Amara Mining Regulatory News (AMA)

13 Dec 2005 16:07

Cluff Gold PLC13 December 2005 CLUFF GOLD PLC Placing by BMO Nesbitt Burns and Numis Securities Cluff Gold plc (the "Company"), the West African gold company, today announcesthat BMO Nesbitt Burns and Numis Securities Ltd have placed with investors1,894,900 new ordinary shares of 1p each (the "Shares") in the Company at aplacing price of 45p, raising £852,705 before expenses. The Shares were placedpredominantly with new investors based in North America. Application has beenmade today for the Shares to be admitted to the AIM market of the London StockExchange. The Shares will rank pari passu with existing ordinary shares and itis expected that admission will become effective at 8.00 a.m. on 16 December2005. The proceeds of the placing will enable the Company to:- 1) resume the drilling programme in January 2006 at the Baomahun GoldProject in Sierra Leone where SRK Consulting ("SRK") has recently estimatedresources of 518,000 ounces with a mean grade of 3.6g/t Au, and where threequarters of the identified mineralised trend is yet to be drilled; 2) continue drilling at the Angovia Gold Project in Cote d'Ivoire withthe intention of assessing the processing methodology of developing this oxide/sulphide resource out of an identified resource potential of 800,000 ounces ofgold; and 3) continue discussions with financial institutions concerning thedevelopment of the Kalsaka Project in Burkina Faso. Commenting on the placing, Algy Cluff, Chairman and Chief Executive of theCompany said: "These funds, which were provided in the main by new US investors, will enableus to accelerate development plans for our current pipeline of projects in orderto achieve the Company's production target of at least 300,000 ounces of goldper annum." For further information, please contact: Cluff Gold Numis Securities Parkgreen CommunicationsJ.G. Cluff/Douglas Chikohora John Harrison Cathy Malins/Annabel LeatherChairman / Technical Director Tel: +44 (0)20 7776 1500 Tel: +44 (0)20 7493 3713Tel: +44 (0)20 7340 9790 This information is provided by RNS The company news service from the London Stock Exchange