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

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


Hemscott Premium

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/8635523/How-to-invest-in-gold.html

September 5, 2011

Cluff Gold: Significant Resource Increase at Baomahun

Total Mineral Resources Increased by 46% to 2.1 Million Ounces of Gold (Indicated) Together With 0.9 Million
Ounces of Inferred Resources at Baomahun

LONDON, UNITED KINGDOM--(Marketwire - Sept. 5, 2011) - Cluff Gold plc ("Cluff Gold" or the "Company")
(AIM:CLF)(TSX:CFG), the dual AIM/TSX listed West African focused gold mining company, is pleased to announce
the results of an independent mineral resource estimate for the Company's 100% owned Baomahun Gold Project
("Baomahun") in Sierra Leone.

Highlights:

-- The indicated resources have increased to 2.1 million ounces of gold
(25.6Mt grading at 2.5g/t) representing a 46% increase over the measured
and indicated resources announced in June 2010.
-- Inferred resources now stand at 0.9 million ounces (9.6Mt grading at
2.8g/t).
-- These new resource figures will be incorporated into the definitive
feasibility study for Baomahun, which is progressing well, and is
expected to be completed during Q4 2011.

Peter Spivey, Chief Executive Officer of Cluff Gold, commented:

"We are extremely pleased with the significant increase in the mineral resources in the current resource area
at Baomahun. The new resources underline the opportunity for Cluff Gold to achieve its objective of developing
an open-pit gold mine at Baomahun, which has the potential to produce over 150,000 ounces of gold per annum.

Furthermore, we believe that there is significant potential to further expand the resource base at Baomahun:
within the existing open pittable areas, at depth accessible by underground mining methods, and within the
remainder of our mining and exploration permits. Our drilling programme will resume at the main resource area
following the end of the wet season in November 2011, focusing on further opportunities that have been
identified to increase our resource base through converting inferred resources to the measured and indicated
categories. Exploration drilling will also resume along trend.

Work is progressing well on the definitive feasibility study, and we believe that the currently estimated
mineral resources form a strong platform to justify the capital requirements for developing the mine. A number
of new opportunities for cost savings have been identified and will be incorporated in the final study, which
is on track for completion during Q4 2011."

Peter Spivey, CEO, and Pete Gardner, Finance Director, will host a conference call for analysts and investors
at 9:30am BST on Monday 5 September. The dial-in details are as follows: +44 (0)20 3364 5381; PIN: 6293470.

The resource estimate was undertaken by SRK Consulting (UK) Limited ("SRK") in accordance with the requirements
of National Instrument 43-101 "Standards of Disclosure for Mineral Projects", of the Canadian Securities
Administrators ("NI43-101").

A summary of the updated mineral resource as at September 2011 compared to the resource estimate announced in
June 2010 is set out in the table below:

Baomahun NI43-101 compliant mineral resources

----------------------------------------------------------------------------
As at September 2011 As at June 2010
Tonnes Grade Gold Tonnes Grade Gold
(Kt) (g/t) (Koz) (Kt) (g/t) (Koz)
----------------------------------------------------------------------------
Measured and Indicated (1) 25,610 2.5 2,070 15,096 2.9 1,420
Inferred 9,600 2.8 860 12,168 2.6 1,033
----------------------------------------------------------------------------

(1) September 2011 resources are solely in the indicated category. The
resource estimate as at June 2010 was comprised of 510Koz (5,454Kt at
2.9g/t) in the measured category and 910Koz (9,642Kt at 2.9g/t) in the
indicated category.

Details of the resource estimation parameters are set out in the appendix below.

The increase in the mineral resources at Baomahun results from the completion of 16,021 metres of drilling
across a total of 53 holes, taking the total drilling at Baomahun to 96,474 metres (including geotechnical
holes).

The drilling programme provided sufficient data to demonstrate greater continuity of the deposit within the
existing mineralised areas. This resulted in a significant increase in the total tonnage of the mineralised
zones within the indicated category. The additional tonnes are however at lower grades leading to a reduction
in the overall grade of the measured and indicated resources compared to those announced in June 2010.

