(CLF) Cluff Gold
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| Fri 07:00 | RNS |
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FOR: CLUFF GOLD PLC AIM SYMBOL: CLF TSX SYMBOL: CFG February 3, 2012 Cluff Gold plc: Acquisition of New Burkina Faso Gold Project LONDON, UNITED KINGDOM--(Marketwire - Feb. 3, 2012) - Cluff Gold ("Cluff Gold" or the "Company") (AIM:CLF)(TSX:CFG), the dual AIM/TSX-listed West African focused gold mining company, is pleased to announce that it has entered into a legally binding, conditional sale and purchase agreement (the "Agreement") with Orezone Gold Corporation ("Orezone") for the acquisition of the licences and associated property comprising Orezone's Sega Gold Project ("Sega"), located approximately 20km by road from Cluff Gold's Kalsaka project in Burkina Faso (the "Acquisition"). HIGHLIGHTS /T/ -- Acquisition of new gold licences located within trucking distance of Kalsaka, hosting NI 43-101 compliant gold resources comprising 450,366oz Indicated (8.3Mt at 1.69 g/t) and 147,344oz Inferred (2.9Mt at 1.58g/t) -- Consideration comprises 11 million new Cluff Gold ordinary shares and US$15 million cash -- Opportunity to significantly increase the Kalsaka mine life with limited upfront capital expenditure -- Detailed metallurgical test work completed by Orezone has indicated average heap leach recoveries of 85% for oxide and transitional ore with favourable agglomeration properties -- Preliminary Economic Assessment to commence immediately to confirm the feasibility of a heap leach operation processing Sega's oxide and transitional resources while maintaining a throughput at Cluff Gold's Kalsaka plant in line with existing capacity of 1.6Mtpa -- Acquisition financed from Cluff Gold's existing cash resources which, as at 31 December 2011, total US$28.9 million -- Completion remains conditional on standard closing conditions including the approval of the Government of Burkina Faso and the approval of the TSX. /T/ Peter Spivey, Chief Executive of Cluff Gold, commented: "The acquisition of the Sega gives Cluff Gold the opportunity to significantly increase the Kalsaka mine life with limited upfront expenditure, and enhances the potential for our Burkina Faso operations to continue to provide significant cash flow through the development and early production from our flagship development asset, Baomahun in Sierra Leone. This transaction brings us closer to establishing Cluff Gold as a leading West African focused gold producer." Ron Little, CEO of Orezone, commented: "This transaction adds significant value for both Orezone and Cluff Gold and will provide more immediate cash flow for the government of Burkina Faso. The sale provides Orezone with a significant non-dilutive financing to advance the development of its Bombore gold project while still allowing the opportunity to participate in the upside at Sega through an equity interest in Cluff Gold." The Company will be hosting a conference call to discuss the Acquisition. The dial-in details are as below: /T/ Call date/time: 3 February 2012, 09:30 GMT UK participant dial in: 0800 358 5271; +44 20 8515 2306 Conference ID: 4512644# /T/ The conference call replay will be available shortly after the live call and remain available for one week at the following numbers: /T/ UK dial-in: 0800 358 3474; +44 20 7154 2833 North America dial-in: 1-800-406-7325; +1 303 590 3030 Conference ID: 4512644# /T/ The Sega Gold Project The Sega project is located 20km north of Cluff Gold's operating Kalsaka heap leach operation in Burkina Faso and comprises the Tiba and Namasa exploration permits over a total area of approximately 313km2. Currently defined resources are located on the Tiba exploration permit, approximately 20km by road from Kalsaka. The project hosts current NI 43-101 compliant Indicated Mineral Resources totalling 450,366oz (8.3Mt at 1.69 g/t) and Inferred Resources totalling 147,344oz (2.9Mt at 1.58g/t) as set out in Table 1 below. A 10,000m RC drilling programme has recently commenced at the Sega project with the aim of defining additional oxide resources. Table 1 - Sega Project 43-101 Compliant Mineral Resources(i) /T/ Tonnes Grade Contained Au Indicated ('000t) (g/t) (Ounces) ---------------------------------------------------------------------------- Ox-LAT Contact 17 1.52 829 Oxide 3,279 1.67 175,630 Transitional 1,594 1.58 81,113 ---------------------------------------------------------------------------- Total Oxide and Transitional 4,890 1.64 257,572 ---------------------------------------------------------------------------- Sulphide 3,399 1.76 192,794 ---------------------------------------------------------------------------- Total Indicated 8,289 1.69 450,366 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Tonnes Grade Contained Au Inferred ('000t) (g/t) (Ounces) ---------------------------------------------------------------------------- Ox-LAT Contact 9 1.75 505 Oxide 740 1.50 35,764 Transitional 422 1.47 19,989 ---------------------------------------------------------------------------- Total Oxide and Transitional 1,171 1.49 56,258 ---------------------------------------------------------------------------- Sulphide 1,737 1.63 91,086 ---------------------------------------------------------------------------- Total Inferred 2,908 1.58 147,344 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- /T/ Detailed metallurgical test work completed by Orezone(ii) has indicated recoveries of 85% using a 12.5mm crush size and agglomeration using 5 kg/t of lime and 4 kg/t of cement which compares favourably to Cluff Gold's existing operations at Kalsaka. In addition to its proximity to the existing Kalsaka operation, the Sega project benefits from favourable infrastructure, being close to well maintained roads and sufficient water to sustain a mining operation. The Sega project is 100% held by a wholly owned subsidiary of Orezone. In line with the Burkina Faso Mining Code, the Government of Burkina Faso has the right to a 10% free carried interest when a mining licence is granted. In addition to standard government royalties, currently 5%, a net smelter royalty of 3% is held by Royal Gold Inc. which can be reduced to 1% for an up-front payment of US$2 million. The Company currently intends to make this payment before the commencement of mining. Strategic Rationale The acquisition of the Sega project brings Cluff Gold a significant increase in oxide and transitional resources suitable for processing at Kalsaka, in addition to the anticipated resource increases which may result from the ongoing exploration programme at Kalsaka and Yako and the programme commenced by Orezone at Sega. Cluff Gold intends to commence a Preliminary Economic Assessment immediately to confirm the feasibility of an operation whereby ore would be trucked from Sega to Kalsaka and processed at the Kalsaka plant, at a throughput in line with the existing operation at Kalsaka of approximately 1.6Mtpa. Preliminary analysis suggests that capital costs associated with the commencement of production from the newly acquired resources at Sega would be approximately US$8 million, including the cost of additional crushing capacity, new leach pads, site civil works, road upgrade works and fleet mobilisation costs. In addition to the heap leach opportunity, both the Kalsaka