28th April 2006:

UK smallcap opening - Cluff Gold sparkles on Investors Chronicle tip
LONDON (AFX) - Investors Chronicle 'buy' advice put the sparkle in Cluff Gold,
4-1/2 pence better at 78.5p

I must be crazy, trying to draw attention to a gold-mining stock in the midst of the current sell-off, but for what it's worth, this one could have decent prospects. "Shares" Magazine of 18th May 2006 also gave this stock a favourable comment in its review of all AIM shares.

Financially speaking, CLF is in a strong position, having raised 15 million in a placing in April. They have numerous prospects in their portfolio and attributable resources of 1 million ounces gold.

IN NO WAY am I suggesting that now is the right time to buy; rather it may be worth adding to a watchlist and looking out for as a potential resident of the bargain basement once the markets even out a little.

Without further ado, here's a nice chart and the AGM statement, released 18th May 2006. Comments, brickbats and plaudits are welcome, as ever.





Cluff Gold PLC - AGM Statement
RNS Number:1695D
Cluff Gold PLC
18 May 2006


Cluff Gold Plc (the 'Company')

AGM Statement


At the Company's AGM, to be held today at 10.00am at the offices of Maclay
Murray & Spens, 1 London Wall, London EC2Y 5AB, the Chairman and Chief Executive
Mr J G Cluff will be making the following statement:

'Ladies and gentlemen, it is fair to say that, operationally speaking, your
Company has progressed satisfactorily during the past twelve months adding
significant value in particular at the Baomahun project in Sierra Leone and at
the Angovia project in the Ivory Coast.

I must also mention the fund raising sponsored by BMO Nesbitt Burns which has
added approximately 15 million to our treasury, providing us with a strong
balance sheet and enabling us to advance two of our projects towards production,
whilst continuing an aggressive exploration programme elsewhere. I should add
that the larger proportion of the placing was taken by new North American
investors, mostly specialist mining funds. Their support and that of Nesbitt
Burns followed the commissioning, by Nesbitt Burns, of a due diligence exercise
into the Company conducted by the Toronto based Kilpatrick and Associates.
Amongst other comments Kilpatrick averred that Baomahun should evolve into a
multi million ounce orebody. This is very much the view of our technical staff
and it is our objective to validate that assertion during the current drilling
campaign, which will continue throughout the remainder of this year.

Two of our non-executive directors, Edward Haslam and Bobby Danchin, have
returned from a visit to Baomahun and to Angovia this week and it is their
dispassionate view that Baomahun is indeed evolving into a substantial orebody.
We will be announcing regular drilling results from hereon. This morning I can
report on the ongoing trenching programme which continues to yield notable
results such as 47m @ 1.41 g/t AU (including 8m @ 4.76 g/t) in trench 26; 11m @
3.58 g/t AU in trench 29; 50m @ 1.52 g/t AU in trench 30 and 29m @ 1.14 g/t AU
in trench 32. The importance of these results is that they suggest the possible
linking of the Western and Central zones into one structure whose strike extent
could be more than two kilometres. In comparison, the current resource of
518,000 ounces is hosted in structures with a combined strike of 700 metres. Our
previous drilling programmes were conducted to a vertical depth of up to 150
metres and at present the mineralisation is still open at depth and along
strike. Accordingly, the present campaign provides for further evaluation of
the orebodies to a vertical depth of 250 metres, as well as along strike below
the encouraging trenching results that we are encountering in our ongoing
trenching programme. We will soon be in a position to announce the results of
the first assays from this multifaceted exploration programme.

The Baomahun project is already the largest gold project in Sierra Leone and I
am glad that I can assure you of the sound relationship we have developed with
the ministry of mines, and in particular with the minister, who is himself a
mining man, having trained at the Camborne School Of Mines, whom I have known
for twenty-five years. I firmly believe that any difficulties which we may
encounter in Sierra Leone will derive not from political instability but rather
from damaged infrastructure. This has not impeded our activities to date but we
foresee challenges in securing power generation commensurate with the scale of
the project we envisage.

I turn now to Angovia, a gold mine in the Ivory Coast which was in operation
between 1998 and 2003 and is located on our 534 sq km exploration licence. We
are acquiring from the Ivorian state mining company, for a sum equivalent to
approximately $200,000, assets which include a significant part of the plant,
all of the housing and other facilities. We are presently undertaking a resource
definition drilling programme which is planned to be completed during the next
three months and which we hope will enable us to optimise the development of the
oxide material currently estimated at between 200,000 and 300,000 ounces. By
reason of our acquisition of much of the plant we would anticipate development
costs under $10 million which we expect to fund without recourse to the banks
for project finance. The project's returns should therefore be eminently
satisfactory. In addition to the oxide resource potential there is a 500,000
ounce sulphide resource potential as previously announced. This resource
potential is open along strike and at depth. We can therefore anticipate a
sustained level of production from that operation. The political circumstances
of the country have been complex for the past two years. It is now clear that
the situation has stabilised and the de facto division of the country into two
halves, the legitimate government in the south and the rebellious factions in
the north, could well be resolved by national elections presently being planned.
From our point of view, we judge that there is presently no consideration that
will deter us from proceeding to mine our deposits.