The updated mineral resource estimate has been classified on the basis of a different geostatistical
interpolation compared to that used for the June 2010 mineral resource estimate. In addition, the mineral
resource above is reported based on the definition set out by the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) which states that "the cut-off grade or economic limit used to define a mineral resource must
provide 'reasonable prospects for economic extraction'." Full details of the methodology are set out in the
appendix below. As a result of the updated methodology, a more conservative approach to classification has been
applied, such that the previously reported measured resources have now been included within the indicated
category. This new methodology provides a robust mineral resource estimation which will form the basis of the
Baomahun definitive feasibility study.

Definitive Feasibility Study

Work for the definitive feasibility study is well underway, focusing on an open-pit only mining scenario
(compared to the higher risk combined open-pit and underground mining schedule set out in the Preliminary
Economic Assessment, previously announced on 13 August 2010). This is expected to be completed during Q4 2011,
incorporating a number of additional cost saving options recently identified by the Company.

The resource estimation and mining engineering aspects are being performed by SRK Consulting in the UK and
South Africa. Metallurgical engineering, process plant design and cost estimation work is being completed by
Senet Engineering of South Africa. The environmental and social impact assessment and management plans are
being completed by Amec in the UK. Amec have also undertaken the work on the tailing storage facility,
geotechnical engineering and hydrological and hydrogeological aspects.

As previously announced on 3 May 2011, the Company is also carrying out additional cost optimisation studies in
parallel with the definitive feasibility study. Knight Piesold of Canada is completing a separate feasibility
study for a run-of-river hydro-electric power facility which could provide the majority of the power
requirements for the mine at significantly lower costs than heavy fuel oil ("HFO") generation at site, as
envisaged for the base case in the definitive feasibility study. This is also expected to be completed during
Q4 2011.

Appendix: Resource estimation parameters:

(1) The estimates of mineral resources were calculated in accordance with
the definitions adopted by the Canadian Institute of Mining Metallurgy
and Petroleum and incorporated into National Instrument 43-101-
Standards of Disclosure for Mineral Projects ("NI43-101"). The mineral
resource estimate was carried out by Dr. John Arthur of SRK with
assistance from Andrew Owusu Asante of Cluff Gold. Dr John Arthur (CGeol
FGS, CEng MIMMM) is a Qualified Person under the guidelines set out in
NI43-101 and has reviewed this press release for accuracy and
compliance.

(2) The estimate of mineral resources may be materially affected by
environmental, permitting, legal, marketing, or other relevant issues.
For a full list of associated risk factors, please see the Risk Factors
section of the footnotes.

(3) Ounces represent estimated gold content present in the tonnes of ore
which would be mined and processed. Mill recovery rates have not been
applied in calculating the contained ounces.

(4) In accordance with the guidelines set out by the CIM and contained
within NI43-101, this mineral resource estimate for the Baomahun
property uses a 1.0g/t Au cut-off within a pit shell optimised using a
$1,500/oz Au to represent that portion of the resource which has
"reasonable prospects for economic extraction" from an open pit mining
scenario. In addition the block model below this pit shell has been
interrogated using a 1.5g/t cut-off to represent those blocks with
potential to satisfy an underground mining scenario. The resource
estimate announced in June 2010 was not constrained by an economic pit
shell and was calculated at a 1.0g/t Au cut-off for the entire resource.

(5) Cluff Gold's attributable portion of the mineral resource estimate is
100%.

(6) Tonnes and gold figures are rounded to the nearest '000. Grade is
rounded to 1 decimal point. As a result, numbers may not add up due to
rounding.

(7) The geostatstical classification methodology used by SRK in 2011 was
based on the QKNA methodology, compared to the drill density search
approach used in the 2010 resource estimate. The QKNA methodology
provides a detailed audit of the kriging parameters used for grade
interpolation and allows a sensitivity analysis to be performed to
identify the optimum search parameters to be used for the final
estimate. For the Baomahun deposit, this has provided additional
information which has resulted in a change of the classification from
measured to indicated. In the opinion of SRK this is a more appropriate
methodology for the Baomahun deposit and generates a more robust
classification with greater confidence than that generated by the
previous methodology used.

