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

some big sells today

share price drop a little bit political unrest

CLF Chart (cluff gold) looks primed for a bullish upside breakout:

Let's hope so.....been a good 'un for me.
EDIT (today) Hellsing001 - interesting Take . . . . but there needs to a real "prospect" of getting to their gold to Market...not just the proverbial, standing by a hole?
EDIT-(10Jan2010) - Chakli, IMHO, Dir buying below 50k says "stay away", I hold from 30p.

Seems to have a problem breaching the 117p mark.

Needs Gold to break through $1420 to get above this mark, without any drilling news.

When Gold hits $1360 it drops to the 105-109 range.

fd buys at 104.5 10k shares ! intresting

has any one heard if cluff gold is pulling mine staff out of ivory coast

Edmond Jackson on CLF this weekend...

http://bcove.me/5exo7kya

Broker guidance, pretty very much Bullish...

Cluff Gold PLC

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

W H Ireland Ltd
11-01-11 MPER
Evolution Securities Ltd
10-01-11 BUY 10.92 4.72 28.88 13.18
Seymour Pierce
10-01-11 BUY 21.13 13.45 29.79 18.67

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

Consensus 15.55 8.68 29.29 15.67
1 Month Change 0.79 0.47 7.15 3.22
3 Month Change 2.55 1.05 12.55 7.99


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

Norm. EPS % % 80.60%
DPS % % %

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

EBITDA -2.78m 22.35m 38.95m
EBIT -7.35m 16.03m 29.14m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER -17.16x 12.68x 7.02x
PEG f f 0.09f
Net Asset Value PS 21.01p p p

Given as a Buy in Todays Sunday Telegraph at 104

bigger chart below ..... this OUGHT to be a much better performing share/company, but not sure if i want further exposure in the current market climate ... it is also something of a concern that it's recent trading range is very narrow indeed

Brokers supporting CLF I reckon its at least 100% undervalued after that last market update.... Forward P/E of just 7.3 to 2011, got to be joking.

Cluff Gold PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Seymour Pierce
07-02-11 BUY 21.13 13.45 29.79 18.67
Evolution Securities Ltd
07-02-11 BUY 10.92 4.72 28.88 13.18
W H Ireland Ltd
02-02-11 MPER

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 15.62 8.74 29.30 15.71
1 Month Change 0.11 0.09 0.01 0.06
3 Month Change 0.63 0.34 6.88 3.03


GROWTH
2009 (A) 2010 (E) 2011 (E)
Norm. EPS % % 79.80%
DPS % % %

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

EBITDA -2.78m 22.35m 38.95m
EBIT -7.35m 16.10m 29.14m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER -17.86x 13.11x 7.29x
PEG f f 0.09f
Net Asset Value PS 21.01p p p

Guys : take a look at Norseman Gold (NGL)(Aim).....forecasts of 120000 ounces of gold to be met....and the graph is a gem to dive into....

Last note from Evolution......

Cluff Gold set for pivotal 2011 - Evolution Securities

Friday, January 07, 2011 by Jamie Ashcroft Evolution Securities today gave an upbeat assessment of the prospects of Cluff Gold LON:CLF, TSX:CFG) as it said 2011 could be a pivotal year for the miner.

Analyst Louise Collinge recently visited Cluffs Kalsaka gold mine in Burkina Faso and was very impressed with the operation.

However she says the market remains largely unaware of the propertys exploration potential. We came away with the impression that the company has a good chance of increasing the life of the existing operations and making potentially significant discoveries on its existing licences, Collinge said in a note to clients.

She added: Cluff Gold will shortly embark on a 63,000m drilling programme in Burkina Faso.

It has the aim of identifying additional near-mine oxide resources at Kalsaka, investigating the sulphide potential at this mine and further exploring the Yako licence. Importantly, Yako is only about 20km from the Kalsaka licence, and is where Cluff has already identified a 150,000oz inferred gold resource.

In conjunction with the work being undertaken at Kalsaka, Cluff will also commence a drilling programme at the Baomahun project in Sierra Leone.

The analyst reiterated her buy rating on the stock, and raised her price target from 150 to 160 pence per share, giving almost 50 percent potential upside from the current price.

Looking at Baomahun, Collinge says Cluff has identified seven new top priority targets.

Notwithstanding the worries in the Ivory Coast, we believe that the company is now very well positioned as a c95,000-100,000oz/year West African gold producer with significant exploration potential, she added.

Given that the mines are operating well and coupled with a strong gold price environment, Cluff is generating meaningful profits and cashflow.

By mid-morning, shares in Cluff were down 1.8 percent trading at 107 pence each. The stock nearly doubled in value during 2010, rising from around 62 pence to reach almost 120 in October.

At 107 pence per share the company is valued at 140 million.

good post goldfinger i am in at 80p will hold could be a take over target do you think

From Investtech the TA experts this morning commentating on CLF......

Positive candidate

Positive signal: Moving average.

