NEW YORK, NY -- (Marketwire) -- 05/23/11 -- Alto Group Holdings, Inc. (OTCBB: ALTO) ('Alto Group' or the 'Company'), an innovative mining and commodities trade company headquartered in New York, announces the acquisition of the Great Excelsior Mine.
The Great Excelsior Mine, located in Washington State (www.altomines.com/excelsior), was a former gold-silver producer which was forced to close in 1918 due to falling metal prices and a shortage of supplies. Alto Cascade Resources, which is 51% owned by Alto Group Holdings, recently located and staked 30 lode mining claims covering the drilled resource. This mining property has been explored by numerous mining companies over the years, including ASARCO, Silver Standard, Ltd., Quintana Resources, Inc., US Borax, Steelhead Resources, Inc, FMC Gold Corp., Stanford Metals, Ltd, and Arizuma Silver, Inc. In 1987 Steelhead Resources commissioned American Mine Services, Inc. (AMS), to calculate the global geologic reserves and stripping ratio for the deposit. This calculation was done using geostatistical methods and based on the assay results from 45 core holes drilled by US Borax, Corp. AMS concluded that the project could be mined using a 3:1 stripping ratio. Based upon the results of the American Mine Services study, Steelhead initiated a drilling program, consisting of 50 reverse circulation drill holes. The data gathered from this drilling program increased the high-grade reserves. Mark Hawksworth of FMC Gold Corporation (1989) estimated the untested exploration potential of the Excelsior to be +500,000 equivalent ounces of gold. At present metal prices this would be +700,000 equivalent ounces of gold. His conclusion was based upon the evaluation of six areas (not included in the above table) within and adjacent to the claim group. Estimated tonnage for calculated and untested reserves are believed to be 7.1 million tons of 0.08 Au-eq @ 60:1Au:Ag ratio or 0.10 Au-eq @ 48:1 Au:Ag ratio.
In 2004 Excelsior Mining Corporation commissioned a preliminary feasibility study for a 250 tpd mine and mill, using $390/ounce for gold and $5.90 for silver. Alto's management now plans to expand the properties and increase the total drill indicated resources to over 1 million equivalent ounces of gold.
View The Great Excelsior Mine Project: www.altomines.com/excelsior
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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
Alto Group Holdings, Inc.
245 Park Ave - 24th Floor
New York, NY 10167