Alecto Minerals PLC Update re Final Results (6655J)
June 30 2017 - 2:01AM
UK Regulatory
TIDMALO
RNS Number : 6655J
Alecto Minerals PLC
30 June 2017
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December 2016 (the "2016 Accounts") will not be published by the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.
** ENDS **
For further information please visit www.alectominerals.com,
follow us on Twitter @AlectoMinerals, or contact:
Alecto Minerals plc Tel: +44 (0)20 7499 5881
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Andrew Emmott
Matthew Chandler
James Dance
Beaufort Securities Limited Tel: +44 (0)20 7382 8300
Jon Belliss
St Brides Partners Limited Tel: +44 (0)20 7236 1177
Elisabeth Cowell
Charlotte Page
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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