Cluff Gold PLC
AIM : CLF
TSX : CFG

Cluff Gold PLC

April 03, 2012 09:30 ET

Cluff Gold: Directorate Changes

LONDON, UNITED KINGDOM--(Marketwire - April 3, 2012) - Cluff Gold, the dual (AIM:CLF)(TSX:CFG) listed West African focused gold mining company, today announces that Algy Cluff will step down as Non-Executive Chairman at the Company's next Annual General Meeting to assume a Chief Executive role in a new natural resources company.

Mr Cluff will remain available to the Board as a consultant after the conclusion of the Annual General Meeting to ensure continuity, specifically in relation to African politics.

The Board of Directors is pleased to announce that John McGloin will be appointed as Executive Chairman to replace Mr Cluff. Mr McGloin, previously Head of Mining at Collins Stewart, brings with him a wealth of experience in the mining industry and Africa, having held various senior technical and analytical positions over the last 20 years. Further details on Mr McGloin are set out as an appendix to this release. Mr McGloin will join the Company as an Executive Director with immediate effect, to ensure a smooth transition ahead of Mr Cluff stepping down.

The Company's Annual General Meeting will be held on or around 21 May 2012 and a notice of Annual General Meeting will be sent to shareholders in due course.

Algy Cluff, Non-Executive Chairman commented:

"Since founding Cluff Gold in 2003, I am proud, with the considerable help and support from all the Directors, to have developed a strong portfolio of assets. We have brought two mines into production and advanced a third through to feasibility study expected later this quarter. The agreement to purchase Sega has underpinned our medium term productive capacity and we have appointed an experienced management team with the capacity to deliver the Company to become a mid-tier producer. In addition the balance sheet remains debt free.

As an entrepreneur, I consider the most important judgements relate to identifying opportunities and recognising when different skills are required to deliver the next stage of development. I now believe it is time to leave Cluff Gold and I am pleased that we have managed to attract a new Chairman with the knowledge and experience of John McGloin to lead the Company going forward.

I leave Cluff Gold in the hands of a capable management team and intend to remain invested in the business for the foreseeable future. As an entrepreneur, I now plan to focus on new opportunities in natural resources in both Africa and Europe, with a bias towards my original roots in oil and gas. I am excited at resuming the entrepreneurial challenge knowing that I have delivered a strong platform for the next era in the development of Cluff Gold."

John McGloin, Chairman Elect, commented:

"I am delighted to be joining Cluff Gold at this stage of the Company's evolution. Having followed Cluff Gold as an analyst since the Company was formed, I am very excited to have the opportunity to work with such a dynamic management team in order to progress, in my opinion, a robust suite of assets which have the potential for moving Cluff Gold to a mid-tier producer. This is a testament to Algy's hard work, entrepreneurial skills and perseverance, which have enabled the Company to be in its current position of strength both in assets and in people."

Peter Spivey, Chief Executive, commented:

"On behalf of the Board and all our employees, I would like to thank Algy Cluff, as the founder of Cluff Gold, for his invaluable contribution to the Company. He has secured a strong portfolio of assets and built a leading management team that has enabled the Company to grow in to what it is today, with a strong and stable platform for significant future growth. The Board wishes him success with his new venture.

As we embark on the next phase of growth, we welcome John McGloin as Executive Chairman to assist with fully capitalising on the significant growth opportunities which exist within the Company's asset portfolio. The appointment of John is a necessary step for Cluff Gold, as it has reached a stage in its development where it needs an Executive Chairman who can spend significant time liaising with shareholders and the wider financial community in both London and North America while helping to define the future corporate strategy of the business, as I continue to focus on building the operations and other business opportunities in Africa. His technical and financial experience will be of significant value to the Board, as we look to unlock value for our shareholders and emerge as a leading West African gold producer."

APPENDIX

John McGloin

A geologist and graduate of Camborne School of Mines, John Francis Gerald McGloin (47) worked for many years in Africa within the mining industry before moving into consultancy. Mr McGloin joined Arbuthnot Banking Group following 4 years at Evolution Securities as their mining analyst. Over the years, Mr McGloin has acted for many mining companies including African Platinum, Randgold Resources, Avocet Mining, European Goldfields and Titanium Resources Group. His most recent position was Head of Mining at Collins Stewart which he held since July 2010.

In terms of the appointment of Mr McGloin to the Board, there is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies. Mr McGloin has no current additional appointments. He is not a director of any other company nor has he been in the last 5 years.

About Cluff Gold

Cluff Gold is a gold developer-producer with assets in West Africa. The Company generates significant cash flow through its Kalsaka gold mine in Burkina Faso, and is exploring the significant sulphide potential at its Yaoure project in Côte d'Ivoire. The Company remains focused on its objective of becoming a mid-tier producer through the development of its wholly-owned Baomahun project in Sierra Leone, which is expected to contribute an additional 135,000oz of gold per annum, with significant exploration potential along strike. With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Côte d'Ivoire and Mali, the Company aims to further increase its production profile with its highly prospective exploration work across all assets. For more information, please visit www.cluffgold.com.

This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.

All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, the completion of a feasibility study, production estimates, the completion of the acquisition of the Sega Project and future objectives of Cluff Gold, are forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Cluff Gold's expectations include, among others, risks related to international operations, the actual results of current exploration and drilling activities, changes in project parameters as plans continue to be refined as well as the future price of gold. Although Cluff Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cluff Gold does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.

Peter Brown (MIMMM) is Cluff Gold's Group Exploration Manager and is a "Qualified Person" within the definition of National Instrument 43-101. Mr. Brown has verified the data disclosed in this press release, including the data underlying the information or opinions contained in this press release, and has reviewed and approved the technical information contained in this press release.

Contact Information

  • Cluff Gold plc
    Peter Spivey
    Chief Executive
    +44 (0)20 7340 9790

    Cluff Gold plc
    Pete Gardner
    Finance Director
    +44 (0)20 7340 9790

    Cluff Gold plc
    Carrie Lun
    Investor Relations Manager
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    www.cluffgold.com

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