Vancouver, B.C. September 7, 2006. Alto Ventures Ltd. (ATV: TSX.V) is pleased to announce that it has completed the purchase of Cameco Corporation's ("Cameco") participating interest in the Despinassy Gold project located near Val d'Or, Quebec. Alto now owns 70% of the Despinassy project, with joint venture partner Commander Resources Ltd. (CMD: TSX-V) owning the remaining interest.
The completion of the purchase was amended from an original purchase price of $700,000 in cash and shares over 5 years (in 2004) to $350,000 by making a one-time final cash payment of $150,000 on August 31, 2006. The initial instalments totalling $200,000 in cash and shares had been paid prior to the amended agreement.
The Despinassy Project covers more than 10 kilometres (km) of a district scale, east-west trending structural break parallel to and 75 km north of the Cadillac-Larder Lake Break, a prolific gold producing area in Quebec and Ontario that has produced in excess of 90 million ounces of gold from the Val D'Or, Malartic and Kirkland Lake gold camps. Alto has intersected gold along this structure for over six kilometres in two successive drill campaigns since acquiring the option to purchase from Cameco in 2004.
Alto President & CEO Rick Mazur stated, "Now that Alto has completed the purchase of Cameco's interest in the Despinassy project, it has the flexibility to advance the development of its flagship project. Despinassy has great potential to become a significant gold deposit within an entirely new camp in the Abitibi greenstone belt of Quebec."
A summary of all results and further development plans for Despinassy will be reported following the integration of data from the 2005 and 2006 Alto drill programs with past data from Cameco. Hubacheck Consulting Geologists is currently compiling information from the previous drill programs to estimate a mineral resource compliant to NI43-101 standards.
About Alto Ventures Ltd.
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of nine properties in the Canadian Shield. The Company is focused on the Despinassy project in the Abitibi Greenstone Belt, Quebec and the Coldstream project in the Shebandowan historic gold producing district.
ON BEHALF OF THE BOARD,
"Rick Mazur"
Richard Mazur, P.Geo.
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Timea Carlsen
Manager of Corporate Communications
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC V6C 2B3
Tel: 604-638-3949
Fax: 604-689-3609
Email: info@altoventures.com
Website: www.altoventures.com
Richard Cohen
President
CLARK AVENUE COMPANY INC.
103 Clark Avenue
Toronto, Ontario L3T 1T1
Tel.: (905) 882-4422
Fax: (905) 882-4435
Email: rcohen@clarkavenue.com
Website: www.clarkavenue.com