and Sega properties host sulphide mineralisation that would be suitable for processing through a CIL plant. The acquisition of the Sega project will further enhance the opportunity for a long term sulphide processing plant to be built by Cluff Gold in Burkina Faso. Acquisition Consideration The consideration payable by Cluff Gold comprises: /T/ -- the issuance to Orezone of 11 million new ordinary shares in Cluff Gold (the "Consideration Shares"), and -- US$15 million in cash. /T/ Upon completion, Orezone will hold approximately 7.7% of the Company's issued share capital as so enlarged by the issue of the Consideration Shares. The Consideration Shares issued to Orezone are subject to a minimum hold period of 4 months. Thereafter, any disposal of the Consideration Shares would be subject to orderly marketing arrangements for a period of two years from closing as set out in the Agreement. Orezone has indicated that it has no present intention to dispose of any of the Consideration Shares. Subject to completion of the Acquisition, in addition to the Acquisition consideration, Cluff Gold will be responsible for the costs of the 10,000m drilling programme currently ongoing at Sega, budgeted at approximately US$800,000. Completion Completion of the Acquisition remains conditional upon the formal approval of the Government of Burkina Faso for the transfer of the Tiba and Namasa permits, together with standard closing conditions for a transaction of this nature, including there being no material adverse change in relation to Sega. Funding The cash component of the Acquisition consideration is to be funded from the Company's existing cash resources, which as at 31 December 2011 amounted to US$28.9 million. About Kalsaka The existing heap leach operation at the Kalsaka project represents an important cash generative asset for the Company, producing 71,505oz at an average head grade of 1.45 g/t in 2011 and with guidance for production of 60 - 70,000oz in 2012. As at 31 December 2010 Kalsaka had estimated proven and probable oxide and transitional reserves of 186,000oz (1.5Mt at 1.8g/t of proven reserves, and 1.9Mt at 1.6g/t of probable reserves). Inclusive of the mineral reserves as at that date, it hosted oxide and transitional resources of 135,000oz (2.3Mt at 1.7 g/t) in the measured category, 267,000oz (4.5Mt at 1.5g/t) in the indicated category, with a further 44,000oz of inferred resources (1.0Mt at 1.3 g/t).(iii) An aggressive exploration campaign is ongoing at Kalsaka with the primary aim of extending oxide mine life, which is delivering promising results. A total of 36,546m of RAB and 39,859m of RC drilling was completed in 2011, and a further programme of 88,000m of RAB, RC and diamond drilling is planned for 2012 at Kalsaka and the Yako concession, located 25km to the South East of Kalsaka. 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, and is rapidly exploring the significant sulphide potential at its Yaoure project in Cote d'Ivoire. 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 135,000oz of gold per annum, with significant exploration potential along strike. With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Cote d'Ivoire and Mali, the Company aims to further increase its production profile with its highly prospective exploration work across all assets. Baomahun is Cluff Gold's defining development gold project in Sierra Leone. Definitive feasibility study work is progressing in the immediate resource area, where 2.1Moz of indicated resources (25.6Mt at 2.5g/t) and a further 0.9Moz of inferred resources (comprising 9.6Mt at 2.8g/t) have been delineated to date(iv). The current resource base is limited to only 1.5km of a total 12km strike length. Exploration drilling is on-going, targeting the 4km northerly strike extension of the current resource area. (i) Mineral resources estimates effective as of January 11, 2010. Stated cut-off grade of 0.5g/t Au. Further details of Sega's mineral resources are contained in the technical report entitled: Technical Report on the Mineral Resource of the Sega Gold Project, dated January 11, 2010, filed by Orezone Gold Corporation and available on SEDAR. This technical report was reviewed by Peter Brown, a "Qualified Person" on behalf of Cluff Gold. To the best of Cluff Gold's knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources inaccurate or misleading. (ii) As per Orezone's press release titled Orezone Confirms Positive Metallurgical Results for Sega Gold Deposit, dated 11 April 2011. (iii) Further details of Kalsaka's mineral reserves and resources were previously disclosed in the Company's NI43-101 report Technical Review of Kalsaka Gold Mine, Burkina Faso, as prepared by SRK Consulting, dated October 2008 and available on SEDAR. Resource estimation has been subsequently updated for production and exploration changes in Cluff Gold's 2010 Annual Report. (iv) See news release dated 5 September 2011 entitled "Cluff Gold: Significant Resource Increase at Baomahun". This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, drilling results, resource calculations and potential future production at Kalsaka and Sega, the completion of a PEA, the buyout of the NSR royalty, the completion of the Acquisition, 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. Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has reviewed and approved the technical information contained within this announcement. Mr Brown (MIMMM) is Cluff Gold's Group Exploration Manager. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Cluff Gold plc Peter Spivey CEO +44 (0) 20 7340 9790 OR Cluff Gold plc Pete Gardner Finance Director +44 (0) 20 7340 9790 OR Cluff Gold plc Carrie Lun Investor Relations Manager +44 (0) 20 7340 9790 OR GMP Securities Europe LLP David Wargo Financial Advisor to Cluff Gold +44 (0) 207 647 2800 OR GMP Securities Europe LLP Richard Greenfield Financial Advisor to Cluff Gold +44 (0) 207 647 2800 OR Pelham Bell Pottinger James Henderson Investor Relations (Global) +44 (0) 20 7861 3232 OR Pelham Bell Pottinger Philippe Polman Investor Relations (Global) +44 (0) 20 7861 3232 OR Collins Stewart Europe Limited John Prior Corporate Broking +44 (0)20 7523 8350 OR Collins Stewart Europe Limited Adam Miller Corporate Broking +44 (0)20 7523 8350 OR Collins Stewart Europe Limited Sebastian Jones Corporate Broking +44 (0)20 7523 8350 OR Farm Street Communications Limited Simon Robinson Press Relations (U.K.) +44 (0) 7593 340 107 NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE. -0- Cluff Gold PLC More |
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| 20-01-12 | RNS |
