2 Jun 2011 09:00
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: General Financial
2 June 2011
Alecto Minerals plc ("Alecto" or the "Company")
Ghana Gold Licence - extension of deadline for satisfaction of condition precedent
Alecto Minerals plc, the AIM listed resource company, announces that it has agreed to an extension of the deadline for Eric Akwasi Appiah (the "Seller") to satisfy the condition precedents contained in the share purchase agreement relating to the staged acquisition of 80% of the issued share capital of Rancho Ghana Limited by the Company (the "Agreement"). Rancho Ghana Limited holds a 191.1 sq km gold exploration licence in the highly prospective Ashanti Gold Belt in Ghana. Further details of the staged acquisition are contained in the Company's announcement made on 21 April 2011.
The Agreement was conditional on the satisfaction of certain conditions precedent, one of which was the revision of the existing work programme expiring on 3 November 2011 to reduce the expenditure commitment to US$104,000 (the "Condition Precedent"). This was to be submitted and approved by the Ghanaian Ministry of Mines by 1 June 2011 (the "Required Date"). As a result of certain procedural delays in Ghana, it has become clear to the parties that the Condition Precedent will not be satisfied by the Required Date and, as such, Alecto has agreed to extend the Required Date to Friday 17 June.
Both parties are working closely to satisfy the Condition Precedent and are confident that this can be achieved.
Alecto Executive Director Damian Conboy said, "We remain fully committed to the acquisition of this prospective gold licence which is in line with the Company's strategy to become a multi-commodity exploration and development company in Africa. Located in the highly prospective Ashanti Gold Belt in Ghana, we remain excited about the potential of this project and, following completion of the Agreement, we intend to conduct preliminary exploratory work to delineate targets for further development and look forward to updating shareholders over the coming weeks."
**ENDS**
For further information, please visit www.alectominerals.com or contact:
Damian Conboy | Alecto Minerals plc | Tel: 020 3006 0260 |
Greg Kuenzel | Alecto Minerals plc | Tel: 020 3006 0260 |
Nick Naylor | Allenby Capital Ltd | Tel: 020 3328 5656 |
Alex Price | Allenby Capital Ltd | Tel: 020 3328 5656 |
Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Elisabeth Cowell | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes:
Alecto Minerals Plc is an AIM listed resource exploration and development company focussed on Africa.
Alecto Minerals has a diverse portfolio of exploration assets in both Mauritania and Ghana. In Mauritania, the Company currently owns three gold and base metal development licences totalling 1,902 sq km and two uranium licences totalling 1,592 sq km in the highly prospective Mauritanide mobile belt. Additionally, the Company has signed an agreement under which it will acquire a controlling interest in a 191 sq km gold exploration licence in the highly prospective Ashanti Gold Belt in Ghana. Alecto is committed to conducting exploratory work across its portfolio, designed to strengthen the Company's knowledge of the assets and delineate targets for further exploration.
Alecto Minerals also has a 9.73% shareholding in AIM listed resource investment company Charles Street Capital plc. The Board believes this investment will provide Alecto with exposure to a diverse range of potential resource projects.