ALO.L Share News (ALO)

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 main target areas at the company's wholly-owned Kossanto Gold Project in Western Mali.Chief Executive Officer Mark Jones said:"Since acquiring the Kossanto Project less than a year ago, we have increased the Inferred Mineral Resource estimate by 131%, demonstrating our determination and ability to swiftly deliver ounces and increase the project's economic potential. "These additional ounces have been added at a direct cost of just $4.70 per ounce and confirms the company's ability to add value at low cost."As of 09:54 the share price had risen by 12.12% to 0.85p.WS