Alto Ventures Receives Initial Option Payments on Empress Property, Northwestern Ontario
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 22, 2017) - Alto Ventures Ltd. (TSX VENTURE:ATV) ("Alto") has received $70,000 cash and 1 million shares of Sanatana Resources Inc. (TSX VENTURE:STA) ("Sanatana") as the initial payments under an option agreement (the "Option Agreement") giving Sanatana the right to earn 100% of Alto's interest in the Empress gold project (the "Empress Project") which Option Agreement has now been accepted by the TSX Venture Exchange. The Empress Project is located approximately 15 km east of Terrace Bay in northwestern Ontario within the Schreiber-Hemlo greenstone belt.
In order to acquire a 100% interest in the Empress Project, Sanatana is to make an additional cash payment of $75,000, issue a further 2,000,000 shares, spend $50,000 in exploration within twelve months and spend a further $100,000 in exploration within 24 months. 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 Sanatana shares are subject to a four month hold period.
Rick Mazur, CEO of Alto Ventures Ltd. stated, "Sanatana has assembled an impressive land position at their Jackfish gold project in the vicinity of our Empress property and we stand to benefit not only from their exploration success on our property but also on new acquisitions within the surrounding area."
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold 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. 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.
Contact
Mike Koziol
President and Director
Alto Ventures Ltd.
705-522-6372
koziol@altoventures.com
Rick Mazur
CEO and Director
Alto Ventures Ltd.
604-689-2599
mazur@altoventures.com