| ||Thu Jul 15, 2004|
Shareholders Approve Hidefield Acquisition
| ||At an Extraordinary General Meeting held July 14, 2004, shareholders of Alto Ventures Ltd. (the "Company") (TSX.V: ATV) approved the acquisition of the Oxford Lake gold property located in the Gods Lake area of northern Manitoba from Hidefield plc (Symbol "HIF"), an AIM listed company on the London Stock Exchange and Anglo Pacific Group plc (Symbol "APF"), listed on the London Stock Exchange, in consideration for common shares of Alto. Shareholders also approved the acquisition of the Greenoaks gold property in the Geraldton-Beardmore district and the Dog Lake gold property in the Michipicoten district of northwestern Ontario from Hidefield, in consideration for common shares of Alto. The Company has received conditional approval from the TSX Venture Exchange for these acquisitions and is finalizing an $800,000 private placement.|
The net effect of these transactions results in Hidefield as a 40% shareholder and Anglo Pacific Group as a 19% shareholder of the Company. Hidefield and Anglo Pacific bring to the Company important relationships to the European financial community. Hidefield is a gold development company with gold exploration interests in Brazil, Nevada, Arizona and Canada. Anglo Pacific is a natural resource group pursuing global royalty and other participating interests. Anglo Pacific receives a coal royalty from two mines in Queensland, Australia operated by Rio Tinto and BHP Billiton, mainly producing coking coal for the Far Eastern market.
Upon satisfaction of all Exchange approvals, Alto will have an exceptional portfolio of gold projects in Manitoba, Ontario and Quebec under the management of a new team of mining and finance professionals with a proven track record in mineral property development, acquisitions and access to capital markets. Drill programs for the Oxford Lake and Despinassy projects are planned for the upcoming winter drill season.
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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