| ||Wed May 28, 2008|
Alto Commences Busy Exploration Season On Beardmore Area Gold Projects, Ontario
| ||Vancouver, B.C., May 28, 2008. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that summer exploration programs have commenced on its Beardmore-Geraldton area projects. The prolific Beardmore-Geraldton Gold Belt has produced over four million ounces of gold in the past at grades that are comparable to the Red Lake mining camp in north western Ontario. The gold belt is experiencing a resurgence of exploration since 2006 and Alto currently owns 100% interest in five projects with two of these being explored jointly with partners. The initial exploration will consist of surface work in preparation for diamond drilling that will follow. The work will be carried out as described below:|
The Greenoaks property is located 43 km northeast of the Town of Beardmore and approximately 5 km west of the Golden Mile gold zone discovered by Kodiak Exploration Ltd. Past exploration on the property resulted in discovery of four gold-quartz vein zones that extend for over 400 m along a northwest trending shear zone. Historical diamond drilling tested the No 1 Zone to 30 m below surface intersecting significant gold including 35.3 grams per tonne ("g/t") gold across 3.2 m. In 1982, 1,171 tons of vein material was mined and milled from the No 1 Zone returning an average grade of 6.1 g/t gold and an additional 53 tons that was mined and milled separately returned an average grade of 17.1 g/t gold. During the winter of 2007 Alto drilled 5 holes and intersected quartz veins containing visible gold with assays that include 12.5 g/t across 0.4 m and 7.08 g/t across 0.8 m. Prospecting and mapping during the 2007 summer program have relocated several of the previously reported quartz veins. The veins were initially exposed in hand dug trenches in the 1940's and are now covered with fallen trees and overburden. The 2007 prospecting has also discovered a new vein that occurs at the base of a rock cliff but it is mostly covered by fallen trees and overburden.
The current summer program will consist of mechanical stripping, washing, sampling and mapping of the various veins in preparation for diamond drilling. Prospecting will also be carried out on the remainder of the property to discover new veins.
The Cote-801 property is located approximately 23 km east of the Town of Beardmore near the junction of Provincial Highway 11 and Tertiary Highway 801. Previous work has identified an east trending shear zone that has returned anomalous gold values for more than 200 m along strike. Gold assays from past work include 61.5 g/t gold in grab samples and 4.5 g/t gold across 0.3 m in saw cut channel samples. Surface work by Alto in 2007 has traced the gold mineralized shear for more than 400 m along strike returning gold values up to 15.5 g/t in grab samples. No drilling has been reported along this shear on Alto's property.
The current summer program will include high resolution magnetometer and XDS/VLF EM airborne surveys, line cutting, prospecting, mechanical stripping, washing, sampling and mapping of the areas trenched before the 2008 winter as well as newly exposed bedrock in preparation for diamond drilling.
The company will be meeting with its Joint Venture partner Wescan Goldfields Inc in mid June to finalize a program and budget for the summer and fall. Under the terms of the Option Agreement between Wescan and Alto, Wescan has the option to earn 50% interest in the Mud Lake property by spending $600,000 and issuing 150,000 Wescan shares to Alto over two years. Wescan has fulfilled its first year obligations and is entering into the final year of the Option Agreement.
Previous work by Alto has identified a six km segment of a northeast trending shear zone (Mud Lake Shear "MLS") that is strongly altered and hosts several surface gold occurrences along strike. The MLS strikes parallel to the shear that hosts the Brookbank Gold Deposit currently being drilled by Ontex Resources Ltd. Drilling by the JV partners in 2007 and the winter of 2008 tested six of the surface occurrences intersecting gold bearing quartz veins at each site including 13.9 g/t gold across 1.0 m. Prospecting and mechanical stripping have identified other areas along the MLS that require additional work including more prospecting, mechanical stripping and diamond drilling.
Once approved by the Joint Venture, the work program will start in June.
The Expansion Lake property lies immediately east of Mud Lake and south of Kodiak's Hercules property. This property was acquired by Alto in late 2007 and little is known about its geology and structures. The summer program will initially include high resolution magnetometer and XDS/VLF EM airborne surveys to be followed by prospecting and mapping.
The Cote-Archie Lake property is located 6 km north from the Town of Beardmore and is interpreted by Alto to lie on strike with the historic Leitch Mine which had a reported production of 860,000 ounces of gold at 0.92 oz/ton (31.5 g/t). The Company was informed by Kodiak Exploration Ltd, the operator of the project, that a diamond drilling program is planned for this summer and will include approximately 10 holes to test some of the targets generated previously by Alto as well as new targets identified by Kodiak. Kodiak is also planning trenching on the Angle Lake portion of the property. The planned work could start as early as June. Under the terms of an Option Agreement between Kodiak and Alto, Kodiak has the option to earn 51% interest in the project by spending $1,000,000 on exploration and paying Alto $100,000 in cash or Kodiak shares over three years. Kodiak will be funding this program as per terms of the Option Agreement.
The Company has laid out a busy summer schedule and is excited about the potential targets that will be generated for the subsequent drilling programs. The Company is also very encouraged by the high level of exploration in the Beardmore-Geraldton Gold Belt. Currently, drill programs are being carried out by Kodiak Exploration, Sage Gold, Ontex Resources, Premier Gold Mines and Roxmark Mines.
For more details regarding the Company's Beardmore area projects, please visit our website at www.altoventure.com
Mike Koziol, P. Geo., P.Eng. and Alto's President and CEO is the Qualified Person who has reviewed and approved this news release.
About Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective 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 projects on to 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 Beardmore and Shebandowan gold districts.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President & CEO
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: Wed Jun 25, 2008, Alto-Wescan Joint Venture Approves $300,000 Summer Exploration Program At Mud Lake, Beardmore-Geralton Gold Belt
You can view the Previous News Releases item: Thu May 8, 2008, Alto Completes Winter Program, Receives Final Results From Drilling At Despinassy, Quebec
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