In keeping with the Company's strategic direction, Alto announces the sale of its 12.5% interest in the Windfall Joint Venture and a 45% interest in the Alcane property to Noront Resources Ltd. ("Noront") in consideration for 375,000 common shares of Noront and a 0.5% Net Smelter Return Royalty on any production from the Windfall and Alcane properties in Quebec. Alto maintains its 100% interest in the 320 hectare Alcudia property, immediately east of the Alcane/Windfall claim block. The Company plans a work program of geological mapping, sampling and prospecting on zones of significant sulphide mineralization encountered in weakly to strongly sheared and altered volcanic rocks associated with geophysical (EM and IP) anomalies.
Alto is making arrangements for a winter drill program on its Despinassy property within the Abitibi greenstone belt in Quebec. The Company is earning a 70% interest in this new gold discovery from Cameco Corporation. Commander Resources Ltd. (TSX.V:CMD) is a 30% joint venture partner in the Despinassy project. Alto is evaluating its interests in the Shebandowan and Geraldton-Beardmore districts in northwestern Ontario and will commence an exploration program next month at the Oxford Lake project in northern Manitoba.
Alto is a gold exploration and development company with an exceptional portfolio of properties in the Canadian Shield. The Company will focus on exploration and acquisition in the Abitibi greenstone belt in Ontario and Quebec, northwestern Ontario and northern Manitoba.
ON BEHALF OF THE BOARD:
Rick Mazur
President & CEO
The TSX Venture Exchange has neither approved nor disapproved of 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