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FOR: CLUFF GOLD PLC AIM SYMBOL: CLF TSX SYMBOL: CFG January 20, 2012 Cluff Gold plc: Notification of Major Interest in Shares LONDON, UNITED KINGDOM--(Marketwire - Jan. 20, 2012) - Cluff Gold PLC (AIM:CLF)(TSX:CFG) - For filings with the FSA include the annex For filings with issuer exclude the annex ---------------------------------------------------------------------------- TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are Cluff Gold PLC attached:(ii) ---------------------------------------------------------------------------- 2. Reason for the notification (please tick the appropriate box or boxes): -------------------------------------------------------------------------=== An acquisition or disposal of voting rights X -------------------------------------------------------------------------=== An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached -------------------------------------------------------------------------=== An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments -------------------------------------------------------------------------=== An event changing the breakdown of voting rights -------------------------------------------------------------------------=== Other (please specify): -------------------------------------------------------------------------=== 3. Full name of person(s) subject to the notification obligation:(iii) ---------------------------------------------------------------------------- 4. Full name of shareholder(s) Libra Advisors, LLC (if different from 3.):(iv) ---------------------------------------------------------------------------- 5. Date of the transaction and date on which the threshold is crossed or January 17 2012 reached:(v) ---------------------------------------------------------------------------- 6. Date on which issuer notified: January 19, 2012 ---------------------------------------------------------------------------- 7. Threshold(s) that is/are crossed or reached:(vi, vii) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 8. Notified details: ---------------------------------------------------------------------------- A: Voting rights attached to shares(viii, ix) ---------------------------------------------------------------------------- Class/ Situation previous Resulting situation after the triggering type to the triggering transaction of shares transaction ------------------------------------------------------------------ if Number Number Number Number of voting % of voting possible of of of shares rights rights(x) using Shares Voting --------------------------------------------- the ISIN Rights Direct Direct Indirect Direct Indirect CODE (xi) (xii) ---------------------------------------------------------------------------- Ordinary Shares of 1 pence each ISIN: GB00B0- 4M1L91 7,238,400 7,238,400 10,234,400 10,234,400 7.8% ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- B: Qualifying Financial Instruments ---------------------------------------------------------------------------- Resulting situation after the triggering transaction ---------------------------------------------------------------------------- Number of voting Exercise/ rights that may be Type of Conversion acquired if the financial Expiration Period instrument is % of voting instrument Date(xiii) (xiv) exercised/converted. rights ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- C: Financial Instruments with similar economic effect to Qualifying Financial Instruments(xv, xvi) ---------------------------------------------------------------------------- Resulting situation after the triggering transaction ---------------------------------------------------------------------------- Exercise/ Type of Conversion Number of voting % of voting financial Exercise Expiration period rights instrument rights instrument price date(xvii) (xviii) refers to (xix, xx) ---------------------------------------------------------------------------- Nominal Delta ---------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Total (A+B+C) ---------------------------------------------------------------------------- Number of voting rights Percentage of voting rights ---------------------------------------------------------------------------- 10,234,400 7.8% ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:(xxi) ---------------------------------------------------------------------------- Libra Fund, LP: 8,685,800 Libra Offshore Master Fund, LP: 1,548,600 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Proxy Voting: ---------------------------------------------------------------------------- 10. Name of the proxy holder: ---------------------------------------------------------------------------- 11. Number of voting rights proxy holder will cease to hold: ---------------------------------------------------------------------------- 12. Date on which proxy holder will cease to hold voting rights: ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 13. Additional information: ---------------------------------------------------------------------------- 14. Contact name: Ranjan Tandon ---------------------------------------------------------------------------- 15. Contact telephone number: 212-350-5125 ---------------------------------------------------------------------------- FOR FURTHER INFORMATION PLEASE CONTACT: Ranjan Tandon 212-350-5125 Cluff Gold PLC More |
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| 19-01-12 | RNS |
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FOR: CLUFF GOLD plc AIM SYMBOL: CLF TSX SYMBOL: CFG January 19, 2012 Cluff Gold plc: Yaoure Project Drilling Results LONDON, UNITED KINGDOM--(Marketwire - Jan. 19, 2012) - Cluff Gold ("Cluff Gold" or the "Company") (AIM:CLF)(TSX:CFG), the dual AIM/TSX-listed West African focused gold mining company, is pleased to announce significant sulphide drilling results from its Yaoure Project (previously known as Angovia) in Cote d'Ivoire. HIGHLIGHTS -- Very promising sulphide drilling results, including 28.35 metres at 3.24 g/t in Hole YD0021, 31.60 metres grading 1.97 g/t in Hole YD0014 and 13.25 metres at 4.14 g/t in Hole YD008. -- Results give confidence that existing sulphide resources at Yaoure, consisting of 169,000oz (3.4Mt at 1.6g/t) in measured category and 123,000oz (2.2Mt at 1.7g/t) in indicated category(i), can be significantly increased during 2012. -- Initial metallurgical testwork indicates that sulphide mineralisation is not refractory. -- Favourable location of Yaoure, within 5km of a hydro-electric power source and abundant water minimise resource hurdle required for CIL processing plant. -- Follow up drilling underway targeting up to a 160m down dip extension to the known mineralised zone over a 700m strike length. Peter Spivey, Chief Executive of Cluff Gold, commented: "Following the Company's decision to re-evaluate the Yaoure project in 2011, we are extremely pleased to be able to report such strong sulphide mineralisation from the initial 1,967m diamond drilling programme. Given the early successes we have had in regard to our sulphide drilling, we have taken the decision to focus on the significant sulphide potential that we believe exists and have therefore chosen to rename the project both to reflect this and differentiate it from the previous strategy which focused solely on the oxide resources. The favourable location of Yaoure, with existing mine infrastructure, a nearby hydroelectric dam capable of supplying low cost power for a sizeable milling operation, and abundant available water, add to our belief that Yaoure has the potential to become a further significant project for Cluff Gold. Initial metallurgical test work indicates that the sulphide mineralisation is not refractory and the relatively shallow dip of the mineralisation, 25-35 degrees to the east, could result in significant open pit resources being delineated at favourable stripping ratios. To this end, we have approved a US$6.6 million budget for an aggressive 79,000m