Vancouver, B.C., June 8, 2010. Alto Ventures Ltd. (ATV: TSX-V) ("Alto" or the "Company") is pleased to announce a non-brokered private placement to raise up to $1,100,000 through the issuance of a combination of flow through common shares at a price of $0.06 per share and units at a price of $0.05 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable at a price of $0.10 per share for a period of eighteen months from closing, provided that if at any time, which is more than four (4) months and one day following Closing, the volume weighted average trading price of the common shares of the Company, as traded on the TSX Venture Exchange, exceeds $0.25 for 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the warrants to a date which is thirty (30) days following the date of the notice. Finders' fees will be payable on a portion of the private placement in accordance with the policies of the TSX Venture Exchange. The private placement is subject to regulatory approval.
Part of the proceeds from the private placement will be used on the Company's 100 percent owned projects in the Beardmore-Geraldton gold belt where surface gold mineralization has been identified but has not been fully mapped or drilled. Geological mapping has started in the Beardmore-Geraldton area in preparation for diamond drilling that is planned for the latter part of 2010. In Quebec, the Company is planning diamond drilling for later this year on its wholly owned Alcudia property in the Urban-Barry gold belt. The Alcudia claims have a number of drill-ready targets and are strategically located adjacent to the Windfall Lake project from which high grade gold intercepts, up to 14.2 g/t gold over 52 m, were reported recently. The Company is also preparing a summer exploration program for its recently acquired Chilko property near Williams Lake British Columbia. Targets on the Chilko property include large tonnage bulk-mineable gold and copper porphyry deposits. The remainder of the placement proceeds will be used for general working capital.
The Company did not proceed with the private placement announced on April 29, 2010.
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]