Vancouver, B.C., October 16, 2008. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that diamond drilling has started on the Alto-Wescan Goldfield Inc. (WGF: TSX-V) Mud Lake Project and on its 100% owned Three Towers Property in the Beardmore-Geraldton Gold Belt. Drilling at Mud Lake includes 10 to 12 holes testing targets along the six kilometres Mud Lake Shear Zone, a region where gold occurs on surface and in drill intercepts assaying 13.9 grams per tonne ("g/t") gold across 1.0 metres ("m"). The high grade gold occurs within a wider zone of mineralization averaging 3.39 g/t gold across 6.1 m. The current program is part of a longer term strategy to evaluate each of the gold targets with diamond drilling. Significant gold intercepts are highlighted on the Company website at www.altoventures.com.
The Mud Lake Project is operated under the terms of the Mud Lake Option Agreement which grants Wescan the right to earn 50% interest in the property by funding $600,000 in exploration and issuing a total of 150,000 Wescan shares to Alto over two years. Upon completion of this program, Wescan will have satisfied the expenditures commitments to earn its interest in the project.
Five to seven diamond drill holes are planned for the Three Towers Property. Surface work by the Company at the Golden Link Occurrence has delineated a 500 m long corridor containing anomalous gold of up to 15.5 g/t associated with pyrite mineralization and quartz veining in proximity to an iron formation. The Golden Link has not been drilled previously and the current program is designed to test this corridor with widely spaced holes.
The Mud Lake Property lies 25 km northeast of Beardmore and shares a common boundary with the Hercules Property located to the north of Mud Lake and where Kodiak Exploration Limited reported the discovery of significant gold mineralization. The Three Towers Property lies south of the Beardmore properties operated by Ontex Resources Ltd where their Brookbank Gold Deposit is reported to contain 629,900 ounces of gold (see Ontex news release dated November 15, 2007).
Mike Koziol, P. Geo., P.Eng. and Alto's President and Director 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. The Company is active in Quebec in the Abitibi Greenstone Belt and in Ontario focussing mainly on the Beardmore and Shebandowan gold districts. Alto's Management and Board of Directors have a long and successful track record of creating shareholder value through systematic exploration, acquisitions and discovery.
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]