Description
Cluff Gold is a gold developer-producer with assets in West Africa. The Company generates cash flow from its two producing assets, Kalsaka in Burkino Faso and Angovia in Côte d’Ivoire, which together produce a total of 100,000 ounces of gold per annum.
The Company strives to become a mid-tier producer through the development of its wholly-owned Baomahun project in Sierra Leone, which is expected to contribute an additional 157,000 ounces of gold per annum, with significant exploration potential along strike. With its experience of bringing new mines into production, the Company aims to further increase its production profile with its highly prospective exploration work at all three projects
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In-depth Cluff Gold Proactive Investors Articles
Recent Cluff Gold news
- 26/08/2010 Under the hood of Cluff Gold's Baomahun project
- 29/06/2010 Cluff Gold chairman looks ahead to 250,000oz/yr gold production in West Africa by 2013
- 04/06/2010 Cluff Gold ups Baomahun Gold Project resource to 3.4 million ounces
- 01/06/2010 Cluff Gold climbs after takeover discussions finally end
- 25/05/2010 Cluff Gold says company is not for sale at present, to focus on exploration drilling
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Company Statement:
Cluff Gold plc is focused on the identification, acquisition, development and operation of gold deposits in West Africa that are amenable to open-pit mining and low cost production techniques.
The Group has assembled a portfolio of mineral interests at various stages of development in Côte d’Ivoire, Burkina Faso, Sierra Leone and Mali. In 2008, the construction of two gold mines was completed and gold was first poured at the Kalsaka Gold Mine in Burkina Faso that October and at the Angovia Gold Mine in Cote d'Ivoire that March. At the year end of 2008 both gold mines were in commissioning, Kalsaka then exited commissioning on 30th June 2009, and Angovia exited commissioning on 30th September 2009.
The Group's resource position was significantly increased during 2009 with the announcement of results from further drilling at Baomahun, the Group's flagship gold exploration project in Sierra Leone, where Measured and Indicated resources increased seven fold to over one million ounces bringing the total Measured and Indicated gold resource at Baomahun to 1,103,000 ounces with Inferred gold resources of 957,000 ounces.
The Board, which has considerable experience in developing mining operations across Africa, believes that West Africa remains one of the most exciting regions for gold exploration today.
With Group gold production expected to reach a combined total of 100,000 ounces in 2010 and with the continued exploration of the Baomahun Gold Project, Cluff Gold is well positioned to grow its asset base in the region.
Current Operations:

1. Sierra Leone
2. Côte d’Ivoire
3. Burkina Faso
4. Mali
Angovia Project, Mt. Yaoure, Côte d’Ivoire
Key points:
- First gold pour on 14th March 2008 marked the end of the commissioning phase
- Projected annualised gold production 40,000 ounces
- More than 31,000 meters of Reverse Circulation (“RC”) drilling completed to date.
- Total of measured and indicated resources are 4.1 million tonnes of oxide at 1.4g/t Au, equating to 190,000 ounces of gold, and a further 5.2 million tonnes of sulphide resources at 1.6g/t Au equating to 260,000 ounces of gold.
- In 2009, a reoptimisation process is being undertaken of the whole Angovia are using a gold price of $850 per ounce. This is expected to increase mine reserves.
The Mt.Yaoure permit is located 40km northwest of Yamoussoukro, the political capital of Cote d'Ivoire, and covers a surface area of 417km2 including a 50 km2 mining permit. The licence area includes the Angovia Gold Mine which operated between 1998 and 2003. The mine reportedly produced over 180,000 ounces of gold during this period by heap leaching some 2 million tonnes of oxide material. The infrastructure in the area is good and includes a hydroelectric dam six kilometres from the Angovia mine site. [READ MORE]
Kalsaka, Burkina Faso
Key Points:
- First gold poured in November 2008
- Cluff Gold is the first British Company to achieve this in Burkina Faso.
- Projected annualised gold production 60,000 ounces
- Total measured and indicated resource at Kalsaka is 12.1 million tonnes at 1.6/t Au equating to
640,000 ounces of gold, and a further 3.3 million tonnes of inferred resource at 1.5g/t Au
equating to 160,000 ounces of gold.
- Independent assessment of potential to host a resource at least equal to that already defined
(SRK Consultants)
- The deposit has a reserve of 330,000 contained ounces of gold (at a gold price of US$525 per
ounce).
- Ore bodies amenable to open-pit mining and heap leach processing methods.
- Cluff Gold has a 78% ownership in the Kalsaka Gold Project, the remaining interest being held
by the Company's local partner, IMAR-B (12%) and the Government of Burkina Faso (10% free-
carried interest).
- 20 year Mining and Water permits granted.