exploration drill programme in 2012 which is currently underway. Our focus is to delineate sufficient sulphide resources to sustain a CIL operation, whilst at the same time continuing to search for lateritic and saprolitic oxide resources which could result in an early re-opening of the heap leach operation. We remain confident in the project's ability to deliver considerable value for our shareholders and we look forward to updating the market on progress made during the course of 2012." Yaoure Project Strategy During the second half of 2011, the Company embarked on a dual exploration strategy on its 367 square kilometre property to further investigate the potential for resource delineation. The drill results reported in this release refer to initial results from the sulphide ores at Yaoure Central (previously Prospect 4) where oxide mining had previously been undertaken. A map showing the location of the Yaoure project and the various prospects thereon, together with drilling maps and cross sections, is set out on the Company's website at www.cluffgold.com. The drilling results announced today focus on the sulphide potential of Yaoure Central, where the current sulphide measured and indicated resources total 249,000 ounces (4.9Mt at 1.6g/t)(ii). This resource is based on previous RC drilling typically extending down to about 100m below the original surface (60m below the current pit floor). A total of 23 diamond drill holes (1,967m) were completed at Yaoure Central by late December 2011: 13 holes (838m) to test east-west ("E-W") trending structures previously not included in any resource models, of which 11 results are reported; and 10 holes (1,127m) to test the main north-south ("N-S") trending structure, of which 2 results are reported. Results from the remaining 10 holes will be announced once received. Although the testing of the main N-S structure was the primary objective, the E-W structures were drilled first due to easier access within the pit during the later part of the rainy season in September and hence a higher number of results are available from this drilling. A full set of results is set out in Appendix 1. The results from the initial two holes drilled to intersect the N-S structures are highly encouraging, confirming the width and grade of the main mineralised zone reported from historic RC results (30m at 3.64g/t). The aggregate composite results are: -- YD0021: 28.35 metres at 3.24 g/t Au from 35.30 metres -- YD0014: 31.60 metres at 1.97 g/t from 31.80 metres. Initial geological interpretation suggests that the intersected width approximates to true thickness. A second phase of diamond drilling focusing on the N-S structures, consisting of 2,000m across 9 holes, has commenced to follow up over a strike length of 700m and 250m down-dip, with results expected in March 2012. Drilling results from the E-W structures include: -- YD0001: 14.20 metres at 1.87 g/t Au from 48.70 metres -- YD0003: 21.05 metres at 2.45 g/t Au from 55.45 metres -- YD0004: 17.30 metres at 2.02 g/t Au from 27.22 metres and 2.80 metres at 25.56 g/t Au from 2.90m -- YD0008: 13.25 metres at 4.14 g/t Au from 31.90 metres. The E-W structures dip steeply to both the north and south, and are expected to further enhance the resource potential from the main N-S trending structures. An additional 1,000m drilling programme following up on the E-W structures is planned for February 2012, with results expected in April 2012. The Yaoure project is ideally located in Cote d'Ivoire with tarred roads being within a few kilometres of the mine site and having a low cost hydroelectric power source from the Kossou power station, within 5 kilometres of the property. Due to these natural infrastructure advantages, the resources needed to justify the construction of a CIL/CIP plant should be lower than would be the case in other less beneficial locations and the project would be expected to benefit from relatively lower capital and operating costs. 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, and is rapidly exploring the significant sulphide potential at its Yaoure project in Cote d'Ivoire. 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 135,000oz of gold per annum, with significant exploration potential along strike. With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Cote d'Ivoire and Mali, the Company aims to further increase its production profile with its highly prospective exploration work across all assets. Baomahun is Cluff Gold's defining development gold project in Sierra Leone. Definitive feasibility study work is progressing in the immediate resource area, where 2.1Moz of indicated resources (25.6Mt at 2.5g/t) and a further 0.9Moz of inferred resources (comprising 9.6Mt at 2.8g/t) have been delineated to date(1). The current resource base is limited to only 1.5km of a total 12km strike length. Exploration drilling is on-going, targeting the 4km northerly strike extension of the current resource area. Appendix 1: Yaoure Central Drilling Results Interval From To (1) Gold Hole ID m m m g/t YDD0001 7.00 9.00 2.00 4.98 24.20 28.00 3.80 0.99 48.70 62.90 14.20 1.87 YDD0002 27.00 30.00 3.00 2.62 43.00 46.00 3.00 1.30 48.35 53.00 4.65 0.72 76.00 83.00 7.00 1.01 YDD0003 25.78 29.15 3.37 0.75 32.05 35.15 3.10 4.93 44.80 45.55 0.75 2.74 (4) 55.45 76.50 21.05 2.45 (4) YDD0004 2.90 5.70 2.80 25.56 (4) 27.22 44.52 17.30 2.02 (4) 50.06 53.00 2.94 0.81 55.39 57.84 2.45 0.91 (4) 65.30 68.00 2.70 2.56 70.05 74.62 4.57 0.99 YDD0005 0.00 5.00 5.00 0.65 13.00 27.28 14.28 1.54 (4) YDD0006 4.00 7.00 3.00 0.83 YDD0007 10.00 11.00 1.00 4.81 (3),(4) YDD0008 5.93 12.30 6.37 0.57 31.90 45.15 13.25 4.14 YDD0009 49.30 50.63 1.33 1.60 (3) YDD0010 25.78 27.85 2.07 0.53 37.75 43.40 5.65 1.76 46.00 48.00 2.00 1.68 62.74 73.15 10.41 1.60 YD00011 32.40 35.46 1.26 9.12 (4) 38.39 42.10 3.71 1.36 45.70 50.42 4.72 7.41 53.10 56.06 2.96 0.67 60.62 62.94 2.32 0.77 YDD0014 36.80 68.40 31.60 1.97 (2) Including 36.80 41.45 4.65 2.48 (and) 43.75 49.41 5.66 2.73 (and) 52.80 57.95 5.15 5.70 (and) 63.00 68.40 5.40 0.88 (and) 73.35 75.44 2.09 1.02 YDD0021 35.30 63.67 28.35 3.24 (2) Including 35.30 40.70 5.40 1.93 (and) 45.73 58.15 12.42 1.96 (and) 60.63 63.67 3.04 18.54 (and) 87.03 89.75 2.72 1.00 (and) 97.70 104.18 6.48 0.61 (and) 122.00 124.21 2.21 0.43 Appendix 1: Yaoure Central Drilling Results UTM UTM Elevation Hole ID East North UTM RL Azimuth Dip Structure YDD0001 220648 777342 214 180 -60 E-W YDD0002 220648 777375 215 180 -60 E-W YDD0003 220662 777359 215 180 -55 E-W YDD0004 220661 777406 211 360 -60 E-W YDD0005 220641 777426 208 360 -50 E-W YDD0006 220641 777438 208 360 -50 E-W YDD0007 220638 777503 206 360 -50 E-W YDD0008 220686 777361 212 180 -55 E-W YDD0009 220711 777361 212 180 -55 E-W YDD0010 220691 777415 209 360 -60 E-W YD00011 220736 777443 202 360 -60 E-W YDD0014 220787 777411 202 270 -60 N-S Including (and) (and) (and) (and) YDD0021 220796 777487 194 270 -60 N-S Including (and) (and) (and) (and) (and) As at 31 December 2011, 23 holes were completed at Yaoure Central, of which assays for 13 holes have been received. It is not anticipated that results from the outstanding 10 holes (2 testing the E-W structures and 8 testing the N-S structure) will differ significantly from those announced herein. (1) Interval lengths are not true widths. Composite intersections