20 Jun 2011 11:01
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: General Financial
20 June 2011
Alecto Minerals plc ("Alecto" or the "Company")
Ghana Gold Licence - extension of deadline for satisfaction of condition precedent
and
Charles Street Capital plc
Alecto Minerals plc, the AIM listed resource company, announces that, following the announcement made on 2 June 2011 regarding the granting of an extension to the deadline for the satisfaction of the condition precedent 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"), it has granted a further extension to 1 July 2011.
Although the previous deadline of 17 June 2011 for Eric Akwasi Appiah (the "Seller") to satisfy the condition precedent has been reached, Alecto continues to work with the Seller to implement a new work programme at the 191.1 sq km gold exploration licence in the highly prospective Ashanti Gold Belt in Ghana and the Board is confident that this can be achieved within the extended deadline. Further details of the staged acquisition are contained in the Company's announcements made on 21 April 2011 and 2 June 2011.
Additionally, Alecto notes the announcement made on 16 June 2011 by Charles Street Capital plc ("Charles Street"), in which Alecto has a 9.73% shareholding, regarding the cancellation of its shares from trading on AIM with effect from 7 a.m. on Friday 17 June 2011. Alecto understands that Charles Street continues to work with Bulgarian Mining Resources Ltd ("BMR") to implement a new work programme at BMR's 68.7 sq km Lehovo Precious and Base Metal Project.
**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 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.