Cluff Gold plc
TSX : CFG
AIM : CLF

Cluff Gold plc

December 21, 2010 11:46 ET

Cluff Gold plc: Directors' Shareholdings

LONDON, UNITED KINGDOM--(Marketwire - Dec. 21, 2010) - Cluff Gold plc ("Cluff Gold" or the "Company") (TSX:CFG)(AIM:CLF), the dual AIM/TSX listed West African-focused gold mining company, announces that at a meeting of the Company held on 20th December 2010, it was agreed that each non-executive director of Cluff Gold (Messrs Nicholas Berry, Robert Danchin, Timothy Wadeson, Peter Cowley, Ronald Winston, Geoff Stanley and Douglas Chikohora) would be issued with £5,000 of ordinary shares of 1p each in the Company ("Ordinary Shares"), in accordance with the terms of their individual letters of appointment.

In total, 28,406 new Ordinary Shares have been issued at a price of 110p, the closing mid market price on 17th December.

The details of each Director's interest are set out below:

Name Shares Allotted Existing Holding Total Holding Percentage of Enlarged Share Capital
Nicholas Berry 4,545 422,040 426,585 0.32
Douglas Chikohora 1,136 538,409 539,545 0.41
Peter Cowley 4,545 22,075 26,620 0.02
Robert Danchin 4,545 47,040 51,585 0.04
Geoff Stanley 4,545 10,356 14,901 0.01
Timothy Wadeson 4,545 72,040 76,585 0.06
Ronald Winston 4,545 12,430,310 12,434,855 9.47

Application will be made for the new Ordinary Shares to be admitted to trading on the London Stock Exchange's AIM market for listed securities ("Admission") in addition to the Toronto Stock Exchange ("TSX") for the new Ordinary Shares to be listed on the TSX. Pending acceptance and approval, Admission and dealings in the new Ordinary Shares are expected to occur on or around on 29 December 2010. The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares.

Following Admission, the total issued share capital of the Company will be 131,269,331 Ordinary Shares, all of which have voting rights.

The above figure 131,269,331 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of Cluff Gold under the FSA's Disclosure and Transparency Rules.

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 100,000oz 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 Baomahun, 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.

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
    Catherine Apthorpe
    Commercial Manager/Company Secretary
    +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
    Charles Vivian
    Investor Relations (Global)
    +44 (0) 20 7861 3232
    or
    Pelham Bell Pottinger
    Klara Kaczmarek
    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