| ||Wed Sep 15, 2004|
$800,000 Private Placement Closing
| ||Alto Ventures Ltd. (the "Company") (TSX.V: ATV), is pleased to announce the closing of an $800,000 private placement, as part of the reorganization of the Company's Hidefield and Despinassy gold property acquisitions. This financing satisfies TSX Venture Exchange approval of the acquisition of the Despinassy property in the Abitibi greenstone belt of Quebec from Cameco Corporation. Proceeds from this financing will be used to conduct a deep penetrating IP survey over new targets and commence drilling for a planned 5,000 metre program in 2004-2005.|
The Despinassy project is located 75 km northeast of Val D'Or, Quebec and lies along an alteration/deformation corridor related to a major regional structure, the Chicobi Fault Zone. The Chicobi Fault Zone lies between the Casa Berardi Fault to the north and the Porcupine-Destor and Larder Lake-Cadillac Fault Zones to the south. Due to overburden cover, limited exploration of this major structure has been conducted, with the exception of Cameco's work from 1998-2001 when the Despinassy discovery was made. Cameco completed over 20,000 metres of drilling resulting in the discovery of three zones of shear-hosted quartz vein gold systems over a five kilometre strike length. Geophysical evidence suggests that the alteration/deformation corridor continues to the east and west of the three zones drilled to date for a further five kilometres.
Alto can earn a 70% interest in the project by making cash payments of $200,000 and additional payments of $500,000 in cash or shares at Alto's option over a five year period. Commander Resources Ltd., Alto's joint venture partner, will be carried for the first $500,000 in exploration expenditures on the property.
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 of mineral properties in the Abitibi greenstone belt in Ontario and Quebec as well as properties in the western Superior Province of Ontario and Manitoba.
ON BEHALF OF THE BOARD:
President & CEO
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
For further information, contact:
President & CEO
Alto Ventures Ltd.
Suite 910-475 Howe Street
Vancouver, B.C. V6C 2B3
Email: [email protected]
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