Alecto Minerals announces new CEO

PUBLISHED: Oct 03 2013 @ 05:09 | Comments (0) |

Alecto Minerals (LSE:ALO), an AIM listed African focussed multi-commodity exploration and development company, is pleased to announce that Mark Jones has been appointed to the Board as Chief Executive Officer with immediate effect.

The appointment follows the passing of certain resolutions at a General Meeting of the company on the 2nd October as a result of which the acquisition agreement dated 22 August 2013 with AIM quoted African Mining & Exploration plc (LSE:AME), where Mr Jones was previously CEO, to acquire 100% of the Kossanto Gold Project in Mali (‘the Acquisition’) has completed.

This advanced gold asset has a JORC compliant resource of 107,000 ounces of gold defined at one of three target areas within the tenure.

Mr Jones has overseen the development of Kossanto with AME and his strong understanding of the project, and the broader resource arena, will be highly beneficial to the Company as it focusses on significantly increasing the existing JORC resource at the project.

A graduate of the Camborne School of Mines, Mr Jones is a mining engineer with over 30 years’ experience in mining production and associated businesses, 20 years of which have been spent in Africa. He has specific expertise in gold and base metals in Africa, Europe and the FSU Previous positions include CEO of Aurum Mining plc and Expert Explosives Ltd. Mr Jones is also currently a non-executive director of Aurum Mining plc, Tulpar Gold plc and Antracor Mining Ltd.

Alecto Chairman Michael Johnson said the appointment was “an exciting and highly active time for Alecto as we have now finalised both the acquisition of Kossanto and the joint venture agreement with Centamin plc, regarding the development of our Ethiopian gold portfolio. With this in mind, we are delighted to welcome Mark to the Board.

“Looking ahead, Mark will be the ideal person to steward the Company through its joint venture with Centamin plc and his extensive knowledge of Kossanto and the region as a whole will be highly advantageous as we capitalise on the significant upside potential apparent both at this project, and across the rest of our portfolio” said Mr Johnson

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