Amara Mining Regulatory News (AMA)

13 Sep 2005 07:01

Cluff Gold PLC13 September 2005 13 September 2005 AIM: CLF Cluff Gold Signs Joint Venture Agreement in Mali Cluff Gold Plc ("Cluff Gold" or "the Company") announces it has signed a JointVenture Agreement ("the JV Agreement") to acquire a majority interest in the 200km(2) Karbasso research licence in Mali from Kadiel Mining ("KM"), a Maliancompany. The transaction is subject to approval by the Malian Government underthe country's mining laws, which is expected to be received within three months. The licence area is located approximately 250km due south east of Bamako, thecapital of Mali, and is believed to be prospective for Birimian gold deposits.Extensive exploration data by previous workers, including the United NationsDevelopment Programme ("UNDP"), exists about the licence area, a significantamount of which is already in the public domain. The Company's geological consultant, David Pelham BSc, MSc, MIMM, MGA, concludedin a recent structural and geological study that the eastern side of the licencearea is underlain by a major NNE trending structure, which also underlies theSyama gold mine licence some 20km to the south. Gold in soil anomaliesidentified by the UNDP appears to be coincident with this major structure, whichalso appears to host the five million ounce Syama gold deposit of ResoluteMining Ltd along strike to the south. Under the terms of the JV Agreement, Cluff Gold will make an initial payment toKM to earn a 90% interest in the Karbasso licence area, including access to thelicence area to conduct an exploration programme. Cluff Gold will carry KM tothe conclusion of a bankable feasibility study at which point, if Cluff Golddecides to develop any deposit, KM and Cluff Gold will establish a new company,Karbasso Gold Mines, in which the two companies will have interests of 10% and80% respectively. The remaining 10% interest will rest with the Mali State,which will also be entitled to appoint a director to the board of Karbasso GoldMines. Mr Douglas Chikohora, Technical Director of Cluff Gold plc comments, "Our focusin Mali will initially concentrate on validating and expanding the gold in soilanomaly as reported by the UNDP before detailed follow up exploration. We arepleased with our latest addition to our land holding, which is consistent withour strategy of concentrating the Company's development focus on the prospectiveBirrimian gold belts of West Africa.'' The Company also announces that it has begun a validation drilling programme atthe Angovia Gold Project, which is part of the Mt Yaoure Licence in Coted'Ivoire. The purpose of the programme, which is anticipated to last for aboutthree weeks, is to further assess the sulphide and oxide potential of theproject. Ends For further information, please contact: Cluff Gold Numis Securities Parkgreen CommunicationsJ.G. Cluff / Douglas Chikohora John Harrison Justine Howarth / Cathy MalinsChairman / Technical Director Tel: 020 7776 1500 Tel: 020 7493 3713Tel: 020 7340 9790 This information is provided by RNS The company news service from the London Stock Exchange