29 Feb 2016 07:00
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development
29 February 2016
Alecto Minerals plc ('Alecto' or the 'Company')
Completion of Joint Venture Agreement with Randgold Resources
Kossanto West Gold Project, Mali
Alecto Minerals plc (AIM: ALO), the African-focused gold and base metal exploration and development company, is pleased to announce that it has received formal confirmation from Randgold Resources that all conditions precedent mentioned in the Joint Venture Agreement, for the exploration and development of Alecto's 137 km2 Kossanto West Gold Project in western Mali, have been satisfied. For further information on the agreement, please view the announcement dated 8 February 2016.
Alecto CEO Mark Jones commented, "Whilst satisfaction of certain conditions in the joint venture agreement signed with Randgold Resources was essentially a formality, we are delighted to receive formal confirmation and we hope that this will give shareholders the confidence that the joint venture is moving ahead as planned. We have been working with the Randgold team over the past three weeks to ensure that they are fully prepared for commencing work on the ground, and we look forward to updating the market on their progress at the appropriate time."
**ENDS**
For further information, please visit www.alectominerals.com or contact:
Alecto Minerals plc Mark Jones
| Tel: +44 (0)20 3137 8862 |
Strand Hanson Limited Andrew Emmott Matthew Chandler James Dance
| Tel: +44 (0)20 7409 3494 |
Beaufort Securities Limited Jon Belliss
| Tel: +44 (0)20 7382 8300 |
St Brides Partners Limited Elisabeth Cowell Charlotte Heap | Tel: +44 (0)20 7236 1177 |
Notes to editors:
Alecto Minerals plc is an African focussed, gold and base metal exploration and development company quoted on AIM with gold exploration projects in Zambia, Mali, Burkina Faso and Mauritania.
In Zambia, the historic Matala and Dunrobin gold mines have, in aggregate, a 760,000 oz Au JORC Code compliant resource estimate in the Measured, Indicated and Inferred categories at an average grade of 2.3g/t Au. The Company is focused on seeking to bring Matala into low-cost production in the near to mid-term.
In Mali, the Kossanto East project has an inferred JORC Code compliant resource estimate of 6.72Mt grading at 1.14g/t Au for an aggregate of 247,000 oz Au with a cut-off grade of 0.5g/t Au. This is currently subject to a co-operation agreement with ASX listed Desert Gold Inc. to evaluate the potential to jointly develop each company's neighbouring projects into production. The Kossanto West project is subject to a joint venture agreement with Randgold Resources (Mali) Limited.
Alecto also owns the Kerboulé Project, located in the highly prospective Birrimian-age Djibo gold belt in northern Burkina Faso, as well as the wholly owned Wad Amour IOCG Project in Mauritania which is at an exploration stage.
Accordingly, the Company has a strong, diversified project portfolio with exciting exploration upside potential.