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. 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 157,000oz of gold per annum, with significant exploration potential along strike.
With its experience of bringing new mines into production and a project pipeline of exploration licenses in
Burkina Faso and Mali, the Company aims to further increase its production profile with its highly prospective
exploration work across all assets.

Baomahun is Cluff Gold's defining development gold project in Sierra Leone. Definitive feasibility study work
is progressing in the immediate resource area, where 2.1Moz of measured and indicated resources 25.6Mt at
2.5g/t) and a further 0.9Moz of inferred resources (comprising 9.6Mt at 2.8g/t) have been delineated to date.
The current resource base is limited to only 1.5km of a total 12km strike length which remains largely
unexplored to date.

The Company is employing a two-fold strategy for Baomahun: to advance towards production with the current
resources while delineating additional ounces along strike.

This press 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 Baomahun, the expansion of the resource base within existing pittable areas or
by underground mining methods, the potential generation of hydro-electric power at Baomahun, the timing of the
feasibility study and exploration and future 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.

Dr John Arthur, (CGeol FGS, CEng MIMMM), of SRK Consulting (UK) Limited and a "qualified person" as such term
is defined in National Instrument 43-101, has reviewed the contents of this press release. Dr Arthur has
verified the data disclosed in this release and is independent of the Company.

Risk Factors:

Baomahun does not have identified Proven and Probable Mineral Reserves, which will be required as a basis for
determining if Baomahun has bodies of commercial mineralisation. The costs, timing and complexities of
upgrading the Mineral Resources at Baomahun to Proven and Probable Mineral Reserves could have a material
adverse effect upon the Company and would materially and adversely affect our potential mineral production,
profitability, financial performance and results of operations. Significant time and financial requirements are
needed for bringing Baomahun into production and there can be no assurance that we will be able to accomplish
this by 2013/2014, or at all.

Mineral exploration and development involves a high degree of risk and few properties which are explored are
ultimately developed into producing mines. With respect to Baomahun, substantial expenditures will be made by
Cluff Gold to confirm Mineral Reserves which are sufficient to commercially mine such property, and to conclude
appropriate fiscal stability agreements required to commence commercial operations. There can be no assurance
that the Mineral Resources at Baomahun can be commercially mined or that the metallurgical processing will
produce economically viable, saleable products. The decision as to whether a property contains a commercial
mineral deposit and should be brought into production depends upon the results of exploration programs and/or
feasibility studies, and the recommendations of duly qualified engineers and/or geologists, all of which
involves significant expense. This decision will involve consideration and evaluation of several significant
factors including, but not limited to: (1) costs of bringing Baomahun into production, including exploration
and development work, preparation of feasibility studies and construction of production facilities; (2)
availability and costs of financing; (3) ongoing costs of production; (4) market prices for the minerals to be
produced; (5) environmental compliance regulations and restraints; and (6) political climate and/or
governmental regulation and control. With respect to Baomahun we are currently preparing our new mine plan and
economic analysis of the proposed operations. Until such is done, there can be no assurance that our proposed
operations at Baomahun will be profitable. Our ability to sell, and profit from the sale of any eventual
mineral production from any of our properties will be subject to the prevailing conditions in the minerals
marketplace at the time of sale. The global minerals marketplace is subject to global market conditions and
changing attitudes of investors, consumers and other end-users' demand for gold. Many of these factors are
beyond our control and therefore represent a market risk which could impact the long term viability of Cluff
Gold and its operations.

FOR FURTHER INFORMATION PLEASE CONTACT:

Cluff Gold plc
J.G. Cluff
Chairman
+44 (0) 20 7340 9790

OR

Excelent results from Cluff Mining.....http://moneyam.uk-wire.com/cgi-bin/articles/20110912070006M1504.html

Best period to date and the sp is marked down . .. don't get that.

This is crashing... what's happening???

