Alto Ventures Options Empress Property, Northwestern Ontario
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2017) - Alto Ventures Ltd. (TSXV: ATV) ("Alto") has entered into an option agreement (the "Option Agreement") to option 100% of its interest in the Empress gold project (the "Empress Project") to Sanatana Resources Inc. (TSXV: STA) ("Sanatana"). The Empress Project is located approximately 15 km east of Terrace Bay in north western Ontario within the Schreiber-Hemlo greenstone belt. The Empress Project is one of several smaller but prospective gold projects held by Alto within its portfolio of gold properties and is subject to a 2% NSR royalty in favour of a third party.
In order to acquire the Empress Project Sanatana is to make cash payments totaling $125,000 and issue 3,000,000 shares over a 12 month period and incur expenditures totaling $150,000 over a 24 month period. In addition, Sanatana will reimburse Alto $20,000 on closing for previous exploration expenditures. Under the terms of the Option Agreement Sanatana will also pay Alto a 1% NSR royalty on the claims comprising the Empress Project and a 0.33% NSR royalty on any claims staked during the option period that fall within an "area of interest" provided for in the Option Agreement.
The Option Agreement remains subject to Sanatana obtaining the acceptance of the TSX Venture Exchange.
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold and diamond properties. The Company is active in the Abitibi greenstone belt in Quebec on the Destiny gold property and is exploring in the Beardmore-Geraldton gold belt in Ontario. In Manitoba, the Company is focused on the gold and base metals potential of the highly prospective but relatively under-explored Oxford Lake property. The Company's diamond properties are located in northern Saskatchewan near the recent discovery of diamonds on the Pikoo Project. 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.
For further information contact:
Mike Koziol,
President and Director
Alto Ventures Ltd.
Unit 7 - 1351C Kelly Lake Rd
Sudbury, ON., P3E 5P5
Tel: 705-522-6372
Email: koziol@altoventures.com
Rick Mazur,
CEO and Director
Alto Ventures Ltd.
Suite 615-800 W. Pender Street
Vancouver, BC, V6C 2V6
Tel: 604-630-1585
Email: mazur@altoventures.com
