24th Feb 2009 07:00
Cluff Gold plc ("Cluff Gold" or the "Company") - Proposed private placement of approximately US$10 million
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OR TO US PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED)/
LONDON, Feb. 23 /CNW/ - Cluff Gold plc announces today that it intends to raise approximately US$10 million by way of private placement, subject to receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the Company's shareholders.
The funds would be used to progress an accelerated drilling programme which will test the down dip and along strike extensions of the Company's flagship gold exploration project, Baomahun, located in Sierra Leone; to increase production at the Company's Kalsaka Mine in Burkina Faso, by further investment in the on-site plant and equipment and through additional ore reserve definition drilling; and for working capital purposes.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1993, as amended, (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable securities laws of any U.S. state.
About Cluff Gold
Cluff Gold is focused on the identification, acquisition and development of gold deposits in West Africa that are amenable to open-pit mining and low cost production techniques. The Company has assembled a portfolio of mineral interests at various stages of development in C´te d'Ivoire, Burkina Faso, Sierra Leone, Mali and Ghana. Cluff Gold progressed from being an explorer to a producer in Q1, 2008 and is expected to produce 100,000 ounces of gold on an annualised basis from 2009 from its Angovia Gold Mine in Cote d'Ivoire and from its Kalsaka Gold Mine in Burkina Faso.
This News Release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, the positioning of the Company for future success, statements regarding potential future production at Angovia and Kalsaka, exploration and drilling results at Baomahun, and future capital plans and objectives of Cluff Gold, are forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Cluff Gold's expectations include, among others, risks related to international operations, the actual results of current exploration and drilling activities, changes in project parameters as plans continue to be refined as well as future price of gold. Although Cluff Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cluff Gold does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
PRESS RELEASE.
For further information: Cluff Gold plc, J.G. Cluff, Chairman, Tel: +44 (0) 20 7340 9790; Nominated Adviser, WH Ireland Limited, David Youngman, Katy Mitchell, Tel: +44 161 832 2174; Joanna Longo, Investor Relations (Canada), The Equicom Group, (416) 815-0700 ext 233, jlongo(at)equicomgroup.com; Simon Robinson, Investor Relations (U.K.), Farm Street Communications Ltd, +44 (0) 207 099 2212, simon.robinson(at)farmstreetmedia.com
(CFG. CLF)
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