Vancouver B.C. February 16, 2012: Alto Ventures Ltd. (ATV: TSX-V) ("Alto") is pleased to announce completion of the sale of its 40% interest in the Coldstream Gold Project to Foundation Resources Inc. ("Foundation"). The Coldstream Gold Project is host to a number of significant gold targets including the Osmani Gold Deposit (formerly the "East Coldstream Deposit") which has a NI 43-101 resource estimate of 763,276 ounces gold (30.5 million tonnes at 0.78 g/t gold) in the Inferred and 96,400 ounces gold (3.5 million tonnes at 0.85 g/t gold) in the Indicated categories. This consolidation in ownership gives Foundation a 100% interest in the property.
In consideration of the acquisition of Alto's 40% interest, Foundation has paid Alto $350,000 in cash and issued 10,000,000 common shares of Foundation at a deemed price of $0.12 per share. Within six months, Foundation will pay to Alto a further $950,000 in cash, subject to a potential three month extension period, for a total consideration of $2,500,000 in cash and shares.
Rick Mazur, CEO and Director of Alto Ventures stated, "Alto looks forward to the prospect of increased value for our investment in the Coldstream Gold Project through our equity interest in Foundation. The consolidation of this asset will facilitate advancement of the Osmani Gold deposit and unlock the tremendous exploration potential of the Coldstream property. The Foundation exploration team has done a superb job in advancing the project during the course of the option and joint venture."
Paul Chung, CEO and Director of Foundation Resources stated, "We are extremely pleased and excited about this recent acquisition of the Coldstream Project. With complete ownership of this project, Foundation and its shareholders now have the opportunity to participate in 100% of the blue sky potential within the Coldstream Gold Project and the planned resource expansion of the Osmani Gold Deposit."
About Alto Ventures Ltd.
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold properties in Manitoba, Ontario and Quebec.
For more details regarding Alto's projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Richard J. Mazur, P. Geo.,
CEO
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
Website: www.altoventures.com
Matt Terriss,
Director, Corporate Affairs
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-638-3947
Fax: 604-689-3609
Email: info@altoventures.com
Website: www.altoventures.com
