Tue Apr 27, 2010 Alto Acquires Bulk Tonnage Gold Project West of Williams Lake, B.C.
Vancouver, B.C., April 27 2010. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that it has entered into an Option Purchase Agreement to acquire 100% interest in the 8,207 hectares Chilko property within the Chilcotin Plateau area of British Columbia. The property is located approximately 100 km west southwest of Williams Lake and has excellent road access. It lies 15 km north of the Newton gold zone which is currently being explored as a bulk tonnage gold deposit by Amarc Resources Ltd, an affiliate of the Hunter Dickenson Group. The Prosperity gold-copper porphyry operated by Taseko Mines Ltd is located 50 km south of the Chilko property. The Prosperity deposit has 1.0 billion tonnes of measured and indicated resources containing 13.3 million ounces of gold and 5.3 billion pounds of copper and is currently moving forward with the public review process in anticipation of production (Taseko Mines Ltd website).
Because of the limited bedrock exposure little exploration has been done on the Chilko property. But on January 19 2010, Amarc Resources released very impressive drilling results from their Newton property including hole 9004 which is reported to include 189.0 m grading 1.56 g/t gold, 7.9 g/t silver and 0.08 % copper. Alto's new Chilko project lies just north and west of the Newton property and it is believed that the favourable geology and structures may extend onto the Chilko claims. Recently Amarc reported raising $5.5 million for continuing exploration of the Newton property, which has the makings of a world class gold-copper deposit.
Mike Koziol, Alto's President and CEO states "Acquisition of the Chilko project allows Alto to participate in a gold district that has the potential to host world class gold-copper porphyry deposits. We are taking the opportunity to expand our property portfolio to include porphyry-style targets in addition to our highly prospective Canadian Shield projects". He adds "Significant results were obtained from recent drilling programs on our partner funded Destiny and Coldstream projects and we are preparing to start summer field work in the Beardmore Geraldton area. Addition of the Chilko property allows us the advantage to explore for large bulk-tonnage deposits in addition to the traditional Canadian Shield targets."
Under terms of an Option to Purchase Agreement, Alto has the option to acquire 100% interest in the 8,207 ha Chilko property by making cash payments totalling $100,000 and issuing 500,000 Alto shares over three years to the Vendors. In addition, Alto will spend $500,000 on the property over a four year period. The Vendors retain a 2% Net Smelter Returns royalty and Alto has the option to buy back 1% for $1 million within six months of the start of Commercial Production. The Option to Purchase Agreement is subject to acceptance by the TSX Ventures Exchange.
Mike Koziol, P. Geo., P.Eng., Alto's President and CEO 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 highly prospective properties in the Canadian Shield. The Company is currently active in Quebec where it is focussed on the Destiny Gold 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 and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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
You can view the Next News Releases item: Thu Apr 29, 2010, Alto Announces a Private Placement of up to $1,500,000
You can view the Previous News Releases item: Wed Apr 21, 2010, 47.9 metres averaging 1.14 g/t gold drilled on Alto's Coldstream property
You can return to the main News Releases page, or press the Back button on your browser.