16 Sep 2010 12:20
Alecto Energy plc ('Alecto Energy' or 'the Company')
Share Price Rise
The Board of Alecto Energy notes the rise in the Company's share price this morning.
Alecto Energy has reviewed a number of projects since the beginning of the year, including an opportunity presented by Bulgarian Mining Corporation Ltd ('BMC'). As announced on 21 July 2010, following the evaluation of the assets, the Board decided to convert the £45,000 working capital facility provided to BMC into a 20% shareholding in BMC to enable BMC to focus on projects with near to medium-term potential. However, Alecto's shareholding in BMC provides it with the potential to benefit from any upside that the licences may offer. Alecto has no commitments in invest further amounts in BMC.
The Board is also currently assessing a range of prospective sites in Mauritania, West Africa, and progress has been encouraging. Applications have been submitted to the Ministry of Industries and Mines for a three year exploration licence over five sites, including three gold and base metal sites and two uranium sites, and we look forward to receiving a response from the Ministry of Industries and Mines in the near futurte. Mauritania has a significant amount of mining activity predominantly major iron-ore and gold industries although the Board consider that much of the country is under-explored.
The Board confirms that aside from as outlined above, as an investment company, Alecto Energy is in discussions with a number of parties concerning potential investments and opportunities but stresses that these discussions remain at very early stages and no firm commitments or decisions have been made.
Further announcements will be made at the appropriate time.
**ENDS**
For further information on the Company, visit: www.alectoenergy.com or contact:
| Damian Conboy | Alecto Energy plc | Tel: 020 3006 0260 |
| Greg Kuenzel | Alecto Energy plc | Tel: 020 3328 5670 |
| Nick Naylor | Allenby Capital Limited | Tel: 020 3328 5656 |
| Alex Price | Allenby Capital Limited | Tel: 020 3328 5656 |