Alecto Minerals (#ALO) raises £600k at 0.3p
- 2015-01-15 00:55:06
UK 07:48 Thursday, 24 September 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Africa-focused Alecto Minerals (ALO) says it is ‘on track’ to establish a maiden resource estimate this year for the Kerboule gold prospect in West Africa’s Djibo gold belt in northern Burkina Faso, while the AIM-quoted company actively canvasses prospective partners for its Kossanto project in Mali, potentially hosting more than 500,000 oz. of gold. Alecto, which also has joint ventures with fully-listed Centamin (CEY) at two gold prospects in Ethiopia, acquired Kerboule in November in a £350,000 all-share deal and now says analysis of previous drilling data over the 3,995-sq.-km. project has identified three discrete deposits with ‘numerous vein sets’.
Africa-focused explorer Alecto Minerals (ALO) has bought another gold project in Burkina Faso, to add to its interests in Mali, Mauritania and Ethiopia. The London-based company, which recently appointed as chairman City veteran Mark Wellesley-Wood, who once sought to revive Cornish tin mining, is acquiring the Kerboule gold project in the West African country’s Djibo gold belt, near fellow AIM counter Avocet Mining’s Inata gold mine, in a deal which chief executive officer Mark Jones suggests ‘is capable of delivering significant returns.’
Direct from the Queen Elizabeth Conference Centre a video featuring a UK Investor Show 2014 presentation by Mark Jones of Alecto Minerals (ALO)
Mark Jones, chief executive officer of Africa-focused gold and copper play Alecto Minerals (ALO), says he wants 2014 to see ‘further transformation of the company from needy explorer to something more exciting’ and stresses ‘we like the joint venture model.’ The AIM-quoted company’s latest move, the £250,000 purchase for shares of New Mine Holdings, owner of the Karan and Diatissan gold projects in western Mali, no doubt fits in with that strategy.
Africa play, AIM-quoted Alecto Minerals (ALO), has been making encouraging noises of late about drilling at its Kossanto gold project in western Mali, having raised £1.5 million at 1.5p to boost the formal resource estimate there above the present 107,000 oz., with a low average grade of nearly 1.5 grammes of gold per tonne of ore. This looks interesting at 1.65p.
Alecto Minerals (ALO) wins today’s prize for the most misleading announcement with an RNS headlined “”£1 million placing and funding arrangement”. Has Alecto just secured an additional £1 million? Like hell it has. And is it “pleased to announce” this deal. Also like hell it is. It is desperate for cash and this is really last gasp death spiral stuff.
Alecto Minerals (ALO) has announced that it has entered into a non-binding heads of terms to form a strategic alliance with Centamin (CEY) to pursue opportunities in Ethiopia.
