ALO.L Regulatory News (ALO)

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

23 September 2013

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

Lock-in of shares

Alecto Minerals plc, the AIM listed African focused multi-commodity exploration and development company, is pleased to announce that it has signed a lock-in agreement ('Lock-in Agreement') with the Electrum Group ('Electrum').

As announced by the Company in its announcements dated 22 August 2013 and 17 September 2013 ('the Announcements'), Electrum is due to receive £1.25 million from the Company in January 2014, and a further £1.25 million in the event of a JORC compliant Reserve of 500,000 ounces gold being achieved at the Kossanto Gold Project in Mali ('the Deferred Consideration'). Under the terms of the acquisition, the Company can elect to settle the Deferred Consideration due by payment of cash, or issue of new shares in the Company, or combination of cash and shares.

The Deferred Consideration is payable as part of the consideration due from the Company in relation to the acquisition by the Company of AME West Ltd which, through its wholly owned subsidiary Caracal Gold Mali SARL, owns 100% of the Kossanto Gold Project (further details of which are set out in the Announcements).

Under the terms of the Lock-in Agreement Electrum has agreed that any shares in the Company received by them in satisfaction of some or all of the Deferred Consideration, shall be locked in for a period of 12 months from the date the relevant shares are issued ('the Lock Period') and, other than with the consent of the Company they shall not sell, transfer or otherwise grant any rights over or interest in such shares for the Lock Period.

**ENDS**

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