Alto and Foundation to Conduct 6,000m Drill Program on the Coldstream Joint Venture Project, Ontario
18 Januar 2011 - 2:00PM
Marketwired
Alto Ventures Ltd. (TSX VENTURE: ATV) and Foundation Resources Inc.
(TSX VENTURE: FDN) are pleased to announce plans to conduct a 6,000
m drill program on the Coldstream Joint Venture Project in western
Ontario in late January. Foundation has acquired a 60% interest in
the Coldstream Project from Alto by incurring a total of $3 million
in exploration expenditures on the property and issuing 1,000,000
Foundation common shares to Alto, as per terms of an option
agreement dated May 20, 2009. Alto and Foundation are currently
finalizing a joint venture agreement whereby Alto will own a 40%
interest in the project with Foundation as 60% partner and Operator
of the project.
Further details of the upcoming winter drill program will be
reported in a subsequent news release.
About the Coldstream Project
The Coldstream Property includes 5,738 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.
About Alto Ventures Ltd.
Alto Ventures Ltd. is an exploration and development company
with a portfolio of highly prospective Canadian gold properties.
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 Coldstream project in the
Shebandowan gold district. In the Chilcoten Plateau of British
Columbia, the Company is exploring the Chilko project nearby the
Newton gold deposit. For more details regarding the Company's
projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Richard J. Mazur, P.Geo., 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.
Contacts: Alto Ventures Ltd. Mike Koziol President and Director
705-522-6372 705-522-8856 (FAX) koziol@altoventures.com Alto
Ventures Ltd. Richard Mazur CEO & Director 604-689-2599
604-689-3609 (FAX) info@altoventures.com www.altoventures.com
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