No surprise really, they kept putting off a decision and it turns out they don't have the funds to go ahead.

It would be far better if ATV could find a major backer who could fast track this property.

Meanwhile the Pikoo diamonds project has the spotlight.

http://www.northarrowminerals.com/news/press_releases/index.php?&content_id=158

From a very gloomy picture over several months ATV appear to be getting something together.

1) Deal with Razore Rock to develop Oxford Lake. The deal is issuance of a combination of RR shares and cash payable to ATV over a period to December 2016 and for RR to spend money on Oxford lake over that period. ( see ATV web site for full details)

2) Alto has optioned claims contiguous to the Pikoo diamond discovery. Mr Martin Doyle has joined Alto board to advise on this. A good way to see how things are going where the original discovery was made is to follow North Arrow SP (NAR.V) They have been quiet for a few months but a NR due soon on this.

3) Alto have also sold to Virginia Mines their 0.5% royalty on the Windfall and Acane properties for $750,000 payable in shares in Virginia. Alto also to receive $250,00 for issueing shares in Alto to Virginia Mines (Full details in ATV Web site)

Alto therefore have some cash coming in. The cash owing to the from Foundation Res. (now taken over by another company) should be completed by May if I'm correct. They also have the cash from Virginia Mines and some cash over a period about 20 months from RR.

This looks OK, but it may not be enough. If something good happens in the next few months on Oxford Lake and/or Pikoo then the SP of Alto should shoot up and they would be in a position to raise more cash without too much dilution.

Anyway that is how I see it! Interesting to see if anybody can see another scenario!

The wild card is of course the gold price.

Below the details of the new agreement to settle the remaining $766,161 of money owing to ATV from BHG.

http://www.altoventures.com/s/NewsReleases.asp?ReportID=613585&_Type=News-Releases&_Title=Alto-Ventures-And-Birch-Hill-Gold-Amend-Terms-Of-Coldstream-Acquisition

Some news at least! ATV need the cash and hopefully BHG can pay! Agreement states money should be paid by 31 May 2013. Some of this may be from shares from BHG.

The gold price has been difficult to predict to say the least! How long the suppression will go, nobody knows. Now India has put restrictions on the importation of gold more demand has been taken off the table. Paper gold continues to deal its deadly hand as soon as gold shows some sign of life. ATV needs the gold market to turn around soon to get SP up and be able to money.

There are some straws in the wind, China could buy Barrick according to one source, this could be one catalyst. Comex and LBMA are running out of deliverable gold. Also the trade is all one sided as is sentiment. Most have thrown in the towel already.

Merry Christmas to all long suffering ATV shareholders, and lets hope Santa does something about this crazy gold price!

Serabi moving on nicely. In present negative PM climate this one looks very promising at LSE price of 5.5p bid.

Details of latest NR

http://www.serabigold.com/userfiles/pdf/Infill%20and%20Step%20Out%20Results%20-%20Stage%202%20(WEB).pdf

Great to know ATV still active! Cash must be a problem. Hope they can find money from somewhere to develop their Oxford lake property and Empress. The promising move in gold could trigger some upward movement in ATV, this move in gold needs to be explosive(as some commentors are suggesting) to get investors back into PM sector and ATV. September is a good month for gold, given the deeply depressed prices in PM's an explosive move up in gold could be just round the corner. (up to 1500 on this move????)

We investors can only wait and be patient, hopefully the wait is near an end. Caveat, beware of a last ditch attempt to abort this move in gold!

I looked into the March 31 financials:

The main points I spotted were as follows:

MAIN RECEIVABLES

Cash.........................................100k

Short term investment..............100k

Marketable securities................431K

Foundation

Resources.................................746k

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CURRENT LIABILITIES...............102K

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Loss 3 months---------------------169k

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Marketable securities were at 31 March valuations, now worth about half that

Foundation have till November 2013 to pay 746k but have extension to May 2014 with 5% added.

If Foundation default on payment, ATV will get back their part of ownership they sold.

ATV depend a lot on Foundation paying amount owing to survive.

The marketable securities may have to be sold at distress prices to keep going, unless we get a reversal of the carnage in gold miners valuations soon.

There are signs we may be near an end to the gold price slaughter. Yesterday the HUI (gold miners index) rose in face of big fall in gold price to under 1200oz

Also it is end of 6 month period for cleaning up Balance sheets espècially for covering shorts. Lets see how today and Monday play out.

On the positive side ATV have some good properties and given a better investment climate for the Gold Mining industry ATV may be able to raise some money to continue exploration, but a BIG turnaroung is needed soon!

Next 3 months critical!