Moving now to Burkina Faso and the Kalsaka deposit. The reserves there have been
recalculated by RSG Consultants and are estimated to be over 300,000 ounces. The
project has a resource of approximately 600,000 ounces together with 150,000
ounces at our nearby Yako prospect. In addition there are four identified drill
targets, which have been drill tested in the past with positive results, at
Kalsaka. The combination, therefore, of this level of ounces, complemented by
the significant increase in the gold price, have led your Board to determine to
proceed with the development of the project which is expected to yield in the
region of 60,000 ounces per annum. We are now in the process of arranging
project finance with our bankers, RMB Resources Limited. Politically speaking
Burkina Faso remains stable.

Our remaining project is an exploration licence in Mali on which we shall
commence drilling towards the end of the year.

The emerging markets and the commodity markets have this week been assailed by
severe turbulence. One can only be philosophical about this and conclude that
it creates an attractive environment for a potential investment opportunity in
the Company.'


For further information, please contact:

Cluff Gold Parkgreen Communications
J.G. Cluff Cathy Malins / Annabel Leather
Tel: +44 (0) 20 7340 9790 Tel: +44 (0) 20 7493 3713

New article and analysis, click HERE

Got to be the gold stock that is most undervalued on the market amongst smaller mid tier producers just look at these Broker BUY figures from hemscott premium.....


A forward P/E of just over 10 into 2011, thats derd cheap.

Cluff Gold PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

W H Ireland Ltd
09-09-10 MPER

Evolution Securities Ltd
09-09-10 BUY 10.78 4.71 15.11 7.23

Seymour Pierce
01-09-10 BUY 17.65 9.64 17.78 9.78

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 13.62 6.75 16.22 8.29

1 Month Change -0.67 -0.45 4.81 2.74
3 Month Change -4.09 -3.57 4.28 1.93


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS % % 22.72%
DPS % % %

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA -2.78m 18.44m 21.73m

EBIT -7.35m 18.06m 17.65m

Dividend Yield 0.00% % %

Dividend Cover x x x

PER -13.42x 12.74x 10.38x

PEG f f 0.46f

Net Asset Value PS 21.01p 62.44p 76.94p

Bullish Broker figures, a forward P/E figure of just 10.8 to 2011, thats derd cheap. ........

Cluff Gold PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

W H Ireland Ltd
17-09-10 MPER

Evolution Securities Ltd
13-09-10 BUY 11.76 6.50 16.51 6.50

Seymour Pierce
01-09-10 BUY 17.65 9.64 17.78 9.78

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 14.15 7.78 17.03 7.83

1 Month Change -0.14 0.57 5.62 2.28
3 Month Change -3.56 -2.55 5.09 1.47


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS % % 0.71%
DPS % % %

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA -2.78m 18.46m 21.82m

EBIT -7.35m 18.06m 17.65m

Dividend Yield 0.00% % %

Dividend Cover x x x

PER -13.30x 10.96x 10.89x

PEG f f 15.39f

Net Asset Value PS 21.01p 62.44p 76.94p

From Shares Mag

Cluff Gold
(CLF:AIM)
Miner Cluff Gold looks set to shine. It has broken up
through the bear-trend line that had been marking
the extent of any corrective gains since late Marchs
2010 high. This latest move confirms that the bulls
are once more in charge and the stock could retest February
2008s 102p for a new 110p all-time high.
Companies that specialise in getting stuff out of the ground
can offer the prospect of dramatic gains or indeed losses. In
the last two and half years Cluff has been in both camps. It
dived dramatically in 2008 dropping 90% by the time it based
at a lowly 10.3p in late October of that year.
That price was to prove a spike low, something that
chartists recognise as a cathartic event that almost always
leads on to the initiation of a new strong bull trend. Indeed
Cluff embarked on a uptrend that, by March of this year, has
seen it almost completely recover to the 2008 highs.
More recently Cluff has again suffered some weakness,
dropping to 64.5p by late July. In posting this decline, it pressured
the base line of the bull channel whose origin was the
first corrective low after October 2008 and which connects
the lows seen in April 2009 and June of this year. That the
stock has broken up again into the bull channel, should be
taken as a positive.
That the upper line of the bull channel was previously broken
in November of last year when Cluff hit 79p, means the
recent dip below the base should not be given too much significant.
Having recovered back into the channel and
regained is 200-day moving average and subsequently broken
up through the above-mentioned bear trend line the outlook
is bright.
Given the longevity of the bull channel the chances of
further gains focused on a retest of the upper return line,
currently passing through 147p, should not be discounted.
Only a drop back below the 200-day average, above which the
50-day average has just crossed positively, would call into
question the current bullish outlook.

