Alto Ventures News Release
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ALTO COMPLETES PURCHASE OF DESPINASSY PROJECT, QUEBEC AND STARTS
DIAMOND DRILLING
Vancouver, B.C. March 3, 2008. Alto Ventures
Ltd. (ATV: TSX.V) is pleased to announce that it has completed the
acquisition of 100% interest in the Despinassy Project, Quebec through the
purchase of the 24.5% participating interest that it did not already own from
its Joint Venture partner Commander Resources Ltd. Under the terms of the
purchase agreement, the Company acquired all of Commander's interest in the
Despinassy Joint Venture for one time cash payment of $375,000 and issuance
to Commander of 1,875,000 treasury shares of Alto Ventures. Commander will
retain a 1% NSR royalty on 83 claims and 0.25% NSR on the other 30 claims. Alto
will have the right to buy-down the NSR on the 83 claims to 0.5% for
$500,000.
The purchase agreement has received approval
from the Board of Directors of Commander Resources Ltd and of Alto Ventures
Ltd as well as acceptance by the TSX Venture Exchange.
Previous work at Despinassy resulted in discovery
of the Despinassy Shear Zone (DSZ) which hosts several gold targets. To date,
the best known is the DAC Deposit where resources of 167,000 tonnes grading
6.88 g/t gold in the Indicated plus 445,000 tonnes grading 4.46 g/t gold in
the Inferred categories were estimated in compliance with NI43-101 standards
(see Alto news release dated November 26, 2006). Several other high priority
prospects were identified along a six kilometre segment of the DSZ including
the Darla Zone where drilling intersected 19.5 g/t gold across 2.1m (see Alto
news release dated March 29, 2006) and the gold zones in Area 3 located three
kilometres east of the DAC Deposit (4.6 g/t gold across 2 m in Zone 20 and 2.4 g/t
gold across 6 m
in Zone 21).
Consolidation of ownership in one of Alto's
core projects is consistent with the Company's strategy of maintaining
significant exposure in areas of the Abitibi Greenstone Belt that are
considered to have high potential for discovery of economic gold deposits. Alto
has recently completed 625 line kilometres of helicopter-borne VTEM Time
Domain electromagnetic and magnetometer surveys over the property and started
diamond drilling. The diamond drilling program consists of approximately 4,000 m and is focused on
testing the Darla Zone and Area 3. Results from the drilling will be reported
as they become available.
The Company has recently completed diamond
drilling in the Beardmore-Geraldton Gold Belt and is preparing for an
aggressive summer exploration program which will include surface work and
diamond drilling (see Alto news release dated February 21, 2008).
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 properties in the Canadian Shield. With
a pipeline of quality projects, the Company's approach to maximizing
opportunities while minimizing exploration risk is to attract well financed
partners with the technical expertise to take the projects onto feasibility
and subsequently production.
Alto's Management and Board of Directors have
a long and successful track record of creating shareholder value through
systematic exploration, acquisitions and discovery. The Company is currently
active in Quebec where it is focussed on the Despinassy project in the
Abitibi Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold
districts.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President
The TSX Venture Exchange
does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Mark Prosser
Manager Investor Relations
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC V6C 2B3
Tel: 604-638-3947
Fax: 604-689-3609
Email: mark@altoventures.com
Website: http://www.altoventures.com/
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