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Kodiak Exploration Ltd In $1 Million Agreement For Exploration At
Cote-Archie Lake, Beardmore-Geralton Gold Belt
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Vancouver, B.C., August 09, 2007. Alto Ventures Ltd. (ATV: TSX-V) is
pleased to announce that it has entered into an agreement with Kodiak
Exploration Ltd. (KXL: TSX-V) to explore and develop Alto's Cote-Archie
Lake Property. The property is located six kilometres north of the Town
of Beardmore, Ontario, near the west end of the Beardmore-Geraldton
Gold Belt. Over 4.1 million ounces of gold are reported to have been
produced from this gold belt in the past at an average grade of almost
0.4 ounces per ton (13.7 g/t).
Under the terms of the agreement, Kodiak can earn 51% interest in the
Cote-Archie Lake property by undertaking staged expenditures totalling
$1 million over three years and by making staged payments of $100,000
in cash or Kodiak shares to Alto over three years. Once a 51% interest
has been earned, Kodiak will have the option to earn an additional 19%
interest (for a total interest of 70%) by completing and delivering to
Alto, a feasibility study for the development of a mine. Once Kodiak
earns 70% interest, Alto will have the option to participate in a
70%-30% Joint Venture or convert its interest to a 2.5% Net Smelter
Return royalty.
Initial exploration by Alto has identified at least two gold
occurrences, including an east-northeast trending shear zone, up to 12
metres wide, believed by Alto to represent the on-strike projection of
the structure that hosts gold mineralization at the Leitch mine,
located approximately 5 kilometres to the west.
Kodiak has informed Alto that it plans an aggressive exploration
program consisting of mapping, sampling, stripping and eventually
drilling the most prospective targets identified by Alto. Kodiak will
also conduct detailed reconnaissance on the property seeking to locate
additional shear hosted mineralization.
The Beardmore Geraldton Gold Belt is experiencing a resurgence of gold
exploration and Alto is pleased to have Kodiak participate in the
exploration of the Cote-Archie Lake Property. In addition to the
Cote-Archie Lake property, Alto has two other projects in the belt on
which it is planning exploration programs for the third and fourth
quarters of 2007.
Mike Koziol, P. Geo., P.Eng. and Alto's President and Director is the
Qualified Person who has reviewed and approved the content of this news
release.
About Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a
portfolio of eleven 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 Shebandowan and Beardmore
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
Investor Relations Manager
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-689-2599
Fax: 604-689-3609
Toll free-1-866-689-2599
Email: mark@altoventures.com
Website: www.altoventures.com
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Copyright (c) 2007 ALTO VENTURES LTD. (ATV) All rights reserved. For
more information visit our website at http://www.altoventures.com/ or
send mailto:info@altoventures.com
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