25 May 2012

Cluff Gold

HOLD

05/09/2011 Robert Tyerman

West Africa-focused Cluff Gold (CLF) says resources at Baomahun in Sierra Leone have risen 46% since last year to 2.1m oz.

The AIM-quoted company says these figures are for measured and indicated resources and will be incorporated into the definitive feasibillty study in the project, which is expected to be ready during the fourth quarter of this year.

Adding more tentative inferrred resources would take the total estimated Baomahun resource to 2.9m oz. Chief executive officer Peter Spivey suggests that there is 'significant potential to expand the resource base at Baomahun further' when drilling there resumes after the end of the wet season in November.

According to Spivey, the resource increase underlines the opportunity for Cluff to achieve its objective of 'developing an open-pit gold mine at Baomahun that has the potential to produce more than 150,000 oz of gold a year'.

Recommended by Growth Company Investor at 42.5p in 2009, Cluff shares have swung between 125.75p and 80p over the past year and now trade at 96.25p.

Hold on.

Tags: AIM market, Algy Cluff, Gold explorer, Peter Spivey

Sector: Mining

Companies: Cluff Gold

Market cap: £127m

PE Forecast: n/a

Share price: 96.25p

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