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Alto Ventures Ltd. Finalizes Property Option Agreement With Foundation Resources Inc.
Alto Ventures Ltd. Finalizes Property Option Agreement With Foundation Resources Inc.
About this update from Big Ridge Gold Corp
[{"type":"text","content":"\nAlto Ventures Ltd. Finalizes Property Option Agreement With Foundation Resources Inc.\n\n\n Jun. 11, 2009 (TheNewswire.ca) -- Vancouver, B.C., June 11, 2009. Alto Ventures Ltd. (TSXV:ATV) (the \"Company\")(TSX.V: ATV) announces that further to its news release of April 7, 2009, it has finalized a property option agreement (the \"Agreement\") with Foundation Resources Inc. (TSXV:FDN'P) (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 constituted Foundation's \"Qualifying Transaction\" under the policies of the TSX Venture Exchange.Under 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. 500,000 of such shares were issued to the Company on the closing of the Qualifying Transaction and a further 500,000 are to be issued following completion of the minimum expenditures. Under the terms of the Agreement these shares are restricted from transfer for one year.Concurrent with completion of the Qualifying Transaction, Foundation completed a private placement and raised $558,550 and Mike Koziol, the President and CEO of the Company, has been appointed to the board of directors of Foundation.The 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. Upon earning the initial 60% interest in the Property Foundation may elect to acquire a further 10% interest by completing a feasibility study on the Property. In circumstances where Foundation was to earn the 70% interest in the Property the Company would have the right, in lieu of retaining a 30% interest in the Property and proceeding with a joint venture with Foundation, to ...