SP moving up nicely.

Worth a read......

http://www.proactiveinvestors.co.uk/companies/news/20873/cluffs-gold-production-beats-estimates-on-track-for-100000oz-in-full-year-20873.html

watch for 110 being all time reached in 2008

Should go higher than that this time round....gold up another $4 as we speak...no stopping it....

I see it got a tip from Questor in the Telegraph today

Online Stock Trading

Managed to get a spread...this should go a lot further....

i am very happy i got in clf 80p i am also in to cey at 153

Doing well.....and still the gold spot price climbs....and so will this...

can see clf sp reaching 130p before december

thanks for the heads up on this one RF ..... just a 50% stake, but it's doing very well thank you

http://www.telegraph.co.uk/finance/markets/questor/8033116/Questor-share-tip-Cluff-Gold-has-hit-a-rich-seam-of-West-African-profit.html

Questor says BUY
Gold is regarded by many as a store of value. It is essentially an insurance policy against plunging currencies and inflation.
The precious metal's price has increased by about 20pc this year, outperforming equities and most base metals. Should the US undertake another round of quantitative easing, then the dollar is likely to fall further. This is positive for gold as it makes its price cheaper in other currencies.
The gold price is currently in excess of $1,300 (822) on ounce and has been hitting new nominal all-time highs on an almost daily basis for the past few weeks.
The positive background has been good for Cluff Gold, the West African-focused gold miner that recently started production.
On Wednesday, the group revealed a maiden interim profit and said it appearred to be on track to hit its full-year production target of 100,000 ounces. In the six months to June 30, production was 52,000 ounces, so this looks a reasonable assumption.
Cluff currently has two producing assets the 78pc-owned Kalsaka mine in Burkina Faso and the Angovia mine in Ce d'Ivoire. Kalsaka is expected to produce 70,000 ounces a year and Angovia 30,000 ounces.
The company is also aggressively developing a site at Baomahun in Sierra Leone. Ultimately, Baomahun is expected to contribute an additional 157,000 ounces of gold a year when fully developed. The company is currently working on the feasibility study to put the board and it has already carried out an airborne geophysical survey of the area. This has identified multiple promising geological formations.
Cluff is also is also working to increase resources and the life of its two operating mines and expects to be able to fund all of this from cashflows.
The executive chairman and chief executive is Algy Cluff. This is the fourth eponymous company for Mr Cluff, who made his fortune in North Sea oil in the 1970s.
However, the highly regarded Peter Spivey, the group's chief operating officer, will take over as chief executive from the start of next year. Mr Cluff will remain as executive chairman, which will sort out any issues of corporate governance.
In the six months to June, revenues were $61m compared with zero sales in the equivalent period of last year. The pre-tax loss of $29.6m was reversed into a pre-tax profit of $8.4m. The group's cash position stood at $8m, compared with $2m six months ago.
The average cash cost of each ounce of gold produced fell to $709 per ounce, compared with $865 in 2009 and when Questor spoke to Mr Cluff yesterday, he said that he expected this to continue to fall. The improvement is primarily due to successful commissioning of a new crushing facility at Angovia.
Gold prices are likely to remain high, supporting the wider sector.
Last week, Capital Economics said it expected gold prices to stay high for several more years which represented a change of view. Capital said that its prior scepticism on gold had been based in part on its long-held view that inflation would remain subdued and that deflation was by far the greater risk.
It argued that fears of runaway inflation or a dollar collapse remained exaggerated. However, it thought prices should continue to be supported by strong demand for a safe haven from other potential economic and financial shocks, such as a US-China trade war and the break up of economic monetary union.
The shares were first recommended at 62.3p on February 14 and they are up 55pc compared with a market up 8pc over the same period. Trading on a December 2010 earnings multiple of 12.6 times, falling to just 8.2 next year the shares are a buy. Significant progress at Baomahun would prompt a re-rating of the shares by the market

clf reached 112p today then dropped back

I suspect I may have made an error of judgement by taking a position in CLF on Friday, on reflection the SP failed to breach what appears to be the all time high of 113p. Not a good idea to open a trade at resistance! See what Monday brings, but I suspect as an intended short term trade, I could be binning this rapido!

Not if the price of gold continues to rise.....you are just unlucky with the timing....that happens to me all the time...don't drop this just yet.....

clf will fly as soon as markets pick up they reached 114 today it is cey who i am worried about down again today

Poked its nose through resistance at 113p again today, but failed to hold. Indicators starting to look toppy/ Just in profit, but still minded to chuck these sooner rather than later.