Please find attached a copy of Cluff Golds H1 and Q2 results announced this morning:
15 August 2012
AIM:CLF / TSX:CFG
Cluff Gold plc ("Cluff Gold" or "the Company")
H1 AND Q2 2012 RESULTS
Cluff Gold, the dual AIM/TSX-listed West African focused gold mining company, is pleased to announce its results for the half year and quarter ended 30 June 2012.
HIGHLIGHTS FOR Q2 2012
Operations
21% increase in gold production at Kalsaka gold mine to 15,191 ounces compared to Q1 2012 (12,504 ounces)
5% decrease in cash cost per ounce produced to US$961/oz compared to Q1 2012 (US$1,015) due to higher grades and reduced strip ratio
2012 production guidance of 60,000-70,000 ounces maintained as production and head grade are expected to continue to strengthen in H2
Resource update for Baomahun gold project expected to be released in October following re-evaluation of structural control of gold mineralisation led by John McGloin
Extensive exploration programme underway at Yaoure gold project with inferred resource anticipated by the end of 2012
Financial
17% increase in Group EBITDA to US$6.2 million compared to Q1 2012 (US$5.3 million)
Cash and liquid assets of US$28.8 million with no debt or hedging
Corporate
Completion of Sega gold project acquisition which should extend Kalsakas mine life
Management team strengthened as John McGloin appointed as Executive Chairman at AGM
Q2 2012
Q1 2012
H1 2012
H1 2011
Kalsaka
Total Gold Production (oz)
15,191
12,504
27,695
31,518
Cash Costs excl.
Royalties (US$/oz produced)
961
1,015
986
842
Average Realised Gold Price (US$/oz sold)
1,608
1,701
1,650
1,442
Group
Revenue (US$M)
23,924
23,605
47,529
47,775
EBITDA (US$M)
6,192
5,310
11,502
11,146
Basic EPS (cents)
1.19
(0.89)
0.49
(0.44)
Peter Spivey, Chief Executive Officer of Cluff Gold, commented:
"In the first six months of the year Cluff Gold has delivered solid results from Kalsaka and we expect head grade and production to continue to strengthen quarter-on-quarter for the remainder of 2012.
Kalsaka continues to generate robust cash flow and through the integration of the Sega project, which is expected to begin production in H1 2013, we anticipate that Cluff Gold will be able to maintain production in Burkina Faso until Baomahun comes on-stream.
In the second six months of the year we expect to reach significant milestones at Kalsaka, Baomahun and Yaoure as we take further steps along the path to becoming a mid-tier producer."
The Company will host a live and subsequently archived audio webcast of the H1 and Q2 results presentation on the homepage of the Companys website, www.cluffgold.com, starting at 9:30am UK time today.
An analyst conference call facility will also be available at 9:30am EDT/2:30pm UK time for those unable to access the webcast.
Dial-in details are as follows:
Canada +1-866-270-8076
USA +1-866-793-4279
Other parts of the world +44 20 8609 0205
Participant PIN Code: 754198#
For more information please contact:
Cluff Gold plc
John McGloin, Chairman
Peter Spivey, Chief Executive Officer
Pete Gardner, Finance Director
Katharine Sutton, Head of Investor Relations
+44 (0)20 7340 9790
Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
John Prior
Sebastian Jones
Joe Weaving
+44 (0)20 7523 8350
Pelham Bell Pottinger
(Financial Public Relations)
Charlie Vivian
Daniel Thle
James MacFarlane
+44 (0)20 7861 3232
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE
About Cluff Gold
Cluff Gold is a gold developer-producer with assets in West Africa.
The Company generates significant cash flow through its Kalsaka gold mine in Burkina Faso, where the production profile has been enhanced by the recent acquisition of the neighbouring Sega project.
The Company remains focused on its objective of becoming a mid-tier producer through the development of its wholly-owned Baomahun project in Sierra Leone, which is expected to contribute an additional 135,000oz of gold per annum, with significant exploration potential along strike.
In addition, the Company is also exploring the significant sulphide potential at its Yaoure project in Cte dIvoire.
With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Cte dIvoire and Mali, the Company aims to further increase its production profile with its highly prospective exploration work across all assets.
For more information, please visit www.cluffgold.com .
Kind Regards
Kimberley Ferguson
Account Executive
Direct line: +44(0)20 7861 2798
Mobile: +44 (0)7825 454 028
6th 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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