- Potential to create mining district
The project is located approximately 150km north west of Ouagadougou, the capital of Burkina Faso, and contains an oxide gold mineral resource that has already been demonstrated, by a feasibility study, to be technically amenable to open-pit mining and processing via heap leaching. [READ MORE]
Baomahun, Sierra Leone
Key points:
- Cluff Gold now owns 100% of the Baomahun Gold Project
- 25 year mining lease for the Baomahun Gold Project granted in July 2008
- 7,000 metres of core drilling was completed in 2009
- The results from this drilling enabled a new resource to be estimated comprising a measured
mineral resource of 3.9 million tonnes at 3.0 g/t Au equivalent to 380,000 ounces of gold; an
indicated mineral resource of 8.1 million tonnes at 2.8 g/t Au equivalent to 723,000 ounces of
gold and an inferred mineral resource of 9.2 million tonnes at 3.2 g/t Au equivalent to 957,000
ounces of gold
- Metallurgical testwork, which included recovery and comminution tests, has now been completed
to feasibility stage level. Results from these tests have confirmed preliminary earlier findings that
high gold recoveries can be achieved using a conventional direct cyanidation processing method
- Soil sampling and geophysics point to significant potential along strike
- Exploration currently underway, targeting existing and new areas
- A combined open pit and underground scoping study is to be undertaken, giving a longer mine
life
- A proposed plant and tailings dam site has been identified
The Baomahun deposit is located about 180km east of the capital, Freetown, in the Southern Province of Sierra Leone. The geological setting is similar to the Lake Victoria goldfields in Tanzania. [READ MORE]
Karbasso, Mali
Key points:
- JV signed in September 2005
- Southern Mali, 20km along strike of Resolute’s Syama Mine (5 million ounces)
- Favourable geological setting
- Supporting gold-in-soil data
The Company signed a Joint Venture Agreement to acquire a majority interest in the 200km2 Karbasso research licence in Mali from Kadiel Mining (‘’KM’’), a Malian company. The transaction is subject to approval by the Malian Government under the country’s mining laws.
Ghana and Mali continue to be leading gold producers in West Africa with significant potential for additional discoveries in both countries. [READ MORE]
Management
Algy Cluff, Chairman & Chief Executive
Douglas Chikohora, MSc., MIMMM, Technical Director
Nicholas Berry, Non-Executive Joint Deputy Chairman
Bobby Danchin, BSc, MSc, Non-Executive
Tim Wadeson, FIMMM, PEng, ACSM, Non-Executive
Peter Cowley, B.Sc, M.Sc, FIMMM and M.B.A. Non-Executive
Ronald Winston, Non-executive Director
Geoff Stanley, Non-Executive Director

Major Shareholders
| Fund Manager / Shareholder | Number of Shares | % Holding |
| R Winston | 12,393,947 | 10.1 |
| JP Morgan Asset Management | 11,275,000 | 9.2 |
| Libra Advisors LLP | 8,820,000 | 7.2 |
| Ingalls & Snyder | 6,851,000 | 5.6 |
| Citigroup Global Markets | 6,500,000 | 5.3 |
| Equinox Partners LP | 5.095,707 | 4.2 |
| Lloyds TSB Geneva | 4,109,091 | 3.4 |
| Pension Financial Services | 3,808,700 | 3.1 |
| Ruffer Investment Management | 3,763,100 | 3.1 |
| Total Shares over 3.0% | 62,616,545 | 51.4 |
| Shares in Issue | 122,465,595 |
The percentage of AIM securities not held in public hands is 13.89%
| Director's Information | Number of Shares | % Holding |
| JG Cluff & Family | 1,870,000 | 1.53 |
| DD Chikohora | 538,409 | 0.43 |
| P Cowley | 22,075 | 0.02 |
| T Wadeson | 72,040 | 0.06 |
| RV Danchin | 47,040 | 0.04 |
| N Berry | 1,014,705 | 0.83 |
| G Stanley | 10,356 | 0.01 |
| R Winston | 12,393,947 | 10.12 |
| Total Director's Shares | 15,968,572 | 13.04 |
Last updated: 17/02/2010 22:15:33
Contact Information
Head Office & Registered Address
Cluff Gold plc
15 Carteret Street
London
SW1H 9DJ
Tel: +44 (0) 207 340 9790
Fax: +44 (0) 207 222 9477
Email: admin@cluffgold.com
Cluff Gold (SL) Ltd - Sierra Leone
58 Charles Street
Freetown
Tel: + 232 768 62 525
Emails:
Freetown: baomahun@cluffgold.com
Project: baomahun@cluffgold.com
Cluff Gold Mali
Karbasso Joint Venture SARL
Rue 641 - Porte 318
B.P E1892
Bamako
Mali
Tel: + 223 220 5087
Fax: + 223 220 5086
Email: karbasso@hotmail.com
Kalsaka Mining SA
82 Avenue Saye Zerbo
Koulouba Sector 4
Ouagadougou
01 BP 2522 Burkina Faso
Tel: + 226 50310606
+ 226 50311858
Fax: + 226 50310610
Contact: Brigitte N’Gonou
Email: brigitte.ngonou@cluffgold.com
Yaoure Mining SA
06 BP 1958
Abidjan 06
Côte d’Ivoire
Tel: + 225 22 41 63 88
Fax: + 225 22 41 63 71
Contact: Jennifer Ackah
Email: jennifer@aviso.ci
Corporate Information
Nomindated Adviser & Joint Brokers
Evolution Securities Limited
100 Wood Street
London
EC2V 7AN
Tel: + 44 (0) 207 071 4317
Fax: + 44 (0) 207 071 4450
Contacts: Rob Collins and Simon Edwards
BMO Capital Markets
95 Queen Victoria Street
London
EC4V 4HG
Tel: + 44 (0) 207 664 8120/ + 44 (0) 207 664 8047
Contacts: Bill Smith and Martin Bawlf
PR Advisor
Farm Street Media
6 Marylebone Passage
London
W1W 8EX
Email: simonrobinson@farmstreetmedia.com
Contact: Simon Robinson
IR Advisor
The Equicom Group
20 Toronto Street
Suite 500
Toronto, Ontario
M5C 2BB
Tel: +(1) 416 815 0700
Fax: +(1) 416 815 0800
Contact: Joanna Longo
Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Tel: +44 (0) 208 639 1009
Website: www.capitaregistrars.com
Contact: Steve Miller
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