Alecto soars after Ghanaian expansion

Shares in mining investment firm Alecto Energy jumped a fifth higher after it signed an agreement to acquire 80% of Rancho Ghana, which holds a 191.1 sq km gold exploration licence in the Ashanti Gold Belt, Ghana."The acquisition of this gold and base metal licence in Ghana is a significant step for Alecto as we focus on developing the company as a multi-commodity exploration and development play in West Africa," said executive director Damian Conboy.The group could pay a total of £1.2m for the stake, through an initial consideration of £0.48m by way of cash and shares, and a £0.72m payment following the completion of certain milestones.In a separate statement, the group also announced positive results from phase one of its initial exploration programme at the gold and base metal licences in Mauritania."World class gold and copper projects are being developed and with this increased recognition of the country as a relatively undiscovered mineral district, we remain excited about the potential of our 1,902 sq km gold and base metal licence area," said Conboy.---bc