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 AIM; CLF
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Company Statement
Cluff Gold plc is focused on the identification, acquisition and development 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 in October and at the Angovia Gold Mine in Cote d'Ivoire in March. At the year end, both gold mines were in commissioning but are expected to become fully operational by mid year 2009. Indeed, the Kalsaka gold plant exited commissioning in March 2009.
Site Locations
1. Sierra Leone
2. Côte d’Ivoire
3. Burkina Faso
4. Mali
Cluff Gold plc has made significant progress since the Company floated on AIM in December 2004, increasing gold resources across its projects, transforming from an explorer to a producer; expanding the project portfolio and broadening the investor base to an increasingly international audience.
Key Investment Criteria
- Good spread of assets within West Africa, one of the most exciting undeveloped regions for gold exploration
- Successful development of two gold mines within four years from listing on AIM
- Gold production in 2009 estimated to be in region of 100,000 ounces
- Potential to increase reserves at current operating gold mines
- Excellent exploration potential of a million + ounce resource
- Proven exploration and development teams
- Experienced Board of directors and management with proven track record
Highlights
- Construction of two gold mines
- Successful fundraising in March 2008
- First gold poured at the Angovia Gold Mine in March 2008
- Seven fold increase in Measured and Indicated resource at Baomahun Gold Project announced in June 2008
- Acquisition of remaining interest in Baomahun in August 2008
- 25 year Mining Lease issued by the Government of Sierra Leone for the
- Baomahun Gold Project September 2008
- First gold poured at the Kalsaka Gold Mine in October 2008
- Listing on the TSX in February 2009
- Successful fundraising in March 2009
- Kalsaka gold plant exts Commissioning in March 2009
Current Operations
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.
Kalsaka, Burkina Faso
Key Points:
- First gold poured on 30th of October 2008
- Cluff Gold is the first British Company to achieve this in Burkina Faso.
- Projected annualised gold production 60,000 ounces
- Resource of 13.7mt at 1.4g/t = 790,000 ounces
- Reserve of 5.1mt at 1.8g/t = 323,000 ounces (at US $525 per ounce)
- Independent assessment of potential to host a resource at least equal to that already defined (SRK Consultants)
- 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.
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
- Over 25,000m of core drilling planned this year
- Total mineral resource of 1,353,000 ounces of gold (JORC)
- Soil sampling and geophysics point to significant potential along strike
- Exploration currently underway, targeting existing and new areas
- Prefeasibility Study underway
- Environmental baseline study completed
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.
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.
Geographical Spread
Sierra Leone, Cote d’Ivoire, Burkina Faso, Mali, Ghana
Board of Directors and Key Management
| Algy Cluff | Chairman & Chief Executive |
| Douglas Chikohora | Technical Director |
| Nicholas Berry | Non-Executive Joint Deputy Chairman |
| Bobby Danchin | Non-Executive Director |
| Tim Wadeson | Non-Executive Director |
| Peter Cowley | Non-Executive Director |
| Ronald Winston | Non-executive Director |
| Geoff Stanley | Non-Executive Director |
Company Address15 Carteret Street
|
Additional Address/Key ContactCluff Gold (SL) Ltd– Sierra Leone 24 Charlotte Street Freetown Tel: + 232 768 62 525 Cluff Gold Mali Karbasso Joint Venture SARL Rue 641 - Porte 318 B.P E1892 Bamako Mali Tel: + 223 220 5087 Cluff Gold - Ghana Branch 12 Mensah Wood Street East Legon Accra Ghana Tel: + 233 244 455 458 |
CapitalThe total number of voting rights in the Company is 117,136,331 |
Year End31 December |
Nominated BrokersEvolution Securities Limited | Nominated AdvisorsEvolution Securities Limited |
Broker/Analyst Reports
19/03/08 - Ambrian
Major Shareholders
| Fund Manager/Shareholder | Number of Shares | % Holding |
| merrill Lynch International Bank | 15,110,000 | 12.9 |
| R Winston | 12,383,591 | 10.57 |
| JP Morgan Asset Management | 9,775,000 | 8.35 |
| Citigroup Global Markets (UK) | 6,500,000 | 5.5 |
| Equinox Partners LP | 4,622,600 | 3.95 |
| Lloyds TSB Geneva | 4,103,091 | 3.51 |
| Pension Financial Services Canada | 3,808,700 | 3.25 |
| Equinox Partners/Masons Hill Advisors | 4,622,600 | 3.9 |
| Ruffer Investment Management | 3,763,100 | 3.21 |
| Total Shares over 3.0% | 49,593,792 | 51.29 |
Related News
15/02/10 - Cluff Gold Is Well On The Way To Becoming A 300,000 Ounce Per Year Producer By 201203/11/09 - Cluff Gold Should Have Completed A Bankable Study On The Sizeable Baomahun Property In Sierra Leone By This Time Next Year
08/09/09 - Cluff's 1.46 Million Ounce Baomahun Gold Project Now Shows Strong Mineralisation At Depth As Well As At Surface
14/05/09 - With Production Now Stabilising At Roughly 100,000 Ounces Per Year, Cluff Gold Begins To Think Of Stepping It Up A Gear
25/02/09 - Cluff Gold’s Drill Results Are So Good The Company Itself Is Still Coming To Terms With Them
04/11/08 - For A Bird’s Eye View Of Cluff Gold’s Kalsaka Project In Burkina Faso, Stand On The Ridge Next To The Man With The AK-47
Most Recent Statement
08/03/10 - Update on Resource, Reserves and Exploration19/02/10 - Response to Share Price Movement
04/02/10 - Holding(s) in Company
22/01/10 - Directorate Change
23/12/09 - Holding(s) in Company
04/12/09 - Director/PDMR Shareholding