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Alto Group Updates Operational Plans and Market Conditions
NEW YORK, NY -- (Marketwire)
03/09/10
Alto Group Holdings, Inc. (OTCBB: ALTO) ("Alto Group" or the "Company") today wishes to provide a corporate update regarding current market conditions and Management plans to increase shareholder value by increasing the asset position within the company's portfolio.
Regarding the gold mining operations in Ghana, initial phase core drilling will be initiated upon the completion of the assignment process which is currently underway. Early indications in the West African project have been favorable and have exceeded all initial expectations.
As previously reported, samples indicate approximately average grades ranging between 1-2 ounces per ton based on the initial sample testing. Management believes strongly that a multi-million ounce deposit could be identified and outlined once core drilling is completed.
Given that preliminary results from our exploration efforts were highly positive, the Company aims to quantify those results into a proven resource. Therefore, the next phase of drilling is extremely important. Substantiating the company's initial findings can only be quantified and proven through NI-43-101 standards once core sampling commences and the results are issued.
The Ashanti Belt in Ghana has a long history of gold production and is one of the world's most productive gold mining regions. Alto Gold has a joint venture agreement with Castle Peak Mining for a 70% interest in the Nkwanta mining concession located in the Ashanti Belt. The Company also holds the option for a 50% position in one of two mining concessions adjacent to Nkwanta.
Concurrent to these events, Management has held a series of extensive internal meetings which have led to a consensus to develop a strategic plan to further diversify the Company's portfolio with a decision to implement certain steps to complete due diligence reviews towards the acquisition of a significant new asset which would help to protect the Company and its shareholders from risk concentration.
The targeted assets under review are in the final stages of approval and negotiation and we anticipate the announcement of an agreement towards this acquisition within several days. The Company intends to continue to explore its options as regards additional mining concessions in the near future, and fully expects to indentify and develop future gold deposits during its planned exploration endeavors over the next 24 months.
Furthermore, in order to bolster our operational abilities and to address those roles needed to provide a proactive approach to governance during the upcoming period of activity, Management plans to announce the appointment of additional key personnel with core competencies in finance, business development and mineral exploration management over the coming weeks ahead.
In related news, Management also wishes to squarely address the recent surge in share activity and increase in its shareholder base as a result of the recent events which have transpired during our exploration efforts.
Many initial shareholders had positions which were sold off during the company's dramatic increase in trading volume and value in recent weeks. Additionally, early stage shareholders, advisors, and consultants who held significant blocks of stock joined the profit taking run which we believe is a major contributing factor leading to current conditions.
The Management and Directors of Alto believe this opens the doors for existing and new potential shareholders to re-enter at the current trading range in order to take advantage of a what can reasonably be considered a deeply discounted opportunity as nothing material in the management, operations, results, litigations, or liabilities have transpired to warrant changing a buy or hold status to a sell.
The commencement of new operations, the initiation of core drilling at our ongoing operations at Nkwanta, and the results of the NI-43-101 are all events in the near future that could quickly return value to the recent highs of January.
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.
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Mark Daniel Klok
President and CEO
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