[miningmx.com] – ALECTO Minerals said it had signed a joint venture with Randgold Resources in which the UK listed gold producer would conduct a pre-feasibility study on its Kossanto West Gold Project in western Mali.
“Utilising Randgold’s expertise and financial muscle to unlock any opportunity allows us to retain exposure to the significant value we believe is available across our African gold exploration tenements, with minimal impact on our balance sheet.” said Alecto CEO, Mark Jones in a statement.
Randgold will fund all costs up to and including the completion of a pre-feasibility study on the project. Thereafter, Randgold will hold a 65% of the project permits and Alecto will retain a 35% participating balancing interest, it said.
