Vancouver, B.C., May 18, 2006. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that it has entered into an option agreement with Canadian Golden Dragon (CGG: TSX-V) to purchase a 100% interest in 16 claim units, covering 256 hectares (ha), located immediately east of Alto's Coldstream gold property in the Shebandowan greenstone belt of northwestern Ontario. The purchase of these claims would be the third acquisition of land in the area, increasing Alto's land holdings in the Shebandowan district to 3,056 ha.
The CGG claims cover the northeast extension of a major mineralized zone traceable through the Shebandowan camp. On Alto's Coldstream property, the zone contains the historic North Coldstream coppergold mine, which produced 102 million pounds copper from operations by Noranda during the period 1957-1967, and the East Coldstream gold deposit on which past work has resulted in lower grade drill intercepts of 53 metres (m) at 1.1 g/t, 27 m at 1.35 g/t and 23 m at 2.61 g/t gold. Higher grade zones also occur within this lower grade envelope of 3 m at 11 g/t, 1.35 m at 22.6 g/t and 1 m at 37.7 g/t gold. The Moss Lake Gold Mines project, located immediately southwest of Coldstream along the same mineralized trend, contains a reported historic resource, based upon extensive drilling and underground development, of 60 million tons grading 1.1 g/t gold. Alto recently acquired the ground between these two deposits from Inco Limited (see News Release dated April 26, 2006)
The CGG acquisition forms part of Alto's strategic plan to increase and consolidate its land holdings in the Shebandowan area ahead of a planned drilling program at its Coldstream project scheduled to begin in late May. The program will be focused on expanding the area of known gold mineralization at East Coldstream and extending it within the newly acquired CGG claims immediately to the northeast. Additional details about the Coldstream project can be found on the Company's website at http://www.altoventures.com/s/Coldstream.asp
The agreement provides for an option to purchase for a cash payment of $90,000 and the issuance of 400,000 common shares of Alto in instalments over three years and a 1% Net Smelter Return royalty.
Mike Koziol, P.Geo, P. Eng, Alto's Vice President, Exploration is the Company's Qualified Person that has reviewed the information in this news release.
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 projects located within the Abitibi Greenstone Belt in Ontario and Quebec as well as in historic gold producing districts.
ON BEHALF OF THE BOARD
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
Email: info@altoventures.com
604-638-3949
