25 May 2012

Cluff Gold sees 'defining year'

12/01/2012 Robert Tyerman

West Africa-focused Cluff Gold says 2011's production from Kalsaka in Burkina Faso slipped 3 per cent to an above-target 71,505 oz.

The AIM-quoted company, chaired by entrepreneurial veteran Algy Cluff, says it closed the year with $28.9 million (£18 million) cash and gold bullion worth £$4 million and is working towards extending the mine life of Kalsaka.

Of greater long-term significance, London-based Cluff, whose first-half pre-tax profits fell by nearly three quarters to $2.2 million (£1.4 million), indicates work is progressing towards a definitive feasibility study on its Baomahun project in Sierra Leone, which is estimated to hold a potential three million oz of gold at grades of between 2.5 and 2.8 grammes of gold per tonne of ore. Chief executive officer Peter Spivey suggests '2012 will be a defining year for Cluff Gold.'

Investors have been cautious, conscious of the funding that Baomahun would need and of rumoured possible corporate moves. Highlighted by Growth Company Investor in 2009 at 42.5p, the shares have fallen over the past year from 125p to 71.75p, where they value the company at £95 million and offer recovery potential if Baomahun pleases and gold companies stay in demand.

Tags: AIM market, Algy Cluff, Baomahun gold project, Kalsaka, Peter Spivey, West Africa

Sector: Mining

Companies: Cluff Gold

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