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Additional Information
Market: AIM, TSX
Sector: General Mining - Gold
EPIC: CLF
Latest Price: 95.63p  (-0.39% Descending)
52-week High: 130.00p
52-week Low: 63.00p
Market Cap: 126.09M
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Cluff Gold
www.cluffgold.com

Cluff Gold is a gold developer-producer with assets in West Africa.  The Company generates cash flow from its two producing assets, Kalsaka in Burkino Faso and Angovia in Côte d’Ivoire, which together produce a total of 100,000 ounces of gold per annum.   The Company strives to become a mid-tier producer through the development of its wholly-owned Baomahun project in Sierra Leone, which is expected to contribute an additional 157,000 ounces of gold per annum, with significant exploration potential along strike.  With its experience of bringing new mines into production, the Company aims to further increase its production profile with its highly prospective exploration work at all three projects.

Full Cluff Gold profile here
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Cluff Gold says production levels are ahead of 2010’s 100,000oz target

19th Mar 2010, 8:30 am Cluff Gold says production levels are ahead of 2010’s 100,000oz target

Cluff Gold (AIM: CLF; TSX: CFG) said the levels of production at the Kalsaka and Angovia mines are above the company’s current target of 100,000 ounces in 2010, and Cluff produced a total of 19,288 fine ounces of gold in January and February 2010. The gold was subsequently sold at an average price of US$1,112 per oz, and the company’s cash position improved by US$3.4m in the two month period ro stand at to US$5.7m on 28 February 2010.

Cluff has a portfolio of mineral interests at various stages of development in Côte d'Ivoire, Burkina Faso and Sierra Leone. The Angovia gold mine is located in Côte d'Ivoire, and the Kalsaka gold mine is located in Burkina Faso.

"We are delighted to announce record production from our two mines at Kalsaka and Angovia in the first two months of 2010”, Cluff chairman and chief executive Algy Cluff commented. “The results are ahead of our production forecasts and we are confident that this strong performance will continue throughout the year".

For the two month period, the Kalsaka mine produced 14,887 ounces and Angovia produced 4,401 ounces, the corresponding operating cash costs were US$547 per ounce for the gold produced at Kalsaka and US$797 per ounce for the gold produced at Angovia.

Cluff said that Kalsaka production is ahead of forecasts due to a number of factors, including the recovery of gold from fine ore processed in Q4 2009 and together with the impact of modifications to spraying efficiency and improved stacking methodology.

Angovia production is in line with current expectations, and Cluff is finalising a technical study on potential modifications to the processing plant there which have the potential to improve operational efficiency.

Additionally, the group noted that it has made significant progress in resolving the ongoing VAT issues it flagged last month.  Cluff has recovered a total of US$4.3m in VAT, which has been recovered in Burkina Faso, with US$1.3m in February and US$3m in March. The company also said that signing the mining convention in Côte d'Ivoire will also improve cash flow, as it will not be paying VAT to suppliers and contractors with effect from 1 March 2010.

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