Alecto Minerals PLC Termination of Ethiopian Joint Venture Agreement (1743F)
February 18 2015 - 2:00AM
UK Regulatory
TIDMALO
RNS Number : 1743F
Alecto Minerals PLC
18 February 2015
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector:
Exploration & Development
18 February 2015
Alecto Minerals plc ('Alecto' or the 'Company')
Termination of Ethiopian Joint Venture Agreement
Alecto Minerals plc (AIM: ALO), the AIM quoted mineral
exploration company focussed on West and East Africa, announces
that it has received formal 90 days notice from Centamin plc
('Centamin') to terminate the joint venture agreement entered into
between the Company and Centamin in September 2013 with regards to
the development of the Company's licences in the Federal Democratic
Republic of Ethiopia ('Joint Venture'). Pursuant to the terms of
the Joint Venture, Centamin's rights in the Wayu Boda and Aysid
Metekel licences (the 'Licences') will revert to Alecto, such that
Alecto will hold 100% of the Licences and will assume
responsibility for the ongoing commitments in respect of the
Licences on termination of the Joint Venture.
The Company's Board continues to believe in the prospectivity of
the Licences and will actively seek a new partner for the continued
exploration and advancement of the Licences. The Company also looks
forward to receiving all of the outstanding results obtained by
Centamin from its drilling programme (including 25 diamond drills
holes completed on the Wayu Boda licence), surface sampling,
trenching and mapping completed across the Licences during
2014.
**ENDS**
For further information, please visit www.alectominerals.com or
contact:
Alecto Minerals plc Tel: +44 (0)20 3137 8862
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Richard Tulloch
Matthew Chandler
James Dance
Hume Capital Securities Tel: +44 (0)20 3693 1470
plc
Jon Belliss
Abigail Wayne
St Brides Partners Ltd Tel: +44 (0)20 7236 1177
Elisabeth Cowell
Felicity Winkles
Notes to editors:
Alecto Minerals plc is an African focussed, gold and base metal
exploration and development company quoted on AIM with exploration
projects in Mali, Ethiopia, Mauritania and Burkina Faso.
In Mali, the Kossanto Project has a current independent 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 at Kossanto East. The Kossanto Project is located in the centre
of the Kenieba inlier in western Mali. The Kenieba inlier is a
block of ancient greenstones and granites hosting many significant
gold deposits in Senegal and Mali, making it one of the most
important gold regions in Africa.
The Kerboulé Project, located in the highly prospective
Birrimian-age Djibo gold belt in northern Burkina Faso, is ideally
positioned for the definition of a preliminary JORC resource
estimate, as well as on-going resource expansion, and accordingly
is the near term focus of the Company to provide the basis for
commencing a preliminary economic assessment.
Alecto also has two prospective gold exploration licences in
Ethiopia as well as the wholly owned Wad Amour IOCG Project in
Mauritania which is at an exploration stage.
Combined, these projects provide the Company with a strong,
diversified portfolio with exciting exploration upside
potential.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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