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Alecto Minerals hires senior geologist for initial work at Wayu Boda


A senior geologist has been hired to bolster initial reconnaissance work at the Wayu Boda gold project, said Africa focused Alecto Minerals (LON:ALO) today.

The gold and emerald licence is in the central-southern Adola greenstone belt in Ethiopia and Alecto recently bought its holder - Rift Valley Resources Ltd -  for an initial £409,200 in cash and shares.

The company's executive director Damian Conboy said the appointment marked the firm's commitment to advancing Wayu Boda.

It is anticipated that initial reconnaissance work will focus on the gold targets currently being worked by artisans. Following analysis, Alecto aims to begin a detailed exploration programme, the firm said.

in the short term, the company's priority is on developing the gold targets on site, however, it has submitted an expression of interest in gaining an additional permit for emerald exploration to the Ethiopian Ministry of Mines, it added.

As revealed on November 25, should Alecto decide to continue funding the exploration programme and commitment beyond July 1 2012, it will pay an additional £250,800 in shares and if not, it will transfer 51 percent of Rift Valley back to the sellers at a nominal amount.

The Wayu Boda licence has been granted for an initial three year period, which will enable the company to define targets for more detailed follow up.

The acquisition bolsters Alecto’s presence in Ethiopia, where it already holds a 1,953 square kilometres gold exploration licence in the Aysid-Metekel region in the north-west.

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