30 Jun 2017 07:00
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Mining
30 June 2017
Alecto Minerals plc ("Alecto" or the "Company")
Update re Final Results for the year ended 31 December 2016
Alecto Minerals plc (AIM: ALO), the African focused gold exploration and base metal development company, announces that its final results and annual report and accounts for the year ended 31 December 2016 (the "2016 Accounts") will not be published by the requisite deadline of 30 June 2017.
The Board expects the Company will publish its 2016 Accounts on the same date as it publishes an admission document in respect of its proposed acquisition of the Mowana copper mine in Botswana, which is currently expected to be in early July 2017. The Company's shares remain suspended from trading on the AIM market of the London Stock Exchange. Further announcements will be made as and when appropriate.
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For further information please visit www.alectominerals.com, follow us on Twitter @AlectoMinerals, or contact:
Alecto Minerals plc Mark Jones
| Tel: +44 (0)20 7499 5881 |
Strand Hanson Limited Andrew Emmott Matthew Chandler James Dance
| Tel: +44 (0)20 7409 3494 |
Beaufort Securities Limited Jon Belliss
| Tel: +44 (0)20 7382 8300 |
St Brides Partners Limited Elisabeth Cowell Charlotte Page | Tel: +44 (0)20 7236 1177 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
Notes to editors:
Alecto Minerals plc is an African focused, gold and base metal exploration and development company quoted on AIM, with a prospective copper project in Botswana in production, gold exploration projects in Mali, Burkina Faso and Mauritania and a development project with near-term gold production in Zambia.
In Botswana, the Company is, subject, inter alia, to funding and shareholder approval, intending to acquire a 60% interest in the Mowana Copper Mine, a producing copper mine and plant. Alecto has also agreed a management contract for Mowana with its partners and will receive management fees equal to 1.5% of revenue.
In Zambia, the historical Matala and Dunrobin gold mines have, in aggregate, a 760,000oz Au JORC Code compliant resource estimate in the Measured, Indicated and Inferred categories at an average grade of 2.3g/t Au. The Company intends to bring Matala into low-cost production in the near to mid-term.
In Mali, the Company has secured a number of joint-venture agreements, in-line with its strategy to retain exposure to the value in its African gold exploration portfolio for little or no cost; the Kossanto East project, which has an inferred JORC Code compliant resource estimate of 6.72Mt grading at 1.14g/t Au for an aggregate of 247,000 oz Au with a cut-off grade of 0.5g/t Au, is under a joint venture agreement with Ashanti Gold Corp; the Kossanto West Project is under a joint venture with Randgold Resources Limited; and the 250 sq. km. Karan gold project in southern Mali is under joint venture with Cora Gold Limited.
Alecto also owns the Kerboulé Project, located in the highly prospective Birrimian-age Djibo gold belt in northern Burkina Faso, as well as the wholly owned Wad Amour IOCG Project in Mauritania which is at an exploration stage.
Accordingly, the Company has a strong, diversified project portfolio with exciting exploration upside potential.