Vancouver B.C., May 19, 2010: Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce the start of the 2010 summer exploration program on the Coldstream Property in Ontario. The program will include a minimum of 8,000 m of diamond drilling as well as surface work consisting of line cutting, ground geophysical (IP and Resistivity) surveying, geological mapping, prospecting and sampling. The line cutting has already started and drilling will overlap with the surface program. The program will be completed by Foundation Resources Inc (FDN: TSX-V) who is the Project Operator and is funding this exploration program to earn an interest in the project.
The objectives of the drilling program are to expand the size of the historical East Coldstream gold deposit and advance the deposit towards an NI43-101 compliant resource estimate. The recently completed winter drilling has returned some of the best grades and widths drilled on the Coldstream property including 4.88 g/t gold over 27.3 m and 111.3 m averaging 1.12 g/t gold, and has confirmed continuity of gold mineralization between widely spaced historical drill holes (see Alto news release dated April 20, 2010). The planned drilling program will also test for potential strike extensions of the Moss Lake gold deposit onto the Coldstream property as well as test other targets in the Span Lake area where previous drilling by Inco in the 1980's intersected wide zones of gold mineralization. NI43-101 compliant inferred resource estimates of 56.1 million tons grading at 0.027 ounces per ton for 1.51 million contained ounces are reported from the Moss Lake gold deposit (see Moss Lake Mines Ltd website).
The surface work will focus on some of the high priority gold targets identified during the 2009 exploration program including high grades of 30.7 g/t gold across a 1.15 m channel sample from the Goldie Zone and 15.8 g/t gold in a grab sample at the Iris Zone. The objectives of the surface work are to generate drill targets at the Goldie and Iris zones and prioritize for drilling the numerous targets at Span Lake where assays of up to 31.8 g/t gold over a 0.75 m channel sample were obtained in 2009. The geological mapping and ground geophysical surveys will also investigate for possible relationships between the East Coldstream gold deposit and the Goldie and Iris zones.
About the East Coldstream Deposit
The East Coldstream Gold Deposit, with historically reported resources of 5.1 million tonnes averaging 1.4 g/t gold was discovered by Noranda Exploration Ltd and was delineated by 37 diamond drill holes between 1988 and 1991. Noranda prepared the historical resource estimate in 1991 however a "qualified person" (as that term is defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources (as defined in NI 43-101) and thus the historical estimate should not be replied upon. Gold mineralization starts on surface and this resource estimate was based on relatively shallow drilling at 3 zones (the Main, North, and East zones). The historical resource does not include the gold mineralization at the Sanders Zone which was drilled by Lacana Mining Corp. (1989) and Alto Ventures Ltd. (2006). The Sanders Zone is located northeast of the Main Zone and south of the East Zone.
About the Coldstream Project
The Coldstream Property includes 5,394 hectares of staked and patented mining claims along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.
The property is under an Option Agreement with Foundation Resources Inc. Foundation is the operator and is funding the current exploration program to earn an initial 60% interest. Foundation then has the option to earn an addition 10% interest.
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. The Company is active in Quebec in the Abitibi greenstone belt where it has a number of projects including the Alcudia and Destiny gold properties. In Ontario the Company is exploring in the Beardmore-Geraldton gold belt and the Shebandowan gold district. Recently, with the acquisition of the Chilko project in British Columbia, the Company has added large tonnage bulk-mineable porphyry style deposits to its exploration targets.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President & 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
Email: [email protected]