Cluff Gold plc
TSX : CFG
AIM : CLF

Cluff Gold plc

March 07, 2011 09:30 ET

Cluff Gold plc: Cote d'Ivoire Update Angovia Mine Operations on Temporary Care and Maintenance

LONDON, UNITED KINGDOM--(Marketwire - March 7, 2011) - Cluff Gold plc (TSX:CFG)(AIM:CLF) ("Cluff Gold" or the "Company"), the dual AIM/TSX listed West African-focused gold mining company, announces that it has taken the decision to temporarily suspend operations at its Angovia mine in Côte d'Ivoire.

Operations at the mine have been temporarily suspended due to critical supplies, including fuel, explosives, cement and cyanide, being only intermittently available as a result of the political situation in the country making it difficult to sustain operations. The Angovia mine will remain on care and maintenance until Côte d'Ivoire returns to the level of political stability required for restarting operations.

The Company continues to focus on its exploration activities and recently announced an expanded 63,000m drilling programme at Kalsaka, to pursue the significant oxide and sulphide potential encountered in both historical and recent exploration. The Company also announced seven new drill targets at Baomahun, following the final interpretation of the airborne versatile time domain electro-magnetic survey. The feasibility study for Baomahun is progressing positively.

Peter Spivey, Chief Executive of Cluff Gold, commented:

"The suspension of our operations at Angovia is unfortunate, but we have no choice in the matter. Although our gold production will be affected until we can reopen the mine, we are confident that the shortfall in production will be minimal and will have a limited effect on our overall budgeted cashflow for the year. Operations at our Kalsaka mine continue to remain on target and we are confident of achieving significant gold production this year. Our exploration and feasibility study activities at Kalsaka and Baomahun are both progressing positively, which will allow the Group's growth strategy to remain on track."

About Cluff Gold

Cluff Gold is a gold developer-producer with assets in West Africa. The Company generates cash flow from its two producing assets, Kalsaka in Burkina Faso and Angovia in Côte d'Ivoire, which together produce a total of approximately 95,000oz 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 157,000oz 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.

This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, the positioning of the Company for future success, statements regarding potential future production at Angovia, Kalsaka and Baomhaun, exploration and drilling results at Baomahun, and future capital plans and 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 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.

Mr. Peter Spivey (BSc, AusIMM), Chief Operating Officer of the Company and a "qualified person" as such term is defined in National Instrument 43-101, has reviewed the contents of this press release. Mr. Spivey has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained herein.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.

Contact Information

  • Cluff Gold plc
    J.G. Cluff
    Chairman and CEO
    +44 (0) 20 7340 9790
    or
    Cluff Gold plc
    Carrie Lun
    Investor Relations
    +44 (0) 20 7340 9790
    or
    Evolution Securities Limited
    Rob Collins
    +44 (0) 20 7071 4300
    or
    Evolution Securities Limited
    Tim Redfern
    +44 (0) 20 7071 4300
    or
    Pelham Bell Pottinger
    Lorna Spears
    Investor Relations (Global)
    +44 (0) 20 7861 3232
    or
    Pelham Bell Pottinger
    Philippe Polman
    Investor Relations (Global)
    +44 (0) 20 7861 3232
    or
    Farm Street Communications Ltd
    Simon Robinson
    Press Relations (U.K.)
    +44 (0) 7593 340 107
    simon.robinson@farmstreetmedia.com