VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/04/12 -- Alto Ventures Ltd. (TSX VENTURE: ATV) is pleased to announce that it has raised $612,000 in the first and second tranches of its private placement announced on December 16, 2011 through the issuance of 3,400,000 flow through common shares. One insider participated in the private placement for 140,000 flow through common shares.
The Company paid finders fees of $37,359 cash and 207,550 broker warrants exercisable at a price of $0.15 for a period of two years in connection with the private placement. All securities are subject to a four month hold period expiring April 22, 2012 as to 1,060,000 flow through common shares and expiring April 23, 2012 as to 2,340,000 flow through common shares.
Proceeds from this financing will be used for exploration on the Company's district scale Oxford Lake gold and base metals property located in Manitoba. The Company plans to start a 5,000m diamond drilling program in January, 2012 to evaluate two targets:
-- The iron-formation hosted Rusty Gold Zone containing 154,000 ounces gold in historical resources of 800,000 tonnes averaging 6.0 g/t gold(i). -- The potential for massive sulphide copper zinc deposits. Previous work, including Alto's 1,700 line km VTEM geophysical survey has identified geology and geophysical signatures favourable for hosting massive sulphide deposits. (See News Release dated November 16, 2011).
(i)The resource was estimated in 1990 and a Qualified Person (QP), as defined by NI43-101, has not done sufficient work to classify this historical estimate as current mineral resources. Alto is not treating the historical estimate as current mineral resources, as defined by NI43-101, and thus the historical estimate should not be relied upon.
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 the Abitibi greenstone belt of Quebec, the Beardmore-Geraldton gold belt of Ontario and in Manitoba.
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.