Alecto Minerals plc completed acquisition of Nubian Gold Exploration Limited operating the Aysid-Metekel Gold Project, 
Ethiopia.
Alecto has also made its first share based payment for its Rift Valley Resources acquisition. The company signed a deed of variation in regards of the share price agreement in the acquisition of Rift Valley reducing the total purchase price to be paid by Alecto by 10%.
The Rift Valley, Wayu Boda Project is need of an additional exploration license for emeralds asa result of which the price was negotiated.
Alecto has received notable findings through its initial exploration work on it Ethiopian gold concessions allowing it with exposure to two highly mineralized area said Damian Conboy Executive Director of the company.The company is consequently happy to acquire a hold of both licenses as well as being able to negotiate the 10% discount for Wayu Boda which has significant artisanal work targeting gold on the site according to Conboy.
It is to be remembered that 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 in November of last year.
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.
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.
Source: mineweb.com
