Press Release Source: Alto Group Holdings, Inc. On Monday January 11, 2010, 10:35 am EST
NEW YORK, NY–(Marketwire – 01/11/10) – Alto Group Holdings, Inc. (OTC.BB:ALTO – News) (“Alto Group” or the “Company”), is pleased to report that the Company has begun the 2010 Phase 1 Exploration Program on the Alto-Ashanti Project in Ghana.
Alto Group currently has an exploration team in the field, headed by experienced Canadian geological personnel, working on surface and underground exploration of gold bearing veins with the Ghanaian staff. Presently, 35 people are excavating and sampling gold targets on the Nkwanta Concession focusing on the hard rock vein deposits that have been previously identified.
The work program is part of an overall strategy by the Company that involves surface sampling of the veins, trenching and excavating the gold bearing horizons, as well as prospecting and mapping the concession culminating in a proposed diamond drilling program within 60 to 90 days. The project is initially focusing on the “Golden Arrow Vein,” a quartz vein up to 2 meters in width which is currently being excavated by local African miners. Visible gold has been noted in the vein and the Company has implemented underground blasting to acquire fresh rock samples for gold assays. The vein trends for a minimum of 275 meters across a well-defined linear ridge hosted by altered volcanics containing fine disseminated arsenopyrite, a mineral common to gold deposits.
The Company has posted an extensive photo gallery on our website at www.altomines.com which we invite stakeholders and interested parties to visit.
With gold prices soaring, the Company is very pleased to have this opportunity to explore and develop these high quality concessions in the Ashanti Belt. It is worth noting that Ghana was originally targeted for the following reasons:
Ghana’s mining industry has experienced explosive growth since the late 1980s, making it Africa’s second largest gold producer after South Africa. The Ashanti Gold Belt is one of the world’s most prolific gold regions. Production of gold, the country’s leading mineral resource increased from 287,124 ounces in 1986 to 1.58 million ounces in 1996 and in 2005 production was at 2.14 million ounces (Source: Mining Journal, 2006). In the last few years there has been over $1.5 billion in mining investments with current production at 9 million ounces and a current resource of 78 million ounces.
This favorable investment climate in Ghana, together with the country’s well known mineral endowment, has attracted hundreds of local and foreign companies into mineral exploration and development. There are very favorable mining laws in this politically stable and safe former British colony which has based its governmental system on British law. As a result, Ghana is considered and rated as an investment grade country with a favorable mining and tax code. Import taxation is excluded on equipment for foreign mining companies and there is excellent infrastructure in the form of electricity, roads and access to natural gas energy with a well trained and eager labor force.
Currently there are 13 large-scale companies producing gold, diamonds, bauxite and manganese in the country. The major gold producers are Gold Fields Ghana Ltd., AngloGold Ashanti, Golden Star Resources, Redback Mining and Newmont Ghana Gold. Ghana accounts for 17% of Newmont’s global gold reserves. There are also over 300 registered small-scale mining groups and 90 mine support service companies.
As part of Alto Group’s commitment to public disclosure, the Company will provide timely news and discuss in detail its ongoing programs and plans for the Ghana gold concessions in future updates as events transpire.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
�
ON BEHALF OF THE BOARD
Alto Group Holdings, Inc.
- - - - - - - - - - - - - - - - - -
Natalie Bannister
Director
Contact:
Contact:
Kevin A. Mercuri
Propheta Communications
212-901-6914 Ext 701
Email Contact
Acquisition of highly prospective grass roots and semi developed mineral exploration projects.
