If it is not it is close. Alecto Minerals (ALO) shares in which are expected to resume trading on AIM has announced that it has secured a £800,000 loan repayable in six months for £800,000. But look at the terms. They are outrageous.
I really don't take any notice at all of most (no make that nearly all) resaerch from Beaufort Securities but its mining analyst Sheldon Modeland is a sensible fellow and thus I bring you his latest note on Alecto Minerals (ALO).
John Meyer of SP Angel this morning comments on Diamondcorp (DCP), Alecto Minerals (ALO) and today's interest rate decision by the US Federal Reserve as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond
Africa-focused AIM dog Alecto Minerals (ALO) says new estimates of resources at its Kerboule gold project in Burkina Faso could add 230,758 oz. to the company’s existing inferred resource estimate of 247,000 oz. at Kossanto in East Mali for a combined low-grade resource of 477,748 oz. The new estimates, by independent consultant Wardell Armstrong, but not yet fully compliant with the formal Joint Ore Reserve Committee (JORC) industry code, suggest Kerboule’s gold occurs at 1.16 grammes of gold per tonne of ore, compared with Kossanto’s 1.14 grammes a tonne. However Alecto notes that Kerboule’s mineralisation starts at the surface, with 70% inside the relatively accessible oxide and transitional layers.
