Amara Mining Regulatory News (AMA)

17 May 2007 07:01

Cluff Gold PLC17 May 2007 Cluff Gold Plc (the "Company") AGM Statement At the Company's AGM, to be held today at 10.00am at the offices of MaclayMurray & Spens, 1 London Wall, London EC2Y 5AB, the Chairman and Chief ExecutiveMr J G Cluff will be making the following statement: "Last week all three of the company's Executive Directors, Douglas Chikohora,Charles Lutyens and myself were in West Africa visiting our operations inBurkina Faso and the Ivory Coast. In both countries we invited governmentofficials, paramount chiefs and other interested parties to see for themselvesthe progress towards production which we have made. I sense that they wereimpressed - as I certainly was - not only by the progress which suggests that weare on track to start production on time in both cases but also by the qualityof the technical staff assembled by Douglas and Tony Smith, our overall ProjectManager, many of whom I am proud to say have worked for other Cluff companiesbefore. To remind you, at the Kalsaka project in Burkina Faso it is our objective tobuild production up to no less than 60,000 ounces per annum commencing Marchnext year and at Angovia in the Ivory Coast to achieve annualised production ata rate of 40,000 ounces per annum commencing in the last quarter of this year.Next year, accordingly, we should join the ranks of annual 100,000 ounce goldproducers. As a result of the placing of shares we arranged recently we shouldbe able to fund this out of our own cash resources. To say that mining is without risk is to invite derision, but I am confidentthat in a geological and engineering sense we are very much in control of thesetwo projects and our project risk can be considered more political thantechnical. However it is gratifying to report that elections in Burkina Fasowere conducted peacefully and have returned the incumbent government for afurther term. Also, dramatically in the Ivory Coast - which has had a pejorativereputation since the country, to all intents and purposes, was divided into two- a peace accord has now been signed and the President has invited the rebelleader to serve as Prime Minister. The World Bank and the IFC have now renewedties with the country. We are examining other investment opportunities in boththese countries. Turning now to our flagship exploration operation in Sierra Leone, whereincidentally Douglas and I are to go in three weeks, I can report solid progresswith results yielding good intersections and grades. We now feel sufficientlyadvanced to commission - after consultation with our partner Winston Mines - aScoping Study which is a key step towards the preparation of a bankabledocument. Our technical advisors will soon be delivering us an updated resourcecalculation as indeed they will be for the Angovia project as well. One issuewhich the Scoping Study will address is the practicality of developing thisBaomahun deposit on a phased modular basis. There is in summary, I would argue, no doubt now that this is a growing companywhich should not only have a significant cash flow from the mines in Ivory Coastand Burkina Faso but should enjoy that against the backdrop of a growingresource base obtained by low cost discovery rather than purchase. May I thankour shareholders, my colleagues and the operational and administrative staff fortheir varied contributions to this exciting situation." For further information, please contact: Cluff Gold Parkgreen CommunicationsJ.G. Cluff Cathy Malins / Annabel LeatherTel: +44 (0) 20 7340 9790 Tel: +44 (0) 20 7851 7480 WH Ireland LimitedDavid YoungmanTel: +44 (0) 161 87322173 This information is provided by RNS The company news service from the London Stock Exchange