Alecto Minerals PLC gets extension for Guinean Bauxite License

Alecto Minerals plc, the AIM listed exploration and development company with gold and base metal projects in Ethiopia and Mauritania, announces that it has been granted a 30 day extension to its due diligence exclusivity period contained in the option agreement ('the Agreement') relating to the staged acquisition of Forward Africa Resources ('FAR'), which holds the 711 sq km bauxite licence 223 ('Licence 223'). Licence 223 is located in a highly prospective south west coastal region of Guinea with established infrastructure and producing bauxite projects in close proximity. Further details of the Agreement are contained in the Company's announcement made on 23

February 2012. While Alecto has made substantial progress in advancing due diligence at Licence 223, a few minor issues are outstanding. In line with this the Company has requested this extension, which it believes will allow sufficient time for completion.

Alecto Executive Director Damian Conboy said, "Our excitement regarding the prospectivity of this deposit remains, particularly due to the quality of the resource and its close proximity to the only operating railway line in the country which unlike many other deposits in Guinea, means that we could bring this asset into production over the next two years.

"With this in mind, we are making solid progress with due diligence and we are pleased to receive this extension which we believe will be sufficient to enable us to complete the process effectively ahead of pursuing the Agreement. Following this, we intend to conduct a comprehensive drilling programme to prove up the resource, which we believe has the potential to host over 500 million tonnes of in-situ bauxite, and I look forward to updating shareholders over the coming weeks."