Multiple Targets Identified at Aysid Metekel

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

6 December 2012

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

Multiple Targets Identified at Aysid Metekel Gold Project, Ethiopia

Alecto Minerals plc, an AIM listed multi-commodity exploration and development company with projects in Ethiopia and Mauritania, is pleased to announce the results of in house technical work carried out on its 1,953 sq km Aysid Metekel Gold Project located in the highly prospective Aysid-Metekel region of north western Ethiopia. Work to date has culminated in the delineation of five high priority target areas for follow up work in the upcoming 2013 field season.

Alecto has undertaken a thorough compilation of historical data for the Metekel licence which includes 1:250,000 scale geological mapping of the entire licence area with the majority covered by 1:100,000 scale mapping, regional aeromagnetics, 848 steam sediment samples and mineral occurrence mapping. To this the existing data collected by Alecto in 2012 has been added, building a database of over 1,000 stream sediment samples and 576 soil samples. In addition, Aster imagery was acquired for the entire licence and structural interpretation of this and other satellite imagery indicates the presence of prospective NW - N trending dextral shear zones within the licence. Full details of the target areas, including maps, can be found below.

Alecto plans to conduct follow up work on the identified targets in 2013, which will include infill soil sampling to accurately locate the source of gold in target areas, mapping, and rock chip sampling where appropriate. Regional stream sampling will continue in the areas not covered to date. The Company is also considering flying over the prospective parts of the licence with a 400m spaced Heli-Mag survey to better delineate structures within the licence.

Alecto Managing Director Damian Conboy said, "The Aysid-Metekel Gold Licence provides us with exposure to a highly prospective and underexplored region of Ethiopia. Our technical work to date has not only highlighted the mineral potential of the area but has also focussed our work programme for 2013. Having also announced positive findings from exploration at our southern Ethiopian gold licence, Wayu Boda, and our Mauritanian Iron Oxide Copper Gold Project, we feel that we are well placed to build value in our portfolio through exploration over the course of the coming year."

Figure 1: Target Location Map (Please see the associated PDF)

Beles North Target

The Beles North target is located on a WNW trending shear with an oblique dextral sense that coincides with a widespread soils anomaly and a historic gold occurrence. Soil anomalies appear to coincide with both the main WNW trending shear zone and NE trending cross structures, gold in soils values of up to 0.28ppm of gold ('Au') were achieved in the centre of the target area. Artisanal miners work alluvial deposits in the Beles River within the project area and stream sediment sampling has returned values up to 0.9ppm Au.

Figure 2: Beles North Target (Please see the associated PDF)

Beles Central Target

This Beles Central area is located at an interpreted WNW trending shear zone coincident with gold in soils anomaly that contains values up to 0.2ppm Au. The shear zone was interpreted from satellite imagery with suspected riedel structures between three main shears. In the east of the area the Beles river alluvial deposits are mined by artisanals and stream sediment sampling has returned values of up to 1.58ppm Au.

Figure 3: Beles Central Target (Please see the associated PDF)

Beles South Target

The Beles South target is the continuation of the interpreted shear from the Beles Central target on to the northern bank of the Beles River. Little data exists for the area due to its remoteness but the structures may have been the source of gold in stream sediments in the small tributaries in the area that achieve values up to 2.68ppm Au.

Figure 4: Beles South Target (Please see the associated PDF)

Bogiz Target

The Bogiz target is centred on another WNW trending interpreted structure associated with some of the highest gold in soils values achieved from the 2012 soil sampling campaign, up to 0.34ppm Au. Also present are some anomalous gold in stream sediment samples. 

Figure 5: Bogiz Target (Please see the associated PDF)

Gorshi North Target

The Gorshi North target at the northern end of the Gorshi Ridge extends to the south into an area of known gold occurrence. A prominent NW trending interpreted structure forms high ground in the area with water sheds each side containing anomalous gold values in stream sediments. Values of over 0.1ppm Au were recovered from water courses on both sides of the ridge. North trending ridges in the south of the area may be related to riedel structures resulting from dextral shearing along a wider NW trending shear zone.

Figure 6: Gorshi North Target (Please see the associated PDF)

**ENDS**

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

Notes:

Alecto Minerals plc is an AIM listed exploration company focussed on Africa with a diverse portfolio of exploration assets in Mauritania and Ethiopia.

In Mauritania, it has three gold and base metal development licences totalling 1,828 sq km in the highly prospective Mauritanide mobile belt and two uranium licences totalling 1,592 sq km. It also holds the 1,960 sq km gold exploration licence in the highly prospective Aysid-Metekel region of north western Ethiopia and the 945 sq km Wayu Boda gold licence in the mineral-rich Adola greenstone belt in southern Ethiopia. 

The Company is committed to conducting exploratory work across its portfolio, designed to strengthen its knowledge of the assets and delineate targets for further exploration. In tandem, the Board continues to evaluate a number of synergistic assets to build shareholder value.