are based on a minimum width of 2m and a cut-off of 0.4 g/t gold. Internal dilution of up to 2.00m at less than 0.4 g/t has been allowed for continuity. (2) Aggregated composite intersections for YD0014 and YD0021. Internal dilution of greater than 2.00m at less than 0.4 g/t has been allowed - up to 5.05m for YD0014 and 5.03 m for YD0021 (3) No intersection greater than 2m. Significant intersection in hole shown. (4) All samples with visible gold or returning greater than 10 g/t are being reassayed by 500g Metallic Screen Fire Assay and will be reported in due course. Yaoure Project Geology The geology of Yaoure consists of Birimian (Lower Proterozoic) metavolcanic greenstones which have been intruded by a suite of small, mainly granodioritic, bodies. Syntectonic gold mineralisation is associated with shear zones, injected by quartz veins and stockworks that trend N-S (Yaoure Central), NW-SE (Kongonza) and NE-SW (partly in-filled CMA South Pit). These mineralised shear zones are evidenced by two major geochemical soil anomalies of greater than 200 ppb Au which have strike lengths of 3 km (Yaoure Central) and 2 km (Kongonza). The gold mineralisation at the Yaoure Central pit is mainly located in a series of N-S trending lenses associated with N- S shearing. The whole package has a total thickness of about 125m and dips to the east at 25-35 degrees. The traces of two N-S shears have been delineated and the Main Zone, an approximately 30m thick high grade mineralised zone in the middle of the package, is associated with these two shears. The mineralisation occurs in a stockwork of quartz veins ranging in thickness from more than a metre to a millimetre and in the enclosing pervasively altered (silicification and lesser pyritisation) greenstones. Small syntectonic granodioritic bodies intrude the N-S shear zone and have themselves been deformed and mineralised. There is a second set of mineralised structures at the Yaoure Central pit trending 65-75 degrees (E-W structures). Both N-S and E-W structures have suffered deformation and are regarded as being coeval - a syntectonic conjugate pair. Visible gold is more common in the E-W structures. This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, drilling results, resource calculations and potential future production at Yaoure, 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, the Company's ability to delineate sufficient sulphide resources for the development of a CIL/CIP operation, 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. The diamond drilling programme at Yaoure was undertaken by an independent drilling contractor. All holes at the Yaoure Central Pit were drilled from within the pit and collared at a depth of between 20m and 35m below the original surface level. All holes were drilled at inclinations of between -50 degrees and -60 degrees. The 13 holes testing the E-W structures were drilled towards both the north and south with an average down-hole depth of 64m and a maximum down-hole depth of 72m. The 10 holes testing the main N-S structure were all drilled towards the west at an inclination of -60 degrees, with an average down-hole depth of 113m and a maximum down-hole depth of 136m. Drill cores for assaying were taken at a maximum of two metre intervals and were cut with a diamond saw with one-half of the core placed in sealed bags and sent to the SGS sample preparation facility in Yamoussoukro, Cote d'Ivoire. The core samples were then crushed down to minus 2 mm, split with half the sample then being pulverised down to 85% passing 75 microns. About 200g of the pulverised sample was then shipped to the SGS Laboratory in Tarkwa, in Ghana, an independent laboratory to the Company, where the samples were analysed for gold by fire assay using a 50 g sample. As part of the Company's QA/QC procedures, internationally recognised standards, duplicates and blanks were inserted and check assays will also be submitted to other external laboratories. Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained herein, and reviewed and approved the information contained within this announcement. Mr Brown (MIMMM) is the Group Exploration Manager. (1) See news release dated 5 September 2011 entitled "Cluff Gold: Significant Resource Increase at Baomahun" (i) Detailed geology, descriptions of Yaoure Central (previously Prospect 4) and other exploration prospects at Angovia, and other exploration information can be found in the Company's NI43-101 report Technical Review of Angovia Gold Mine, Mount Yaoure, Cote d'Ivoire, as prepared by SRK Consulting, dated October 2008 and available on SEDAR. Resource estimation has been subsequently updated for production and exploration changes in Cluff Gold's 2010 Annual Report. (ii) Encompassed within the 169,000oz (3.4Mt at 1.6g/t) in measured resources and 123,000oz (2.2Mt at 1.7g/t) in indicated resources set out in Cluff Gold's 2010 Annual Report. FOR FURTHER INFORMATION PLEASE CONTACT: Cluff Gold plc Peter Spivey - CEO Pete Gardner - Finance Director Carrie Lun - Investor Relations Manager +44 (0) 20 7340 9790 www.cluffgold.com OR Collins Stewart Europe Limited John Prior - Corporate Broking Adam Miller - Corporate Broking Sebastian Jones - Corporate Broking +44 (0)20 7523 8350 OR Pelham Bell Pottinger Investor Relations (Global) James Henderson Philippe Polman +44 (0) 20 7861 3232 OR Farm Street Communications Limited Press Relations (U.K.) Simon Robinson +44 (0) 7593 340 107 NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE Cluff Gold PLC More |
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FOR: CLUFF GOLD PLC AIM SYMBOL: CLF TSX SYMBOL: CFG January 12, 2012 Cluff Gold plc: 2011 Kalsaka Production Update and 2012 Outlook LONDON, UNITED KINGDOM--(Marketwire - Jan. 12, 2012) - Cluff Gold (AIM:CLF)(TSX:CFG) ("Cluff Gold" or the "Company"), the dual AIM/TSX-listed West African focused gold mining company, is pleased to announce an update on its Kalsaka project. HIGHLIGHTS /T/ -- Kalsaka delivered excellent operational results in 2011, with production totalling 71,505oz, exceeding the production guidance of 70,000oz -- Promising oxide exploration results received for extension of existing mine life with longer term sulphide potential demonstrated by deeper drilling -- Strong cash generation: year-end closing cash balance of US$28.9m for the Group (31 December 2010: US$20.9m) with an additional 2,489oz of gold bullion in hand at 31 December 2011 (31 December 2010: 1,258oz) -- 2012 production guidance at Kalsaka: 60-70,000oz /T/ Peter Spivey, Chief Executive of Cluff Gold, commented: "I believe that 2012 will be a defining year for Cluff Gold, and I am looking forward to fulfilling the many opportunities that exist within our portfolio of assets. "We are pleased to begin the New Year by announcing that we have exceeded our full-year production target for 2011. Kalsaka has delivered strong operational results in 2011 and we are confident that this will continue in 2012. "The management team is now working towards extending the mine life at Kalsaka and we are already achieving promising exploration results in the oxide zone. We are also pursuing the possibility of developing a long-term sulphide operation following the receipt of encouraging exploration results from deeper drilling. With Baomahun progressing towards feasibility