CLUFF GOLD PLC has broken up from an approximate horizontal trend. This signals a continued strong development, and the stock now meets support on possible reactions down towards the ceiling of the trend channel. It also gave positive signal from a rectangle formation at the break up through the resistance at 113. Further rise to 130 or more is signaled. Has also received a positive signal from the moving average indicator, thus signaling a continued rise. The stock has broken up through the resistance at pence 118. This predicts a further rise. Volume tops and volume bottoms correspond well with tops and bottoms in the price. Volume balance is also positive, which strengthens the trend break. The RSI curve shows a rising trend, which could be an early signal for the start of a rising trend. The stock is overall assessed as technically positive for the medium long term.

Medium term: Positive candidate

http://www.investorschronicle.co.uk/Companies/ByEvent/Risk/Analysis/article/20110629/9c0f6c72-a237-11e0-afe0-00144f2af8e8/Avocet-chief-warns-against-too-high-gold.jsp

Whilst IC are reporting the feelings of a rival's labour cost, Cluff investors should remember the company believes its energy-costs at one African mine are substantially below normal, due to the proximity of an electrical plant nearby.

It's even possible the resurgence of self-governace in Eastern Countries and part of N.Africa could spill into middle Africa - but LT Africans need the West's technology to gain currency and utilise labour (from mining) . . . . . there isn't much else they have worth exporting.
I hold a few.

Evolution Securities highlights undervalued gold stocks
Tue 11:44 am by Kam Patel Broker Evolution reckons a number of gold stocks it covers are undervalued


The price of gold has been on the rise in recent months, thanks in large measure to the crisis in Greece and worries about the future of the eurozone. Yet, on the whole, gold stocks covered by Evolution Securities have been retreating, leading the broker to argue that a number of them are now significantly undervalued.

In a research note Evolution analysts Charles Kernot and Louise Collinge point out that at the beginning of April the gold price stood at US$1,430 per ounce, rising to US$1,500/oz by the end of June, and averaging US$1,510/oz for the period.

The performance of bullion, however, has not translated into the performance of gold stocks in general, with Kernot and Collinge estimating that gold plays in the Evolution universe have lost 16% of their value during this time.

Their disappointing performance is all the more notable when it is considered that although mining equities generally have suffered a correction on worries about Greece and eurozone, their retreat was broadly correlated to underlying commodity prices.

The disproportionate retreat by gold stocks strongly suggests to Kernot and Collinge that a number of sector players are now suffering from significant undervaluation.

Amongst gold stocks in the Evolution universe the analysts particularly like Petropavlovsk, Aureus Mining, Avocet Mining and Cluff Gold.

While many gold equities have underperformed the gold price recently, the analysts note that situation has been worse for Russia-focused Petropavlovsk (LON:POG), which has underperformed its peers since the second half of 2010. This was initially caused by the markets realisation that 2010 production targets did not look achievable.

While Petropavlovsk is on track to meet its 2011 production guidance, Evolution anticipates that full year production will be weighted towards the second half, and more specifically to the third quarter. We believe that once the market gets more comfort that this production target looks achievable, the shares will appreciate significantly, say the analysts.

As for Aureus Mining (LON:AUE), Evolution reckons the gold company has suffered from portfolio rebalancing in the wake of its split away from African Aura and despite some very positive announcements from the group.

We believe that this represents a buying opportunity given that this group is fully funded to completion of the definitive feasibility study for its New Liberty project in Liberia, say the analysts.

Avocet Mining (LON:AVM) shares, meanwhile, have suffered weakness on market jitters as to whether the sale of its South East Asian assets was going to proceed before the end of June.

The vast majority of the asset sale has actually been concluded. But while the shares have since appreciated, the stock is currently at around 213 pence versus Evolutions target price of 252p, indicating there is upside potential yet.

The analysts are also positive on Cluff Gold (LON:CLF). At 86pence per share, the analysts believe that Cluff Gold is significantly undervalued, as indicated by their 135p target price for the stock.

Kernot and Collinge note, furthermore, that their current target price for Cluff makes no assumptions on future exploration success. They believe such success could be particularly significant at both the Kalsaka mine in Burkina Faso and Baomahun project in Sierra Leone.

Investors will not have to wait long from key newsflow from Cluff, with drilling results due soon from both Kalsaka and Baomahun. The results of a feasibility study for Baomahun are also in the near-term pipeline.

On an additional note, the analysts also reiterated their buy recommendation for Kryso Resources (LON:KYS), with a 26p target price.

Kryso is pushing ahead with its plans to develop the Pakrut gold mine in Tajikistan and Evolution believes the start of production there will transform the group into a significant profit generator and further enable it to push ahead with the additional exploration of its licence areas.

Importantly, Kryso has a supportive major shareholder and a letter of intent from the Export Import Bank of China, which should cover the bulk of the capital costs of the mine.

The analysts say Kryso has worked hard over the past five or so years as it has pushed forwards with the exploration and development of the Pakrut, with the company having already outlined some 3.6Moz of gold for the project and considerable additional potential.

Studies so far suggest that a mine building up to ore production of about 720,000 tonnes/year would have an initial 14-year life and start producing at an average rate of about 82,000oz/year. While initial output will be at a higher level there is scope for expansion over time.~

Evolution believes Kryso represents a relatively low-risk entry opportunity into a new gold mine.


http://www.proactiveinvestors.co.uk/companies/news/30245/evolution-securities-highlights-undervalued-gold-stocks-30245.html

Cluff Gold PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Evolution Securities Ltd
11-07-11 BUY 6.11 0.25 7.46 1.73


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