Cluff Resources (ASX: CFR) has raised $426,000 through a placement of 142,000,000 shares at $0.003 per share for its work program aimed at exploration and production of gold and gemstones in Madagascar.
Funds will also be used for the development of its other Australian-based projects, in particular the Bingara Diamond Project.
Cluff is planning to commence a trenching program in early April 2011, after the conclusion of the wet season in Madagascar.
The joint venture with Varun Madagascar provides for a production share of all gold produced on the permits of 35% to Cluff and 65% to Varun.