7 Nov 2008 12:04
CLUFF GOLD PLC
("Cluff Gold" or the "Company")
GRANT OF OPTIONS
Cluff Gold, the West African focused gold miner, announces that on 6 November 2008 it granted options over 400,000 ordinary shares of 1p each in the Company ("Ordinary Shares") to RMB Australia Holdings Limited ("RMB Australia") in accordance with the terms of the drawdown of US$4million from the loan facility arranged with members of the RMB Group ("RMB"), details of which were announced on 25 September 2008. The exercise price of these options is 36.9 pence per share.
In addition to the original terms of the loan facility, an option over 3.75 million Ordinary Shares has been granted on 6 November 2008 to RMB Australia at an exercise price of 20 pence per share for a period of 3 years from the date of grant. The exercise price was calculated using a 20 day volume weighted average share price of the Company.
For further enquiries please contact:
| JG Cluff / Pippa Latham, Cluff Gold plc David Youngman, WH Ireland Limited | Tel: +44 (0) 207 340 9790 Tel: +44 (0) 161 832 2174 |