Gold Exploration Update Wayu Boda, Ethiopia

Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development

23 January 2014

Alecto Minerals plc ('Alecto' or 'the Company')

Commencement of Exploration Programme at Wayu Boda in Ethiopia

Alecto Minerals plc (AIM: ALO), the AIM quoted mining exploration company focussed on West and East Africa, is pleased to announce that field work has commenced at the Company's 945.5 sq km Wayu Boda Gold Project ('Wayu Boda'), located on the Adola Greenstone belt in southern Ethiopia. The Project is held under joint venture with Centamin plc, which is required to fund US$1.8 million to maintain an initial 51% interest.

A regional exploration camp has been set up at Wayu Boda and all the ancillary support equipment for the core drill rig are on site. The full details of the proposed programme are being finalised and will be announced in due course, however initial core drilling is anticipated to commence in the coming weeks. To date, the Company has conducted trenching, geophysics, and geological mapping which focused on the northern 15% of the licence areas where extensive artisanal workings occur in three locations of a 2km of strike targeting quartz vein swarms and larger individual quartz veins hosted in metavolcanics. Occasional pits target the host rock itself and notably grades of up to 47.4 g/t of gold have been reported from rock chip sampling and trenching in these areas.

Alecto CEO Mark Jones said, "The commencement of field work at the prospective Wayu Boda Gold Project in Ethiopia symbolises the start of an exciting campaign managed by Centamin, which provides Alecto with exposure to the value upside potential present within the licence area without the expenditure. Drilling is anticipated to commence in the near future, and we look forward to divulging the full details of the forthcoming drilling programme in due course.

"This comes during a period of strong activity for the Company. Drilling is also on-going at our flagship Kossanto Gold Project in Mali, demonstrating our multi-faceted approach to implementing our strategy to become a leading gold and base metal explorer in Africa." 

**ENDS**

For further information, please visit www.alectominerals.com or contact:

Mark Jones Alecto Minerals plc Tel: 020 3137 8862

Jonathan Evans Fox-Davies Capital Ltd Tel: 020 3463 5000

Jon Belliss XCAP Securities plc Tel: 020 7101 7070

Elisabeth Cowell St Brides Media & Finance Ltd Tel: 020 7236 1177

Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7236 1177

Notes

Alecto Minerals Plc is an African focussed, gold and base metal exploration and development company listed on AIM.

The on-going development of the Kossanto Gold Project in Mali is the Company's predominant focus and with significant value upside potential evident across the tenure, the Board plans to build on its current gold resource of 107,000 ounces in the near term. Alecto also has a joint venture with Centamin over two prospective gold exploration licences in Ethiopia which sees Alecto retain exposure to the assets with no capital expenditure, as well as the wholly owned Wad Amour IOCG Project in Mauritania which is at exploration status. Combined, these projects provide the Company with a strong, diversified portfolio with exciting exploration upside potential.