Alto Completes Sale of its 40% Interest in the Coldstream Gold Project, Ontario for $2.5 Million
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/16/12 -- Alto Ventures Ltd. (TSX VENTURE: ATV) ("Alto") is pleased to announce completion of the sale of its 40% interest in the Coldstream Gold Project to Foundation Resources Inc. ("Foundation"). The Coldstream Gold Project is host to a number of significant gold targets including the Osmani Gold Deposit (formerly the "East Coldstream Deposit"), which has a NI 43-101 resource estimate of 763,276 ounces gold (30.5 million tonnes at 0.78 g/t gold) in the Inferred and 96,400 ounces gold (3.5 million tonnes at 0.85 g/t gold) in the Indicated categories. This consolidation in ownership gives Foundation a 100% interest in the property.
In consideration of the acquisition of Alto's 40% interest, Foundation has paid Alto $350,000 in cash and issued 10,000,000 common shares of Foundation at a deemed price of $0.12 per share. Within six months, Foundation will pay to Alto a further $950,000 in cash, subject to a potential three month extension period, for a total consideration of $2,500,000 in cash and shares.
Rick Mazur, CEO and Director of Alto Ventures, stated, "Alto looks forward to the prospect of increased value for our investment in the Coldstream Gold Project through our equity interest in Foundation. The consolidation of this asset will facilitate advancement of the Osmani Gold deposit and unlock the tremendous exploration potential of the Coldstream property. The Foundation exploration team has done a superb job in advancing the project during the course of the option and joint venture."
Paul Chung, CEO and Director of Foundation Resources, stated, "We are extremely pleased and excited about this recent acquisition of the Coldstream Project. With complete ownership of this project, Foundation and its shareholders now have the opportunity to participate in 100% of the blue sky potential within the Coldstream Gold Project and the planned resource expansion of the Osmani Gold Deposit."
About Alto Ventures Ltd.
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold properties in Manitoba, Ontario and Quebec.
For more details regarding Alto's projects, please visit our website at .
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)
Alto Ventures Ltd.
Matt Terriss
Director, Corporate Affairs
604-638-3947
604-689-3609 (FAX)
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Datum: 16.02.2012 - 14:00 Uhr
Sprache: Deutsch
News-ID 115574
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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