Lot's of good new's , just a matter of waiting

I've been waiting in vain...

http://www.investegate.co.uk/Article.aspx?id=20120112070026M0263

Libra Advisors up their stake by 3 million shares to 10.3 million

..Questor share tip: Drilling polishes up Cluff Gold's Ivory Coast project

Telegraph – 12 hours ago

......
Africa-focused miner Cluff Gold has reported significant drilling results from its Yaoure project in Ivory Coast. This is important because the project is not yet included in any analysts' valuations of the company.

Cluff Gold 86p +6p Questor says BUY

luff shares slumped over the last two months of 2011 after previously hitting highs of 125¾p earlier in the year. However, a series of positive announcements in 2012 has got the shares back on the up. Indeed, they have bounced almost 30pc since the end of December.

Cluff said results at the site, previously known as Angovia, gave it confidence that existing resources could be significantly increased during 2012. Currently reserves of gold are 169,000 ounces in the "measured" category and 123,000 ounces in the "indicated" category.

The company has changed the focus of the project (hence the name change) from gold oxides to gold sulphides. Gold oxides are easier to process, as they have been exposed to oxygen. This means they are contained in weathered material such as clay. Sulphides, however, are found in hard rock that has not been exposed to oxygen. This takes more processing but it looks as though this method will be more commercially viable.

"Yaoure, with existing mine infrastructure, is near a hydroelectric dam capable of supplying low-cost power for a sizeable milling operation, and abundant available water. [This] adds to our belief that Yaoure has the potential to become a further significant project for Cluff Gold," Peter Spivey, Cluff's chief executive said.

This followed some upbeat production numbers from Cluff's Kalsaka mine in Burkina Faso, released last week. Production at the mine in 2011 beat guidance, with 71,505 ounces mined, compared with the expected 70,000 ounces.

The company was strongly cash-generative last year and it had a year-end closing cash balance of $28.9m (£18.7m) and no debt.

The entire gold equity complex has underperformed significantly over the past year, despite the gold price hitting record highs. The proliferation of exchange-traded funds (ETFs) is likely to be the cause of this underperformance because they allow investors to play the gold price without any operational risk.

Miners have been facing costs pressure and there are exploration and political risks that investors do not get with an ETF. However, the main benefits of gold equities over ETFs is the upside risk from exploration success. This gives extra leverage to the gold price that an ETF does not have.

This week, broker Nomura issued an upbeat sector report on gold, saying it was initiating coverage of the sector with a "bullish rating".

"A cash build in the producers should drive growth, spur M&A and push dividends higher," Nomura said. "This improving outlook has yet to be priced into gold equities, which are trading at historical lows in terms of valuation, offering an attractive entry point given current market instability. We see light at the end of the tunnel for gold equity investors."

Trading on a 2012 earnings multiple of 15.9 times, the shares were first recommended at 62.3p on February 14, 2010, and they are up 38pc compared with a FTSE 100 (Euronext: VFTSE.NX - news) up 11pc. They have been tipped as high as 104½p and they are now 18pc below this level.

Of the six analysts in the City that cover the shares and are monitored by Bloomberg, all have buy rating with an average price target of 128½p.

The shares remain a buy.

..

Broker BUY backing for CLF.

Hemscott premium

Cluff Gold PLC

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

GMP Securities
16-01-12 BUY 3.14 1.77
W H Ireland Ltd
05-12-11 MPER
Evolution Securities Ltd
05-12-11 BUY 9.00 2.33 8.10 0.97
Seymour Pierce
29-11-11 BUY 9.01 2.90 19.23 8.68
Westhouse Securities
12-08-11 BUY 6.60 0.70 16.80 7.00

2011 2012
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 9.39 2.92 13.39 4.24

1 Month Change -0.89 -0.74 -3.19 -2.76
3 Month Change 0.02 0.04 -1.32 -1.36


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS % % 44.92%
DPS % % %

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA £12.27m £24.04m £20.67m
EBIT £-0.42m £8.88m £19.04m
Dividend Yield % % %
Dividend Cover x x x
PER -30.70x 30.11x 20.77x
PEG f f 0.46f
Net Asset Value PS 22.70p p p

Excelent update this morning.....

http://www.investegate.co.uk/Article.aspx?id=2012022907002

thanks gf