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Alto Ventures Ltd.: Alto-Wescan Finalize Drill Contract for Mud Lake Project, Beardmore-Geraldton Gold Belt
Message: NR-Alto and Foundation to Conduct 6,000 m Drill Program on Coldstream, ON J/V
| Alto and Foundation to Conduct 6,000m Drill Program on the Coldstream Joint Venture Project, Ontario |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2011) - 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. |
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