study and positive drilling results from Angovia's drill programme, we seek to leverage our strong balance sheet and on-going production to allow us to maximise our asset base and fulfil our goals for 2012." Kalsaka Production The Company is pleased to announce a successful year at its Kalsaka operations in Burkina Faso, which delivered 71,505oz to the Group, exceeding the Company's budgeted 70,000oz production guidance. /T/ 2011 2010 % Change Ore mined (t) 1,898,711 1,539,557 23% Waste mined (t) 12,670,996 11,135,933 14% Ore processed (t) 1,646,166 1,550,373 6% Average ore head grade (g/t) 1.45 1.56 (7%) Gold production (oz) 71,505 74,073 (3%) /T/ With the strong production level at Kalsaka generating good cash flow, the Group ended the year with a strong debt-free balance sheet backed with US$28.9m of cash and a further 2,489oz of gold bullion in hand at 31 December 2011, with a value of approximately US$4.0 million at spot gold prices. Total cash and bullion holdings of approximately US$32.9 million represent an increase of US$3.3 million over the quarter ended 30 September 2011, net of all group exploration costs, overheads and Baomahun development expenditure. The Company expects the operation to continue generating strong cash flow in 2012, and production guidance remains at 60-70,000oz. A crushing plant has now been successfully commissioned at the Kalsaka Mine, allowing harder, higher-grade ore to be processed which will assist in delivering this target. This includes an existing 540,000t stockpile of previously mined oversized quartz and transitional material averaging 1.76g/t. In addition, the 2.3Mt K-Zone ore-body with an average grade of 1.6g/t will also be mined, where recent in-fill drilling results, including 16m at 7.75g/t from 10m and 2m at 58.14g/t from 20m, have confirmed high grade mineralised zones. The in-fill drilling results are included in Table 1 of Appendix 1. Exploration The Company understands that an extension of the Kalsaka oxide mine life is of utmost priority, and has been focused on exploration drilling across the licence area throughout 2011. A total of 36,546m of RAB and 39,859m of RC drilling was completed in 2011, including 2,836m of RC drilling focused on sulphide targets. Although the exploration results have been delayed due to the slow receipt of assays from external laboratories, the Company is encouraged by the results received to date and is confident that they will contribute to the extension of the existing mine life. Promising results have been received at Zoungwa, 3km north-east of the processing plant, with significant oxide intercepts including: /T/ -- 7m at 9.12g/t from 9m depth, -- 21m at 1.28g/t from 24m, -- 14m at 1.36g/t from 41m, and -- 15m at 1.58g/t from 36m. /T/ At Rondo, 5km north-east of the processing plant, a lower grade ore zone has been defined, with intercepts including: /T/ -- 38m at 0.58g/t from 0m, -- 24m at 0.77g/t from 16m, -- 19m at 0.87g/t from 31m, and -- 15m at 0.79g/t from 50m. /T/ Results from other oxide targets include promising preliminary intercepts at the Zindinogo splay structures in the east of the Kalsaka exploration licence area. Strike extension assessment drilling is also continuing around the current pits to test the continuity of the existing ore bodies. Outside the Kalsaka licence area, 5,967m of RC was drilled at the 100% owned Yako concession, located approximately 25km southwest of Kalsaka, with the aim of proving the inferred resources estimated by historical drilling. Results will be released in due course as they are received. In addition to the oxide results set out above, highly encouraging sulphide results have also been encountered at Kalsaka as presented in the Q3 2011 update. Further to the results in the K-Zone announced on 29 November 2011, sulphide mineralisation has also been identified at the Zoungwa Prospect with results including: /T/ -- 10m at 2.55g/t from 103m, -- 7m at 2.28g/t from 72m, -- 10m at 1.26g/t from 85m, and -- 7m at 1.59g/t from 107m. /T/ All results that meet the intersection criteria are set out in Appendix 1. A map showing the location of all the prospects mentioned is available on the Company website, www.cluffgold.com. Resource calculations for some of these areas are expected to be completed in Q1 2012. Exploration remains a key focus at Kalsaka, with an extension to the oxide mine life a priority and the longer term sulphide opportunity showing good promise. An exploration budget of US$6.8m has been committed to Kalsaka and Yako for 2012, which includes an 88,000m drilling programme comprising RAB, RC and diamond holes. 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 135,000oz of gold per annum, with significant exploration potential along strike. With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Cote d'Ivoire and Mali, the Company aims to further increase its production profile with its highly prospective exploration work across all assets. Baomahun is Cluff Gold's defining development gold project in Sierra Leone. Definitive feasibility study work is progressing in the immediate resource area, where 2.1Moz of indicated resources (25.6Mt at 2.5g/t) and a further 0.9Moz of inferred resources (comprising 9.6Mt at 2.8g/t) have been delineated to date(1). The current resource base is limited to only 1.5km of a total 12km strike length. Exploration drilling is on-going, targeting the 4km northerly strike extension of the current resource area. (1) See news release dated 5 September 2011 entitled "Cluff Gold: Significant Resource Increase at Baomahun" Appendix 1 The intersections shown in the tables are based on a minimum drilled width of 2m and a cut-off of 0.4 g/t for RC results and 0.3 g/t for RAB results. Internal dilution of up to 2.00m at less than 0.4 g/t for RC results and 0.3 g/t for RAB results has been allowed for continuity. Interval widths are not true widths. True widths will be available at the resource calculation stage. Table 1 - K Zone infill holes within pit: /T/ Sample UTM UTM UTM UTM BHID FROM TO Interval Grade Type East North RL AZ Dip KRC0618 10 14 4 1.65 RC 609095 1459145 347 248 -56 KRC0618 20 22 2 58.14 RC 609095 1459145 347 248 -56 KRC0619 23 39 16 1.96 RC 609108 1459114 336 338 -55 KRC0619 43 48 5 7.29 RC 609108 1459114 336 338 -55 KRC0619 51 55 4 1.42 RC 609108 1459114 336 338 -55 KRC0620 32 35 3 5.47 RC 609063 1459123 362 338 -55 KRC0620 44 50 6 0.83 RC 609063 1459123 362 338 -55 KRC0621 7 19 12 1.73 RC 609053 1459149 347 158 -55 KRC0623 32 38 6 2.80 RC 608635 1458936 350 338 -50 KRC0623 58 76 18 1.97 RC 608635 1458936 350 338 -50 KRC0624 0 2 2 1.25 RC 608629 1458951 349 338 -50 KRC0624 7 15 8 2.83 RC 608629 1458951 349 338 -50 KRC0624 35 38 3 1.24 RC 608629 1458951 349 338 -50 KRC0625 27 42 15 0.97 RC 608495 1458894 351 338 -46 KRC0626 10 26 16 7.75 RC 608489 1458903 348 338 -45 /T/ Table 2: Zoungwa /T/ Sample UTM UTM UTM UTM BHID FROM TO Interval Grade Type East North RL AZ Dip KRC0211 25 28 3 0.71 RC 611428 1460377 348 342 -45 KRC0211 31 33 2 0.60 RC 611428 1460377 348 342 -45 KRC0217 22 27 5 0.64 RC 612207 1460856 350 342 -50 KRC0225 6 8 2 0.91 RC 612384 1460823 356 342 -50 KRC0235 23 25 2 1.11 RC 612433 1460811 356 342 -50 KRC0240 72 75 3 0.63 RC 612497 1461072 364 162 -45 KRC0244 59 61 2 0.51 RC 612606 1460805 352 342 -50 KRC0246 72 79 7 2.28 RC 612660 