🕐12.09.11 - 08:27 Uhr
CLUFF GOLD 2011 INTERIM RESULTS
See below Cluff Gold plc 2011 Interim Results highlights.
Attached is
the full release.
Best,
Philippe
12 September 2011
AIM:CLF/TSX: CFG
Cluff Gold plc ("Cluff Gold" or the "Company")
2011 Interim Results
Cluff Gold, the dual AIM/TSX-listed West African focused gold mining
company, announces its interim results for the half-year ended 30 June
2011.
HIGHLIGHTS
* H1 2011 Group EBITDA: US$11.1m (158% increase over US$4.3m in H2
2010; H1 2010: US$18.4m)
* Kalsaka production in H1 2011 of 31,518oz at US$842/oz (H2 2010:
33,242oz at US$943/oz; H1 2010: 40,831oz at US$672/oz)
* Strong start to H2 at Kalsaka, with 16,000oz production in July
and August 2011 as grades strengthen - the Company remains on track to
meet 2011 target of 70,000oz production
* Cash and cash equivalents of US$17.7m as at 30 June 2011 (31
December 2010: US$20.9m; 30 June 2010: US$8.1m)
* Exploration expenditure increased to US$10.2m (H2 2010: US$3.0m;
H1 2010: US$3.1m) as the Company accelerates activity at Baomahun and
Kalsaka, supported by strong operating cash flow from Kalsaka
* Leaching recommenced at Angovia, with resumption of full
operations targeted for Q1 2012
Corporate:
* Algy Cluff appointed Non-Executive Chairman
* Peter Brown appointed Group Exploration Manager, with over 25
years of exploration experience across Africa and South America
Peter Spivey, Chief Executive of Cluff Gold, commented:
"We are pleased to report our interim results for the Company.
We
remain on track to deliver our production target of 70,000 ounces for
the year at Kalsaka and are very encouraged by the production levels
achieved in recent months, with 16,000 ounces produced in July and
August 2011.
We anticipate our H2 production levels and cash generation
to be ahead of that seen in H1 2011.
Our strong balance sheet and significant operating cash flow ensure that
we have the resources to fulfil our vastly accelerated exploration plans
across all assets.
The addition of Peter Brown further strengthens our
experienced management team and is another important step towards
realising our new exploration goals.
The Companys efforts remain focused on developing Baomahun and we look
forward to reporting our definitive feasibility study during Q4 2011.
We also believe in the long term sulphide potential of the Angovia
asset, where the commencement of diamond drilling is as important as the
resumption of processing in H2 2011, with full operational production
targeted for Q1 2012.
I echo our Non-Executive Chairmans belief that the Company has the
potential to be a 250,000 ounce per annum producer by 2013, which is
within eight years of the foundation of the Company."
Philippe Polman
Account Manager
Direct line: +44 (0)20 7861 3921
Mobile: +44 (0)7841 672 830
Pelham Bell Pottinger
5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD
Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233
www.pelhambellpottinger.co.uk
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