| ||Thu Aug 9, 2007|
Kodiak Exploration Ltd In $1 Million Agreement For Exploration At Cote-Archie Lake, Beardmore-Geralton Gold Belt
| ||Vancouver, B.C., August 09, 2007. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that it has entered into an agreement with Kodiak Exploration Ltd. (KXL: TSX-V) to explore and develop Alto's Cote-Archie Lake Property. The property is located six kilometres north of the Town of Beardmore, Ontario, near the west end of the Beardmore-Geraldton Gold Belt. Over 4.1 million ounces of gold are reported to have been produced from this gold belt in the past at an average grade of almost 0.4 ounces per ton (13.7 g/t).|
Under the terms of the agreement, Kodiak can earn 51% interest in the Cote-Archie Lake property by undertaking staged expenditures totalling $1 million over three years and by making staged payments of $100,000 in cash or Kodiak shares to Alto over three years. Once a 51% interest has been earned, Kodiak will have the option to earn an additional 19% interest (for a total interest of 70%) by completing and delivering to Alto, a feasibility study for the development of a mine. Once Kodiak earns 70% interest, Alto will have the option to participate in a 70%-30% Joint Venture or convert its interest to a 2.5% Net Smelter Return royalty.
Initial exploration by Alto has identified at least two gold occurrences, including an east-northeast trending shear zone, up to 12 metres wide, believed by Alto to represent the on-strike projection of the structure that hosts gold mineralization at the Leitch mine, located approximately 5 kilometres to the west.
Kodiak has informed Alto that it plans an aggressive exploration program consisting of mapping, sampling, stripping and eventually drilling the most prospective targets identified by Alto. Kodiak will also conduct detailed reconnaissance on the property seeking to locate additional shear hosted mineralization.
The Beardmore Geraldton Gold Belt is experiencing a resurgence of gold exploration and Alto is pleased to have Kodiak participate in the exploration of the Cote-Archie Lake Property. In addition to the Cote-Archie Lake property, Alto has two other projects in the belt on which it is planning exploration programs for the third and fourth quarters of 2007.
Mike Koziol, P. Geo., P.Eng. and Alto's President and Director is the Qualified Person who has reviewed and approved the content of this news release.
About Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of eleven properties in the Canadian Shield. With a pipeline of quality projects, the Company's approach to maximizing opportunities while minimizing exploration risk is to attract well financed partners with the technical expertise to take the projects onto feasibility and subsequently production.
Alto's Management and Board of Directors have a long and successful track record of creating shareholder value through systematic exploration, acquisitions and discovery. The Company is currently active in Quebec where it is focussed on the Despinassy project in the Abitibi Greenstone Belt and in Ontario in the Shebandowan and Beardmore gold districts.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Investor Relations Manager
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Email: [email protected]
You can view the Next News Releases item: Tue Aug 21, 2007, Alto-Wescan Joint Venture Approves $300,000 Fall Exploration Program at Mud Lake, Beardmore-Geralton Gold Belt
You can view the Previous News Releases item: Thu Jul 5, 2007, Alto Samples 8 g/t Gold at Cote-Archie Lake Project, Beardmoregeraldton Gold Belt
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