Amara Mining Regulatory News (AMA)

1 Oct 2008 07:00

AIM: CLF

Cluff Gold plc

 ("Cluff Gold" or "the Company")

Date 1st October 2008 

Board Appointments

Cluff Gold today announces that, further to the announcement of 4 August 2008, the conditions relating to the appointment of Ronald Winston as a director have been satisfied and accordingly, Ronald Winston joins the Board as a non-executive director of the Company with immediate effect. In addition, and at the same time, the Board confirms the appointment of Geoffrey Stanley as a non-executive director, also with immediate effect.

Ronald Winston

Apart from his Directorship of Harry Winston, Inc from which he retired in March 2008 to become Honorary Chairman. Mr Winston, aged 67,  has not been a director of any other company in the last five years.

Ronald Winston was a partner in the Framingham York Limited Partnership which was placed into liquidation in 1997 as a result of the partnership completing its investment objectives. The partnership was dissolved and the remaining assets were used to pay the outstanding obligations to its creditors.

Ronald Winston holds 12,383,591 ordinary shares in the Company, representing approximately 12.8% of the total number of shares now in issue.

Geoffrey Stanley

Mr Stanley has 26 years international experience in the minerals industry. He holds a B.SC (Honours) and is a Fellow of the A.I.M.M and of the S.E.G. Mr Stanley started his career in exploration with Billiton Australia, then moved to become a Gold Analyst with a number of securities firms in Australia before being appointed Vice President and Senior Mining Analyst at S.G Warburg in New York in 1994, responsible for the analysis of the US metals and mining sector.

Mr Stanley was recruited as Senior Vice President responsible for developing an international capability in mining analysis for J.B.Were Ltd in 1996 and was then appointed a Managing Director at BMO Capital Markets in 1998 with responsibility for managing a team working on commodities and equities research and recommendations for institutional investors, particularly in the precious metals markets. In 2007, Mr Stanley was recruited to manage a long-short value arbitrage portfolio of precious mineral stocks for Platinum Partners. Since March 2008, Mr Stanley has been involved in corporate advisory and investment activity in the minerals industry. 

Mr J G Cluff, Chairman and Chief Executive commented "The appointment of Geoff Stanley to the Board is one which I particularly welcome. He was instrumental in facilitating our association with BMO in 2004 and is possessed of a thorough knowledge of both the technical and commercial aspects of the precious metal business."

Geoffrey Douglas Stanley, aged 50, is a director of Crescent Gold Limited; Riverfield Capital Limited, CGS Capital Limited, Indo Gold Limited and Bannerman Resources Limited. Mr Stanley has not been a director or partner of any other company, other than those mentioned above, in the last five years and does not hold any shares in the Company.

There is no other information that needs to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies in respect of either Ronald Winston or Geoffrey Stanley.

Enquiries:

Notes to Editors:

About Cluff Gold plc

Cluff Gold plc is focused on the identification, acquisition, development and production of gold deposits in West Africa that are amenable to open-pit mining and low cost production techniques.The Company has made significant progress since its admission to AIM in December 2004, increasing gold resources across its projects, expanding its project portfolio and broadening the investor base to an increasingly international audience.

Mt. Yaoure, Cote d'Ivoire

The Mt. Yaoure permit is located 40km northwest of Yamoussoukro, the political capital of Cote d'Ivoire, and covers a surface area of 417km2 including a 50 km2 mining permit. The licence area includes the Angovia gold mine which operated between 1998 and 2003. The mine reportedly produced over 180,000 ounces of gold during this period by heap leaching some 2 million tonnes of oxide material. 

The infrastructure in the area is good and includes a hydroelectric dam six kilometres from the Angovia mine site. A measured and indicated JORC compliant resource of 451,000 ounces and an inferred JORC compliant resource of 44,000 ounces have so far been delineated. On 19th March, 2008, the Company announced the commencement of gold production at Angovia at an annualized rate of 40,000 ounces of gold by the end of this year.

Kalsaka, Burkina Faso

Kalsaka is located approximately 150km north west of Ouagadougou, the capital of Burkina Faso. A measured and indicated JORC compliant resource of 634,000 ounces and inferred JORC compliant resource of 157,000 ounces has been delineated so far. The resource has been demonstrated, by a feasibility study, to be technically amenable to open-pit mining and processing via heap leaching. Water, environmental and mining permits for the project have been granted. The mining permit is valid for twenty years.

On 27 August, 2008 the Company announced the commissioning of the dry plant and confirmed that production is expected to reach 60,000 ounces of gold on an annualised production rate by the end of this year. On 30 September, 2008 the Company announced the commencement of leaching operations on 70,000 tonnes of ore stacked on the leach pads. 

BAOMAHUN, SIERRA LEONE

The Baomahun Gold Project covers an area of about 137 km2 and is located about 180 kilometres east of Freetown, in the Southern Province of Sierra Leone. The geological setting is similar to the Lake Victoria goldfields in Tanzania.

The Baomahun licence area covers more than 12 kilometres of prospective strike along the Kangari Hills which is composed of Archaean greenstone belt terrain consisting of banded iron formation (BIF) Gold mineralisation in the drilled areas is intimately associated with the BIF and other lithologies in close proximity to the BIF. Accordingly, future exploration and drilling will continue to use the BIF as a marker horizon for auriferous zones along the belt.

A measured and indicated JORC compliant mineral resource of 867,000 ounces of gold (8,933,000 tonnes grading 2.9 g/t Au) and inferred JORC compliant mineral resource of 486,000 ounces of gold (5,083,000 tonnes grading 3.0 g/t Au). A total JORC compliant mineral resource (measured, indicated and inferred) of 1,353,000 ounces of gold (14,016,000 tonnes grading 3.0 g/t Au) has so far been delineated.

On 17 July 2008, the Company announced that the Government of Sierra Leone had granted Baomahun Gold Limited, a 100 per cent owned subsidiary of the Company, a Mining Lease for 25 years over an area of 59.85sq kilometres.

Cluff Gold announced on 4 August 2008 that it had acquired the outstanding 40 per cent interest in the project for US$21.8 million which was satisfied by the issue of 12,390,909 ordinary shares in the Company and now owns 100% of the gold project. 

On 30 September, 2008 the Company announced that encouraging assay results continued to be encountered in its drill holes at the Baomahun Gold project.

A Full Technical Glossary can be found on the company website at:

http://www.cluffgold.com/pages/projects_glossary.asp

This information is provided by RNS

The company news service from the London Stock Exchange 

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