Alecto minerals acquired Rift Valley Resources, a Tanzanian company, with control of a three year exploration license for gold and emerald in Waya Boda in the prospective Adola green stone belt in Southern Ethiopia.
The Waya Boda concession is a promising venture in gold and emerald exploration in a region of Ethiopia known to host significant deposits according Alecto Managing Director Damian Conboy.If Alecto continues to finance the Waya Boda exploration program and commitment beyond 1 July 2012, the company will pay an additional sum to be funded by the further allotment of new ordinary shares in Alecto.
If Alecto decides not to continue funding the exploration it will transfer 51% of the issued share capital of Rift Valley back to the sellers at a nominal consideration.
The recent acquisition enhances Alecto's presence in Ethiopia including the gold exploration license in the Aysid-Metekel region in the north-west.
The new acquisition in Ethiopia is part of Alecto’s strategy to build a multiple mineral exploration company with a significant portfolio of assets with a particular focus on Africa.