African Mining and Exploration (AME) have stated the conditional sale to AIM of ranked Alecto Minerals Plc (‘Alecto’) of their offshoot company, AME West Africa Ltd, for £ 1.25 m in new Alecto stocks. AME West Africa holds, via their subsidiary Caracal Gold Mali SARL, six prospective exploration permits in Mali, comprising the 207 sq km Kossanto Gold Project.

The Organization is furthermore pleased to declare that David Archer, currently a non-executive director, will be appointed CEO of AME immediately, replacing Mark Jones who will retire from the board of AME to join the executive board of Alecto as CEO.

AME’s inbound Chief Executive Officer David Archer said, “Having defined an original JORC compliant strike at the Kossanto Gold Project, the Board felt it tactically practical and financially valuable to divest some of its Malian assets.

“The deal permits AME to preserve access to the AME West Africa’s Malian gold projects, removes the associated financing criteria and unforeseen obligations to Electrum and supplies AME with access to Alecto’s appealing Mauritanian and Ethiopian projects.

Having a strong key financier in Mr Fahad Al Tamimi, Alecto is in a strong position in order to further develop the Malian gold endeavours, letting AME to focus on expanding their asset portfolio with fresh investment opportunities.”.

“With an experienced Board and management team, I am convinced that we are well positioned to further increase our portfolio of resources projects at what is an exceedingly good time in the resources’ cycle”.

“Inevitably, I would like to take this opportunity to say thank you to Mark Jones and our AME West Africa team for all their work and commitment to the Company, that has resulted in an active year for AME.

“I wish them good for the future and look forward to updating stockholders in due course on our future projects as we continue to build ourselves as a multi-commodity mining and development company.”

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