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Mining   The 25 year renewable mining licence

Alecto Minerals buys Matala and Dunrobin Gold Mines in Zambia

Alecto MineralsAlecto Minerals plc has made a significant step in pursuit of its strategy of becoming a gold producer in the near to mid-term through the acquisition of the Matala and Dunrobin Gold Mines in Zambia.

The 25 year renewable mining licence is covering 32km2, associated environmental permit and advanced resources.

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Alecto has acquired the project for an aggregate consideration of £1.54 million, to be satisfied through the issue of 943,750,000 new ordinary shares of 0.01p each in Alecto, £100,000 in cash and £307,500 as deferred consideration from C3W Limited and CNG Trust.

Mark Jones, CEO of Alecto, commented: "In acquiring this Project in the stable Southern African democracy of Zambia at low cost we have, once again, taken advantage of market conditions to de-risk our portfolio and deliver significant potential upside for all stakeholders going forward."

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