29 Sep 2014 12:17
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Don't have an account? Click here to register.Alecto Minerals signs deal to buy AME West Africa
Thu, 22nd Aug 2013 10:02
Alecto Minerals has signed an agreement with African Mining & Exploration to acquire its subsidiary AME West Africa.Alecto has secured £600,000 of funding through a £250,000 placing and issue of convertible loan from AME and an Alecto cornerstone investor, Tamimi Investments and Mining Co.AME West Africa owns, through its wholly owned subsidiary Caracal Gold Mali SARL, the Kossanto gold project in south-west Mali which has a Joint Ore Reserves Committee (JORC) inferred resource of 107,000 ounces of gold.AME's in-country exploration team will help advance the project and Alecto intends to appoint Mark Jones, currently Chief Executive Officer (CEO) of AME, as CEO of Alecto upon completion of the acquisition.Consideration for the acquisition was satisfied through the issue of more than 108m Alecto shares priced at 1.15p with an aggregate value of £1.25m. Further deferred payments will be made, dependent on progress on proving up the resources."This is a transformational acquisition for Alecto which delivers new advanced West African gold exploration assets, drilling equipment and management expertise to the company," said Alecto Chairman, Michael Johnson. "Alecto now has an excellent portfolio across three countries and in the coming months will seek to finalise its heads of terms with Centamin plc regarding the Ethiopian gold project, which is progressing well. With this in mind, we look forward to updating shareholders in due course as we successfully build Alecto's profile as a multi-commodity exploration and development company in Africa."Shares rose 2.22% to 1.15p at 10:13 on Thursday.RD
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9 Jul 2014 08:01
20 Jun 2014 08:45
Alecto Minerals ups gold resource estimate for Kossanto by 28%
AIM-listed mining group Alecto Minerals announced it has increased its mineral resource estimate for Gourbassi to 247,000 ounces of gold. The group upped its estimate by 28% following the recent completion of additional drilling at Gourbassi West, which together with Gourbassi East forms one of two
Read more10 Jun 2014 11:15
UK MIDDAY BRIEFING: ICAP Now Facing EU Fine Over Yen Libor
LONDON (Alliance News) - Brokerage ICAP could now be hit by fines from the European Commission over the manipulation of yen Libor rates, after it said Tuesday it has received a so-called statement of objections from the EU's executive body, which it said it intends to fight vi
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UK WINNERS & LOSERS: Anglo American, Lonmin Fall As Crisis Talks Fail
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FTSE 100 - WINNERS
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Imperial Tobacco Group, up 0.5%. The cigarettes and tobacco company said it w
10 Jun 2014 09:02
Alecto Minerals Finds New Prospects At Massakama Target In Mali
LONDON (Alliance News) - Alecto Minerals PLC Tuesday said it has found new prospects on the Massakama target at the Kossanto gold project in Mali following a large drill programme, with strong indications that the site hosts an extensive gold-bearing system. The gold mining company said 18
Read more3 Jun 2014 10:27
Alecto Says Centamin Agrees Initial Commitment At Aysid Metekel
LONDON (Alliance News) - Alecto Minerals PLC Tuesday said that Centamin PLC has decided to make its initial expenditure commitment at the Aysid Metekel Gold Project as part of an ongoing joint venture between the two companies. The gold mining company said that Centamin will now proceed to
Read more30 May 2014 09:30
Alecto Minerals Pretax Loss Widens On Impairments, Foreign Exchange Losses
LONDON (Alliance News) - Alecto Minerals PLC Friday said its pretax loss widened slightly in 2013 as lower administrative expenses were offset by higher impairment charges and foreign exchange losses. The gold mining company, which is yet to produce any revenues, said its pretax loss widene
Read more16 May 2014 11:40
Alecto Minerals Gets Good Results From Gourbassi Drilling In Mali
LONDON (Alliance News) - Alecto Minerals PLC Friday said it has received positive drilling results from all six holes recently drilled on its Gourbassi resource zone at the Kossanto Gold Project in Mali, with all six intercepting gold mineralisation. The gold mining company said the six hol
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