Alecto Minerals unveil Q1-2 results

PUBLISHED: 29 Sep 2014 @ 21:10 | Comments (0) |

Interim Results for the six months ended 30 June 2014

Alecto Minerals plc (LSE:ALO), the AIM quoted mineral exploration company focused on West and East Africa, has announced its unaudited interim results for the six months ended 30 June 2014.

Highlights:

· Delivered on key objectives to build value across the Company’s African gold and base metal portfolio
· 131% increase in independent inferred JORC Code compliant resource estimate at the Gourbassi target on the eastern side of the 100% owned Kossanto Gold Project to 247,000 oz Au:

– Similar sized deposits identified within a 10km radius which could potentially be developed collectively:

· New exciting area of mineralisation identified on the western side of Kossanto, which will be the focus of the 2014/2015 field season
· Progression of joint venture with Centamin plc in respect of the Company’s Ethiopian Gold Portfolio:

– Drilling undertaken by Centamin at the Wayu Boda gold project which intercepted a major shear zone – assay results are pending and post period end Centamin confirmed that it will satisfy its initial expenditure commitment at the project
– Notification from Centamin that it will also satisfy its initial expenditure commitment at the Aysid-Metekel gold project – US$1.2 million to be invested over two years

· Acquisition of the prospective 250 sq. km. Karan gold project in Western Mali – plans to undertake a low cost drill programme with in-house rotary airblast rig

· Future strategy to maximise value and minimise capital commitments through roll out of joint venturing model

Alecto’s CEO, Mark Jones, commented:

“The period under review has been characterised by extensive activity across our projects and I am pleased to report that this has left us well positioned to build value in our portfolio, and particularly at Kossanto, during the forthcoming 2014/2015 field season. As well as more than doubling the inferred resource at Kossanto East, we also discovered a new and highly prospective area of mineralisation at Kossanto West. I am looking forward to getting back on the ground in the coming months and strengthening our understanding of this exciting area, which to date has attracted the attention of numerous artisanal miners.

“Our JV with Centamin in respect of our Ethiopian gold properties has been fruitful. It has also highlighted to us the benefits of a partnership approach and we intend to seek to roll this model out, where appropriate, across other portfolio projects. With much to be getting on with, I look forward to updating shareholders with regards to our activities over the coming months as we endeavour to strengthen our understanding of our portfolio in a way which both minimises risk and unlocks the considerable value upside potential that I believe to be available across our assets.”

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