ALO.L Regulatory News (ALO)

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

Alecto Energy plc ("Alecto" or the "Company")

AGM Statement

Alecto Energy plc, the AIM listed resource company, held its Annual General Meeting earlier today, at which all of the resolutions proposed were duly passed.

Alecto's Managing Director, Damian Conboy, made the following statement at the meeting:

"This has been a key period for Alecto Energy as we pursue our strategy of building a multi-commodity exploration and development company focussed in Africa. To this end we now have a portfolio of highly prospective projects in Mauritania and Ghana both of which we believe have the potential to add value to the Company. We also have active evaluation programmes being initiated over the most prospective areas of our portfolio.

"In Mauritania, we have three gold and base metal and two uranium development licences covering circa 3,500 sq km in the highly prospective Mauritanide mobile belt. The three gold and base metal licences are located at Chegar (756 sq km), Wad Armour (613 sq km) and Zreibya (459 sq km), where SRK is initiating the second round of exploration to identify key areas of interest for further development and drilling. This follows the receipt of encouraging copper results and the identification of multiple gold path finder minerals.

"In Ghana, through our 51% interest in Rancho Ghana Limited we control a 191.1 sq km gold exploration licence in the prospective Ashanti Gold Belt in Ghana. The licence is located in close proximity to large producing mining majors Golden Star and Gold Fields operations and preliminary work has already highlighted the presence of at least five prospective targets. We are now implementing exploration programmes to delineate additional gold targets and develop the existing ones.

"We believe that we are reaching a significant point in the development of Alecto Energy and we expect solid newsflow in the coming months. We are committed to fast-tracking exploration across our whole portfolio, proving up resources and advancing individual projects rapidly up the resource development curve."

**ENDS**

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

Notes:

Alecto Energy Plc is an AIM listed resource exploration and development company focussed on Africa. 

Alecto 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 controls 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 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.