9th Mar 2015 08:15
LONDON (Alliance News) - Alecto Minerals PLC shares rose early Monday after the company signed a strategic cooperation deal with Desert Gold Ventures Inc to develop the Kossanto East Gold Project and the Farabantourou Gold Permit in Mali.
Desert Gold is the owner of the Farabantourou project, which is located adjacent to Alecto's Kossanto East gold project in the country. The pair intend to jointly develop the two projects towards production.
No financial details were provided on the deal.
"With a combined estimated indicated and inferred resource of over 365,000 ounces of gold and falling within a 10km radius of each other, we believe there is significant scope to develop the Kossanto East and Barani East deposits into a commercial mining opportunity," said Alecto Chief Executive Mark Jones.
"Accordingly, working in collaboration via the sharing of information and resources with Desert Gold marks a significant step towards achieving this goal," Jones added.
Alecto shares were up 19% to 0.19 pence on Monday morning, one of the best performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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