| ||Wed Apr 26, 2006|
Alto Acquires Shebandowan Gold Property from Inco
| ||Vancouver, B.C., April 26, 2006. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that it has agreed to acquire a 100% interest in the Burchell Lake gold property, located 100 kilometres (km) west of Thunder Bay, Ontario in the Shebandowan greenstone belt from Inco Limited. The Burchell Lake property, comprising 416 hectares lies immediately west of and adjoins Alto's Coldstream gold property on which a 2,000 metre (m) drill program will be conducted in May and June this year.|
The geological setting and styles of mineralization at Burchell Lake are similar to Alto's East Coldstream gold deposit, particularly the mineralized syenite dykes within a major shear zone. A historical resource estimate of 7.6 million tonnes averaging 2.0 g/t Au was identified at East Coldstream by Newhawk Gold Mines Ltd., containing approximately 485,000 ounces of gold. This estimate is based on 6,138 metres of core drilling but was not calculated or classified under the current specifications outlined in National Instrument 43-101. Alto has not done the work necessary to verify the classification of this resource, nor should this historical estimate be relied upon. However, the Company feels that these estimates are relevant.
Rick Mazur, President & CEO stated, "Historically, the Shebandowan area has demonstrated excellent potential for large, bulk mineable deposits with grades in excess of 1 g/t gold. The Burchell Lake acquisition represents part of Alto's strategy to consolidate its land position in the district and build on the historic resources already identified on the Company's core Coldstream project."
The property was staked in 1982 by the Canadian Nickel Company Ltd. (a former subsidiary of Inco Limited). Exploration work from 1982 to 1990 included prospecting, ground geophysics, geological mapping and 7,630 m of diamond drilling in 41 holes. Nine zones of anomalous gold have been located within northeast trending shear zones that are spatially associated with syenite dykes. Gold is associated with sulphides, mainly pyrite and chalcopyrite. Grab samples from surface contain mineralization grading up to 80.4 g/t gold while some of the better drill intersections include 3.01 g/t Au over 7.45 m (includes 25.7 g/t over 0.63 m); 3.67 g/t Au over 4.63 m (includes 12.7 g/t Au over 1.07 m); and 8.51 g/t Au over 1.7 m. Alto plans to fully re-evaluate the data, including re-logging of the drill core as part of its evaluation of the East Coldstream deposit this summer.
The claims are being acquired for a one time cash payment of $20,000 and 250,000 common shares of Alto. There are no royalties and the property is in good standing until 2010. The acquisition is subject to regulatory approval. Mike Koziol, P.Geo, P.Eng Alto's Vice President, Exploration is the Company's Qualified Person that has reviewed 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. For further information: visit www.altoventures.com, contact Investor Relations at [email protected] or call 604-681-2409.
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. Inco Limited, the former owner of the Burchell Lake property, takes no responsibility for the information contained in this news release.
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