Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Alecto bites the bullet

By Robert Tyerman

11 March 2015 06:55

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Mark Jones, chief executive officer of AIM dog Alecto Minerals (ALO), says the company is talking to present and prospective investors about funding a pre-feasibility study on its flagship 247,000-oz. Kossanto East gold project in the West African state of Mali now it has agreed to join forces with Canadian explorer Desert Gold Ventures to develop both companies’ projects in the area. With its shares down 90% in a lacklustre gold market to a barely visible 0.19p since floating on AIM in 2006, Jones warns ’it is unlikely Alecto could survive in the exploration space and so we have got to transform ourselves -- and that means going down the development path’ rather than expensively adding more ounces to potential resources.

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Comments

alcira16247

11 March 2015, 13:15

Robert

I enjoyed reading your article.

I’m right underwater on Alecto and have written off the ‘investment’. My faith in the present board of directors has been well tested and they have been found wanting!

If! and its a big if! we can actually get to digging stuff out of the ground profitably, then maybe, there is hope for Alecto’s future viability.

Hat tip and grateful thanks to Mark Jones if he can pull us back from the brink!