NEW YORK, NY, Aug 31, 2011 (MARKETWIRE via COMTEX) — Alto Group Holdings, Inc. (“Alto Group” or the “Company”) an innovative mining and commodities trade company headquartered in Florida, announces the status of Mexican projects and new focus.
The Company recently has suspended further exploration and production efforts on the greenfield La Cienega gold project in Sonora, Mexico. Initial mapping, pitting, and sampling conducted during this field season confirmed the occurrence of placer gold on the properties but did not reveal sufficient quantities at shallow depths to warrant implementation of a deeper drilling and sampling program recommended by the Company’s geologic staff at this time. All equipment has been moved to a storage facility within Mexico and the La Cienega base camp has been shut down and will await management’s decision to expend fiscal and manpower resources to implement the recommended exploration program at some future date.
The planned completion of NI43-101 technical reports on the Los Tres Machos and Zuna properties in Mexico also has been suspended in order to allow the Company to refocus its resources on its recently acquired brownfield property in the state of Washington, USA. Additionally, the projects are being analyzed by a major mining company to determine the possibility of co-development in the near term.
The recently acquired Great Excelsior Mine property in Washington will now be the focus of the Company’s efforts to evaluate the precious and base metals resources of the acquisition and to bring it to the pre-feasibility development stage.
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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.
Alto Group Holdings, Inc.
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