HomeGoldPossible takeover of Cluff Gold

Possible takeover of Cluff Gold

Rig at Cluff’s
Baomahun exploration
project in Sierra Leone
London, England — MININGREVIEW.COM — 03 May 2010 – AIM and TSX-listed Cluff Gold plc “’ a company focused on the acquisition, development and operation of gold deposits in West Africa “’ has confirmed that discussions on an offer for the company are ongoing.

Revealing this in a statement issued here, the company said that a further announcement on this issue would be made when appropriate.

The company has confirmed that it is on course to continue its growth plans, following significant progress made throughout the last twelve months. Cluff will be announcing further resource updates on the Baomahun gold project in Sierra Leone and the Angovia gold project in Côte d’Ivoire over the next few months, followed by the results of the scoping study at Baomahun.

In addition, the company will shortly be updating the market on production in March and April, which will confirm that Cluff Gold remains on course to exceed its forecast of producing 100 000 oz of gold this year.

The Board has now asked all interested parties to finalise offers or conclude discussions relating to the bidding process in the near future. For the avoidance of doubt, there is no guarantee that an offer will be forthcoming, it said.

Cluff Gold chairman Algy Cluff commented: “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. We are well positioned to build on this momentum and reach our long term strategic goals in order to achieve further shareholder value.