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Cluff Gold says offer discussions are on-going

Published: 13:16 30 Apr 2010 BST

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Cluff Gold (AIM: CLF, TSX: CFG) has confirmed that discussions, with regards to a possible offer for the company, are on-going. The company said it has now asked all interested parties to finalise offers or conclude discussions relating to the bidding process in the near future.

"As discussions continue with certain third parties, the company maintains its active growth strategy of developing its assets into increased gold production and we anticipate strong results from the ongoing Scoping Study at the Baomahun mine”, Cluff Gold chairman Algy Cluff commented.
 
“In the meantime the company will update the market when discussions have reached a conclusion".

Cluff also highlighted that, at yesterday’s board meeting, it confirmed that the company is on course to continue its growth plans following significant progress made throughout the last twelve months.

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

In Sierra Leone, the company flagship development project, Baomahun, has been described as a ‘company-maker’. In October, Cluff reported a 40% increase in the projects total mineral reserves. As a result, the inferred minerals resources increased to 9.2 million tones grading 3.2 g/t (grammes per tonne) or 957,000 oz (ounces) from 500,000 oz of gold, while the total measured and indicated resource now stands at 12 million tones grading 2.9 g/t for a total 1,103,000 ounces of gold.

Subsequently, the company has been undertaking further drilling at the property, and earlier this month it announced the discovery of a new mineralised zone. Ongoing in-fill drilling programme intersected the zone, offering additional resources near surface close to the current boundary of the proposed open pit.

In today’s statement, the company said it expects to report further resource updates at Baomahun and at the Angovia mine over the next few months, followed by the results of the Scoping Study at Baomahun.

Furthermore, the company emphasised that it is currently on-course to exceed its 100,000oz production forecast for this year, and it will provide the market with a production update for March and April, shortly.

Back in February, Cluff initially confirmed that it had received an approach from an unnamed third party.

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