ALO.L Regulatory News (ALO)

Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development

24 June 2014

Alecto Minerals plc ('Alecto' or the 'Company')

AGM Statement

Alecto Minerals plc (AIM: ALO), the AIM quoted mineral exploration company focussed on West and East Africa, will be holding its Annual General Meeting at 11.00 a.m. today. At the meeting, the Company's CEO, Mark Jones, will provide the following statement:

"I am pleased to welcome you to our Annual General Meeting, which provides us with the opportunity to reflect on the significant progress we have made over the course of the last year across our core African gold portfolio, as well as outlining our development strategy going forward. Our activities to date have been focussed on enhancing the value of our portfolio, which, following the completion of several successful corporate transactions, now includes our flagship Kossanto Gold Project in Mali and a joint venture with mid-tier gold producer Centamin plc, which sees our Ethiopian gold properties advanced at no expenditure to the Company. As a mining engineer myself, I am focussed on developing exciting, economic mining opportunities and our operational progression and corporate philosophy have been formulated in this regard.

"Since acquiring the Kossanto Project eight months ago, we have maximised our efforts during the current field season through active work programmes conducted at comparatively low costs. This has resulted both in the independent inferred resource estimate for the Gourbassi resource zone being increased by 131% from the original June 2013 estimate to 247,000 ounces of gold and the discovery of new areas of mineralisation in the Massakama target area in the west of the Kossanto Project, where there are strong indications that an extensive gold-bearing system may be hosted. We now have a much clearer understanding of the Kossanto Project and have multiple new targets delineated for follow up work later in the year. The wet season is due to commence shortly so this time will be utilised to analyse all of the 2013/2014 field results, select drill targets, develop a new work programme to study the future production potential of the deposit, and make all the necessary preparations for the coming field season which we expect to commence in November 2014. As this manifests, we will also continue to consider a regional play opportunity due to the close proximity of similar deposits.

"Our joint venture with Centamin was a material development during the year and we are delighted that our belief in the potential of our Wayu Boda Gold Project and the Aysid Metekel Gold Project is echoed by Centamin, which, through the joint venture, is providing the Company access to the future potential upside for these projects without additional expenditure. Work, managed by Centamin, continues at both projects and we are hopeful that results will be forthcoming in the short term, providing us with a clearer understanding of their future potential.

"In summary, as a junior explorer, I am cognisant of the need for the Company to deliver material growth year-on-year. While on a corporate level, we will continue to assess possible transactions and joint venture opportunities in order to maximise the value from our work, we look forward to another year of focussed operational activity. Indeed, there is significant potential to continue to increase the Kossanto Project's inferred resource across the two target areas, and forthcoming results from our Centamin JV have the potential to add significant value to our interest in these projects. Drilling will be undertaken at our Wad Amour IOCG Project in Mauritania in 2014, at which point we will evaluate its future development credentials. With this in mind, I look forward to this time next year and to reporting regularly on our progress in the meantime."

**ENDS**

For further information, please visit www.alectominerals.com or contact:

Notes to editors:

Alecto Minerals plc is an African focussed, gold and base metal exploration and development company quoted on AIM.

The on-going development of the Kossanto Project in Mali is the Company's predominant focus and with significant value upside potential evident across the tenure, the Board plans to build on the existing independent inferred resource estimate of 247,000 oz Au for Gourbassi reported in accordance with the guidelines of the JORC Code (2012).

The Kossanto Project is located in the centre of the Kenieba inlier in western Mali. The Kenieba inlier is a block of ancient greenstones and granites hosting many significant gold deposits in Senegal and Mali, making it one of the most important gold regions in Africa. The 207 sq. km. Kossanto Project currently comprises the Gourbassi and Massakama target areas located in the west of the licence area, where large-scale artisanal activity is occurring.

Alecto also has a joint venture with Centamin plc over two prospective gold exploration licences in Ethiopia, under which Alecto retains exposure to such assets with no capital expenditure obligations, as well as the wholly owned Wad Amour IOCG Project in Mauritania which is at an exploration stage. Combined, these projects provide the Company with a strong, diversified portfolio with exciting exploration upside potential.