1460933 354 342 -50 KRC0248 30 32 2 0.48 RC 612646 1461109 354 162 -45 KRC0249 39 43 4 1.60 RC 612791 1461147 364 342 -50 KRC0255 44 47 3 1.30 RC 612658 1461204 358 162 -50 KRC0255 55 57 2 0.70 RC 612658 1461204 358 162 -50 KRC0256 41 55 14 1.36 RC 612704 1461227 350 162 -50 KRC0286 75 90 15 0.69 RC 612871 1461346 358 162 -50 KRC0287 36 51 15 1.58 RC 612925 1461343 388 162 -50 KRC0500 0 3 3 0.57 RC 612686 1460998 362 342 -50 KRC0500 5 8 3 1.02 RC 612686 1460998 362 342 -50 KRC0502 96 100 4 0.54 RC 612829 1461315 360 162 -60 KRC0502 103 113 10 2.55 RC 612829 1461315 360 162 -60 KRC0504 21 24 3 1.00 RC 612820 1461272 363 162 -45 KRC0505 37 40 3 0.65 RC 612769 1461251 376 162 -50 KRC0506 36 38 2 0.48 RC 612861 1461303 361 162 -60 KRC0507 14 16 2 0.65 RC 612860 1461286 366 162 -50 KRC0509 24 45 21 1.28 RC 612909 1461320 367 162 -60 KRC0510 10 17 7 1.13 RC 612913 1461308 375 162 -50 KRC0511 11 14 3 1.25 RC 612952 1461342 365 162 -60 KRC0511 96 99 3 0.66 RC 612952 1461342 365 162 -60 KRC0512 9 16 7 9.12 RC 612958 1461329 370 162 -50 KRC0512 49 52 3 0.50 RC 612958 1461329 370 162 -50 KRC0515 1 4 3 0.44 RC 612996 1461359 377 162 -60 KRC0516 30 38 8 0.87 RC 613003 1461347 364 162 -50 KRC0518 82 84 2 0.72 RC 612700 1461238 309 162 -60 KRC0518 99 101 2 0.43 RC 612700 1461238 309 162 -60 KRC0521 96 100 4 0.54 RC 612653 1461218 360 162 -60 KRC0521 103 105 2 0.51 RC 612653 1461218 360 162 -60 KRC0522 57 72 15 0.58 RC 612637 1461202 352 162 -50 KRC0563 85 95 10 1.26 RC 612721 1461253 367 162 -60 KRC0563 115 119 4 1.33 RC 612721 1461253 367 162 -60 KRC0565 82 84 2 1.18 RC 612896 1461347 367 162 -60 KRC0566 101 104 3 0.65 RC 612649 1461328 391 162 -60 KRC0567 107 114 7 1.59 RC 612811 1461317 372 162 -60 /T/ There were 71 RC drill holes that did not encounter significant mineralisation at Zoungwa. In addition, there are 9 holes with outstanding assay results; it is not expected that these outstanding results will differ significantly to those shown above. Table 3 - Rondo RC drilling: /T/ Sample UTM UTM UTM UTM BHID FROM TO Interval Grade Type East North RL AZ Dip KRC0292 42 44 2 0.45 RC 614810 1462339 341 342 -45 KRC0292 54 59 5 0.68 RC 614810 1462339 341 342 -45 KRC0293 48 50 2 0.60 RC 614791 1462388 354 342 -45 KRC0295 44 46 2 2.20 RC 614899 1462379 354 342 -45 KRC0295 49 63 14 1.01 RC 614899 1462379 354 342 -45 KRC0296 2 8 6 1.10 RC 614891 1462428 351 342 -45 KRC0297 10 21 11 0.50 RC 614866 1462476 347 342 -45 KRC0298 43 47 4 0.73 RC 615003 1462429 345 342 -45 KRC0299 94 100 6 0.98 RC 614985 1462457 342 342 -45 KRC0301 55 57 2 1.04 RC 614955 1462565 344 342 -45 KRC0317 58 60 2 0.65 RC 615240 1462651 348 342 -45 KRC0317 67 71 4 0.50 RC 615240 1462651 348 342 -45 KRC0321 19 22 3 0.54 RC 615340 1462651 347 342 -45 KRC0323 64 68 4 37.48 RC 615303 1462745 347 342 -45 KRC0324 34 38 4 1.18 RC 615292 1462789 350 342 -45 KRC0329 36 38 2 5.51 RC 615360 1462824 347 342 -45 KRC0332 44 46 2 1.22 RC 615529 1462704 340 342 -45 KRC0334 47 49 2 0.82 RC 615491 1462794 349 342 -45 KRC0344 67 74 7 0.72 RC 614947 1462398 343 342 -45 KRC0344 77 80 3 0.44 RC 614947 1462398 343 342 -45 KRC0350 2 5 3 0.94 RC 615120 1462539 349 342 -45 KRC0350 11 21 10 0.58 RC 615120 1462539 349 342 -45 KRC0351 40 42 2 0.52 RC 615101 1462583 345 342 -45 KRC0351 44 47 3 0.50 RC 615101 1462583 345 342 -45 KRC0354 67 70 3 0.94 RC 615318 1462590 338 342 -45 KRC0355 13 16 3 0.56 RC 615297 1462635 346 342 -45 KRC0355 19 26 7 0.97 RC 615297 1462635 346 342 -45 KRC0356 32 34 2 0.56 RC 615278 1462679 345 342 -45 KRC0356 46 50 4 0.93 RC 615278 1462679 345 342 -45 KRC0361 12 16 4 0.73 RC 615463 1462714 339 342 -45 KRC0362 52 55 3 1.58 RC 615442 1462758 344 342 -45 KRC0367 97 100 3 1.15 RC 614792 1462268 352 342 -45 KRC0371 62 71 9 0.81 RC 615620 1462742 333 342 -45 KRC0393 47 59 12 0.96 RC 614162 1461932 340 342 -45 KRC0393 68 70 2 0.56 RC 614162 1461932 340 342 -45 KRC0397 50 65 15 0.79 RC 614002 1461817 353 342 -45 KRC0402 52 54 2 2.03 RC 613753 1461805 356 342 -45 KRC0402 59 68 9 0.74 RC 613753 1461805 356 342 -45 KRC0402 72 74 2 0.55 RC 613753 1461805 356 342 -45 KRC0402 76 78 2 1.08 RC 613753 1461805 356 342 -45 KRC0403 5 19 14 1.11 RC 613729 1461849 359 342 -45 KRC0404 18 20 2 2.17 RC 613708 1461897 357 342 -45 KRC0411 40 47 7 0.77 RC 613601 1461654 357 342 -45 KRC0411 60 63 3 0.54 RC 613601 1461654 357 342 -45 KRC0412 5 9 4 1.43 RC 613585 1461703 357 342 -45 KRC0412 30 43 13 1.29 RC 613585 1461703 357 342 -45 KRC0421 20 34 14 1.67 RC 613426 1461538 372 342 -45 KRC0421 76 78 2 1.33 RC 613426 1461538 372 342 -45 KRC0428 42 44 2 0.83 RC 613295 1461860 351 342 -45 KRC0470 74 76 2 0.75 RC 617184 1463446 344 342 -45 KRC0471 13 16 3 0.92 RC 617163 1463491 344 342 -45 KRC0471 19 26 7 0.69 RC 617163 1463491 344 342 -45 KRC0526 40 44 4 0.78 RC 617062 1463334 351 342 -45 KRC0527 42 46 4 1.01 RC 617045 1463380 352 342 -45 KRC0527 67 77 10 0.58 RC 617045 1463380 352 342 -45 KRC0528 9 11 2 0.48 RC 617038 1463433 346 342 -45 KRC0528 15 22 7 0.74 RC 617038 1463433 346 342 -45 KRC0530 127 132 5 0.50 RC 615232 1462502 343 342 -55 KRC0531 17 21 4 0.62 RC 615231 1462571 370 342 -50 KRC0532 29 33 4 0.70 RC 615202 1462630 334 342 -50 KRC0532 41 44 3 0.71 RC 615202 1462630 334 342 -50 KRC0533 39 41 2 0.57 RC 615231 1462639 348 342 -50 KRC0533 56 68 12 0.65 RC 615231 1462639 348 342 -50 KRC0533 77 80 3 0.63 RC 615231 1462639 348 342 -50 KRC0534 10 13 3 1.01 RC 615247 1462602 335 342 -50 KRC0534 29 35 6 0.87 RC 615247 1462602 335 342 -50 KRC0534 92 94 2 1.32 RC 615247 1462602 335 342 -50 KRC0534 97 100 3 0.51 RC 615247 1462602 335 342 -50 KRC0535 53 55 2 0.98 RC 615262 1462567 335 342 -50 KRC0536 80 82 2 0.47 RC 615309 1462577 345 342 -50 KRC0541 83 88 5 1.04 RC 615046 1462429 342 342 -55 KRC0542 89 91 2 0.69 RC 615022 1462418 343 342 -55 KRC0542 100 105 5 0.80 RC 615022 1462418 343 342 -55 KRC0543 86 88 2 0.51 RC 615001 1462409 344 342 -55 KRC0543 91 94 3 0.66 RC 615001 1462409 344 342 -55 KRC0548 46 55 9 0.59 RC 614971 1462414 350 342 -50 KRC0549 70 77 7 0.59 RC 614949 1462403 349 342 -50 KRC0550 44 46 2 0.59 RC 614923 1462394 354 342 -50 KRC0550 58 64 6 0.67 RC 614923 1462394 354 342 -50 KRC0551 32 47 15 0.73 RC 614856 1462366 346 342 -50 KRC0551 111 113 2 0.73 RC 614856 1462366 346 342 -50 KRC0552 31 50 19 0.87 RC 614873 1462375 362 342 -50 KRC0554 103 106 3 0.79 RC 614980 1462369 365 342 -55 KRC0555 116 118 2 0.75 RC 614964 1462353 377 342 -55 KRC0555 142 144 2 0.96 RC 614964 1462353 377 342 -55 KRC0556 105 107 2 0.71 RC 614943 1462339 384 342 -55 KRC0556 130 132 2 0.49 RC 614943 1462339 384 342 -55 KRC0557 93 99 6 0.84 RC 614922 1462338 349 342 -55 KRC0557 121 123 2 1.30 RC 614922 1462338 349 342 -55 KRC0558 100 108 8 0.93 RC 614871 1462317 342 342 -55 /T/ In addition to the above, there were 136 RC drill holes that did not encounter significant mineralisation at Rondo. In addition, there are 43 holes with outstanding assay results; it is not expected that these outstanding results will differ significantly to those shown above. Table 4 - Rondo RAB drilling: /T/ Sample UTM UTM UTM UTM BHID FROM TO Interval Grade Type East North RL AZ Dip KRB0082 20 22 2 0.61 RAB 616868 1463259 339.1 342 -35 KRB0084 2 4 2 0.31 RAB 616675 1463170 335.6 342 -45 KRB0086 38 40 2 0.80 RAB 616656 1463248 346.4 342 -35 KRB0087 22 24 2 0.41 RAB 616732 1463282 340.1 342 -45 KRB0087 30 42 12 0.37 RAB 616732 1463282 340.1 342 -45 KRB0093 2 