Cluff Gold plc
AIM : CLF
TSX : CFG

Cluff Gold plc

July 18, 2011 09:30 ET

Cluff Gold plc: Mr JG Cluff Is Appointed Non-Executive Chairman

LONDON, UNITED KINGDOM--(Marketwire - July 18, 2011) - Cluff Gold plc ("Cluff Gold" or the "Company") (AIM:CLF)(TSX:CFG), the dual AIM/TSX-listed West African focused gold mining company, announces that Mr JG Cluff, Executive Chairman, is to become Non-Executive Chairman of the Company from 1st August 2011. Mr Cluff has been Chairman of the Company since he founded Cluff Gold in 2003 and held the role of Executive Chairman and Chief Executive until 31st December 2010 when he relinquished the role of Chief Executive to Mr Peter Spivey.

As Non-Executive Chairman of the Company, Mr Cluff will oversee the strategy for the Company and provide guidance and assistance to the executive management team. His new role is expected to incorporate a significant executive component, including helping to oversee relationships with key stakeholders and partners (including governmental).

Mr JG Cluff commented: "I am justly proud as to what Cluff Gold has achieved. The Company has built two producing gold mines and is developing its Baomahun asset in Sierra Leone, which we believe has the potential for becoming a world class gold asset. I have also had the privilege of working with a first class management team and wish to pay tribute to those colleagues who have helped build this Company into a successful gold mining company in the last eight years.

"Over the past 18 months, the Board has been mindful of succession planning and we were delighted to recruit Peter Spivey, who first joined as Chief Operating Officer and took up his new role as Chief Executive at the beginning of this year. He has the necessary skills to drive this business forward ably supported by our Finance Director, Pete Gardner and the rest of our executive team based in London and at our other geographic locations in Africa.

"The Company is in a very good position at present. It has a healthy cash balance, no debt and as well as developing Baomahun, we have an exploration programme in place at our existing operations in both Burkina Faso and the Ivory Coast. We fully expect this programme to extend the lives of our existing mines significantly.

"I am also particularly proud that Cluff Gold's assets are situated in Africa. Africa has all the potential for becoming an economic powerhouse of the 21st century and I wish to pay tribute to all the governments we have partnered with, who have helped us build up our operations in Sierra Leone, Burkina Faso and the Ivory Coast."

Mr Peter Spivey, Chief Executive of Cluff Gold, commented: "On behalf of all staff, I wish to pay tribute to Algy. He has been a leading light of the UK mining and resource sector for over 50 years creating jobs and wealth for both this country and in Africa. As an Entrepreneur, he has set an example that through hard work and determination, ambitions can be realised.

"At Cluff Gold, he has overseen the development of a very successful business which will go on to achieve even greater success and we welcome the fact that he will continue to be a part of that as our Non-Executive Chairman. We wish Algy well in the new business ventures he will undoubtedly become involved with."

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. 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 157,000oz of gold per annum, with significant exploration potential along strike. With its experience of bringing new mines into production and a project pipeline of exploration licences, the Company aims to further increase its production profile with its highly prospective exploration work across all assets.

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, and statements regarding mine life extension and economic potential in Africa, 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, political risks, 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
    +44 (0) 20 7340 9790

    Cluff Gold plc
    Carrie Lun
    Investor Relations Manager
    +44 (0) 20 7340 9790

    Pelham Bell Pottinger
    Charles Vivian
    Investor Relations (Global)
    +44 (0) 20 7861 3232

    Pelham Bell Pottinger
    Lorna Spears
    Investor Relations (Global)
    +44 (0) 20 7861 3232

    Evolution Securities Limited
    Jeremy Ellis
    +44 (0) 20 7071 4300

    Evolution Securities Limited
    Tim Redfern
    +44 (0) 20 7071 4300

    Farm Street Communications Ltd
    Simon Robinson
    Press Relations (U.K.)
    +44 (0) 7593 340 107
    simon.robinson@farmstreetmedia.com