Business
Alto Ventures Ltd. Enters Into a Letter Agreement on the Coldstream Property with Foundation Resources Inc.
(via Thenewswire.ca)
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Alto Ventures Ltd. Enters Into a Letter Agreement on the Coldstream Property with Foundation Resources Inc.\n\n(via Thenewswire.ca)\nVancouver, B.C., April 7, 2009. Alto Ventures Ltd. (the \"Company\") (TSX.V: ATV) announces that it has entered into a letter agreement (the \"Agreement\") with Foundation Resources Inc. (TSX.V: FDN.P) a capital pool corporation listed on the TSX Venture Exchange (\"Foundation\") wherein the Company has granted Foundation an option to acquire up to a 70% interest in the Company's Coldstream Property in the Burchell Lake Area of Ontario (the \"Property\"). The transaction would constitute Foundation's \"qualifying transaction\" under the policies of the TSX Venture Exchange.\n\nUnder the terms of the Agreement Foundation can acquire a 60% interest in the Property by issuing the Company a total of 1,000,000 common shares over a two year period and incurring $3,000,000 in expenditures on the Property over the course of 4 years, a minimum of $400,000 of which must be incurred in the first year.\n\nAlto holds or has the right to acquire a 100% right, title and interest in and to the claims comprising the Property located in the Burchell Lake Area, Ontario, subject to certain underlying production royalties on some of the claims. The Property consists of 71 patented claims and 55 staked claims that cover 4,357 hectares.\n\nThe Property is located in the Shebandowan greenstone belt approximately 100 km west of Thunder Bay, Ontario. The Property includes the former producing North Coldstream copper-silver-gold mine and the East Coldstream gold deposit. During the past few years Alto made strategic land acquisitions through staking and purchases to cover over 10 km of a prospective mineralized structure.\n\nIn 2006, a program consisting of 2,062 m of diamond drilling was completed testing the East Coldstream gold deposit. Drilling has confirmed the presence of wide zones of gold mineralization with some intersections up to 68 m in core length and grading 1.2 g/t gold. The mineralized gold system has now been traced for two km at East Coldstream and remains open along strike and to depth.\n\nThe East Coldstream gold deposit occurs at the northeast end of a linear corridor that extends west-southwest for over 20 km and includes the North Coldstream copper-gold-silver mine (historic production of 102 million p...