6 4 0.72 RAB 616455 1463212 342 342 -42 KRB0103 32 34 2 0.34 RAB 616231 1463284 339.4 342 -45 KRB0103 48 50 2 0.38 RAB 616231 1463284 339.4 342 -45 KRB0114 30 32 2 0.32 RAB 616222 1463331 343.5 342 -45 KRB0126 20 24 4 0.37 RAB 615578 1462755 337.5 342 -45 KRB0129 16 18 2 0.80 RAB 615537 1462854 346.1 342 -45 KRB0132 6 14 8 0.75 RAB 615486 1462929 344.7 342 -45 KRB0132 20 24 4 0.37 RAB 615486 1462929 344.7 342 -45 KRB0138 6 12 6 0.55 RAB 615382 1462684 343.9 342 -45 KRB0139 38 40 2 0.31 RAB 615374 1462709 344.3 342 -45 KRB0139 62 64 2 0.34 RAB 615374 1462709 344.3 342 -45 KRB0142 2 6 4 0.41 RAB 615334 1462839 340.5 342 -45 KRB0150 0 2 2 0.75 RAB 615222 1462548 347 342 -45 KRB0150 26 30 4 0.98 RAB 615222 1462548 347 342 -45 KRB0150 36 44 8 0.57 RAB 615222 1462548 347 342 -45 KRB0151 4 22 18 1.00 RAB 615202 1462594 348.5 342 -45 KRB0152 60 62 2 1.33 RAB 616840 1463308 348.4 342 -42 KRB0154 58 60 2 0.38 RAB 616899 1463405 346.7 342 -45 KRB0161 10 14 4 0.73 RAB 615201 1462642 345.7 342 -45 KRB0161 18 20 2 0.44 RAB 615201 1462642 345.7 342 -45 KRB0161 22 24 2 0.44 RAB 615201 1462642 345.7 342 -45 KRB0161 30 40 10 0.64 RAB 615201 1462642 345.7 342 -45 KRB0163 10 14 4 0.83 RAB 615182 1462731 345 342 -45 KRB0166 36 38 2 0.32 RAB 615142 1462847 344.1 342 -42 KRB0166 42 44 2 2.00 RAB 615142 1462847 344.1 342 -42 KRB0173 50 54 4 3.33 RAB 615052 1462430 341.6 342 -42 KRB0174 28 34 6 0.42 RAB 615040 1462464 343.7 342 -45 KRB0174 40 48 8 0.59 RAB 615040 1462464 343.7 342 -45 KRB0176 16 40 24 0.77 RAB 614997 1462550 348.4 342 -45 KRB0183 12 14 2 0.43 RAB 614927 1462767 346.5 342 -45 KRB0190 64 75 11 1.08 RAB 614864 1462332 343.7 342 -45 KRB0191 0 38 38 0.58 RAB 614851 1462384 334.8 342 -45 KRB0193 22 24 2 0.52 RAB 614833 1462441 346.8 342 -45 KRB0198 78 88 10 0.32 RAB 614671 1462277 359.4 342 -45 KRB0247 0 2 2 0.55 RAB 615499 1462089 337.8 342 -45 KRB0272 20 28 8 0.60 RAB 615125 1462528 345 342 -45 KRB0279 32 34 2 0.38 RAB 615015 1462834 341 342 -45 KRB0280 16 20 4 0.82 RAB 615011 1462863 351 342 -45 KRB0280 24 26 2 2.33 RAB 615011 1462863 351 342 -45 KRB0282 42 48 6 0.92 RAB 615302 1462591 343 342 -45 KRB0282 52 57 5 0.49 RAB 615302 1462591 343 342 -45 KRB0283 18 32 14 0.56 RAB 615293 1462626 342 342 -45 KRB0284 54 56 2 0.58 RAB 615280 1462669 345 342 -45 KRB0287 34 36 2 0.44 RAB 615255 1462773 342 342 -45 KRB0289 22 26 4 1.06 RAB 615261 1462585 337 342 -45 KRB0289 34 40 6 0.55 RAB 615261 1462585 337 342 -45 KRB0289 46 48 2 0.49 RAB 615261 1462585 337 342 -45 KRB0289 52 56 4 0.57 RAB 615261 1462585 337 342 -45 KRB0290 4 14 10 1.39 RAB 615244 1462624 338 342 -45 KRB0290 56 65 9 0.45 RAB 615244 1462624 338 342 -45 KRB0291 28 30 2 0.43 RAB 615253 1462674 347 342 -45 KRB0291 38 40 2 0.32 RAB 615253 1462674 347 342 -45 KRB0293 14 17 3 0.70 RAB 615213 1462751 346 342 -45 KRB0296 40 50 10 0.47 RAB 615169 1462558 345 342 -45 KRB0297 2 4 2 0.37 RAB 615161 1462587 347 342 -45 KRB0298 10 20 10 1.02 RAB 615143 1462630 342 342 -45 KRB0299 30 34 4 0.37 RAB 615135 1462683 340 342 -45 KRB0299 36 38 2 0.41 RAB 615135 1462683 340 342 -45 KRB0303 10 14 4 0.33 RAB 615088 1462851 347 342 -45 KRB0304 38 40 2 0.83 RAB 615082 1462869 341 342 -45 KRB0342 24 30 6 0.64 RAB 614307 1462139 361 342 -45 KRB0345 6 8 2 1.79 RAB 614138 1462013 367 342 -45 KRB0345 36 62 26 0.83 RAB 614138 1462013 367 342 -45 KRB0346 16 18 2 0.53 RAB 614125 1462057 368 342 -45 KRB0346 48 50 2 0.90 RAB 614125 1462057 368 342 -45 KRB0346 54 56 2 0.31 RAB 614125 1462057 368 342 -45 KRB0350 22 32 10 0.85 RAB 613965 1461904 347 342 -45 KRB0350 64 66 2 0.61 RAB 613965 1461904 347 342 -45 /T/ In addition to the above, there were 167 RAB drill holes that did not encounter significant mineralisation at Rondo. This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, drilling results, resource calculations and potential future production at Kalsaka, 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. The RC drilling programme at Kalsaka was undertaken by an independent drilling contractor. All the drill holes collar positions were pegged using a total station theodolite and re-surveyed after drilling. The drill collars after survey were checked by onsite geologist. Each 1.0m RC chipping passing through a cyclone is collected in a plastic bag and reduced in a multistage splitter to get a split of between 2kg and 4kg. Sampling was done under the supervision of the site geologist. Duplicate samples were collected at every 10th sample point and one blank inserted at every 20th point. Samples were submitted to the in-house laboratory, dried, crushed and pulverised to 85-90% passing 106um and analysed by bulk leach extractable gold assays for twelve hours. The RAB drilling programme at Kalsaka was undertaken by an independent drilling contractor. All the drill holes collar positions were pegged using a Garmin GPS unit and re-surveyed after drilling. The drill collars after survey were checked by onsite geologist. Each 1.0m RAB chipping passing through a cyclone is collected in a plastic bag and 2m-composites are reduced in a multistage splitter to get a split of between 2kg and 4kg. Sampling was done under the supervision of the site geologist. Duplicate samples were collected at every 20th sample point and one blank inserted at every 20th point. Samples were submitted to the in-house laboratory, dried, crushed and pulverised to 85-90% passing 106um and analysed by bulk leach extractable gold assays for twelve hours. RAB and RC check assays were also submitted to external commercial laboratories in Burkina Faso as part of the Company's quality control procedures. Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained herein, and reviewed and approved the information contained within this announcement. Mr Brown (MIMMM) is the Group Exploration Manager. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Cluff Gold plc Peter Spivey CEO +44 (0) 20 7340 9790 OR Cluff Gold plc Pete Gardner Finance Director +44 (0) 20 7340 9790 OR Cluff Gold plc Carrie Lun Investor Relations Manager +44 (0) 20 7340 9790 www.cluffgold.com OR Collins Stewart Europe Limited John Prior Corporate Broking +44 (0)20 7523 8350 OR Collins Stewart Europe Limited Adam Miller Corporate Broking +44 (0)20 7523 8350 OR Collins Stewart Europe Limited Sebastian Jones Corporate Broking +44 (0)20 7523 8350 OR Pelham Bell Pottinger James Henderson 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 Limited Simon Robinson Press Relations (U.K.) +44 (0) 7593 340 107 NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE. -0- Cluff Gold PLC More |
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February 08, 2012
Theres A Buzz Around Cluff Gold As It Breathes New Life Into Old Projects There was, says broker Collins Stewart http://bit.ly/AjyUvc |
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February 07, 2012
Diary Of A Private Investor: Thunder And Lightning And Good-Looking Mining Companies At Livingstone By Susie Boeckmann in Livingstone http://bit.ly/yEj6nt |
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Tuesday's London broker comment corner; Goldman Sachs and JP Morgan Cazenove make recommendations
Tuesday, February 07, 2012 http://bit.ly/wDOMk9 |
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February 06, 2012 - Newsletter SF t1ps Gold Fund
http://bit.ly/xyAFpF |
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