zone where previous drilling intersected up to 10 grams gold per tonne over 2 metres. Further exploration of this electromagnetic anomaly is required on the Oxford claim as previous work was limited to shallow, widely spaced drillholes.
Alto is a gold exploration and development company with an exceptional portfolio of properties in the Canadian Shield. The Company is focused on exploration and acquisition in the Abitibi greenstone belt in Ontario and Quebec, northwestern Ontario and northern Manitoba. For more information visit www.altoventures.com, or contact Mike Koziol, VP, Exploration at email: exploration@altoventures.com phone: 705-522-6372.
ON BEHALF OF THE BOARD:
Rick Mazur
President & CEO
The TSX Venture Exchange has neither approved or disapproved 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
