ALO.L Regulatory News (ALO)

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

4 October 2013

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

Completes Acquisition of AME West Africa Ltd

Alecto Minerals plc, the AIM listed African focussed multi-commodity exploration and development company, is pleased to announce that it has completed the acquisition of AME West Africa Ltd ('AME West Africa') from AIM quoted Savannah Resources plc (formerly African Mining & Exploration plc). The terms of the acquisition were announced by the company on 17 September 2013.

Following the completion of the Acquisition, Alecto will have complementary assets in various stages of exploration in both East and West Africa:

Mali

Following the Acquisition of AME West Africa, the Company has three Malian gold projects. The flagship Kossanto Gold Project ('Kossanto' or 'the Project'), has a current Inferred resource of 107,000 ounces (2.35Mt @ 1.42 g/t) of gold. The resource at Kossanto was delineated from the Gourbassi East target, which is one of a number of prospective targets within the tenure. Two further advanced targets have also been identified, demonstrating the significant exploration upside potential at the Project and the Company intends to apply the new funds raised recently towards increasing the resource potential.

Ethiopia

The Company entered into a Joint Venture ('JV') with Centamin plc ('Centamin') on 20 September 2013. Two exploration projects, Wayu Boda and Aysid Meketel, will be advanced initially with Centamin committing up to US$14m in exploration funding for up to 70% of each project. The JV will seek to identify other exploration targets in Ethiopia.

Mauritania

Alecto will continue to explore its prospective iron-oxide-copper-gold licence, which is located in the prospective Mauritanide Belt.

Alecto's newly appointed CEO Mark Jones said, "Following the successful conclusion of our General Meeting and the completion of this landmark acquisition, the Company can now progress its attractive West African gold exploration portfolio. We now look forward to unlocking the value evident at Kossanto through a defined exploration and development programme focussed on delineating a significant upgrade in the current resource of 107,000 ounces of gold. We also look forward to working with Centamin to develop our prospective Ethiopian gold assets that are now fully funded. The recent corporate activity should allow the company to materially develop the portfolio of projects and deliver value for shareholders in the coming months."

**ENDS**

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