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Alecto Drops After Consolidating Licenses To Source Venture Partner

Mon, 19th Jan 2015 09:53

LONDON (Alliance News) - Alecto Minerals PLC shares fell Monday after it said it has consolidated two of its mining licenses in western Mali into one larger license in order to attract a joint-venture partner for the project.

Alecto shares were down 7.7% to 0.300 pence per share on Monday morning, having touched a new 52-week low of 0.280p earlier.

Two exploration permits, Kobokoto Est and Kobokoto, have been fused to create one single exploration permit covering 100 square kilometres. The new permit is for a five-year period and includes the Massakama, Toukwatou, Goreba, Massakama Centrale and Rhyolite Hill gold discoveries.

"The consolidation of the Kobokoto Est and Kobokoto permits into one new five-year permit covering our key discoveries at Kossanto West, represents an important step to attracting and securing investment from potential joint venture partners as we seek to build on our success from the 2014 field season at Kossanto West," said Chief Executive Mark Jones.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance