/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
STATES OR TO US PERSONS (AS DEFINED IN REGULATION S UNDER THE US
SECURITIES ACT OF 1933, AS AMENDED)/
LONDON, Feb. 23 /CNW/ - Cluff Gold plc (AIM: CLF; TSX: CFG) announces
today that it intends to raise approximately US$10 million by way of private
placement, subject to receipt of all necessary approvals, including the
approval of the Toronto Stock Exchange and the Company's shareholders.
The funds would be used to progress an accelerated drilling programme
which will test the down dip and along strike extensions of the Company's
flagship gold exploration project, Baomahun, located in Sierra Leone; to
increase production at the Company's Kalsaka Mine in Burkina Faso, by further
investment in the on-site plant and equipment and through additional ore
reserve definition drilling; and for working capital purposes.
The securities offered have not been, and will not be, registered under
the U.S. Securities Act of 1993, as amended, (the "Securities Act") and may
not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the Securities Act
and applicable securities laws of any U.S. state.
About Cluff Gold
Cluff Gold is focused on the identification, acquisition and development
of gold deposits in West Africa that are amenable to open-pit mining and low
cost production techniques. The Company has assembled a portfolio of mineral
interests at various stages of development in Côte d'Ivoire, Burkina Faso,
Sierra Leone, Mali and Ghana. Cluff Gold progressed from being an explorer to
a producer in Q1, 2008 and is expected to produce 100,000 ounces of gold on an
annualised basis from 2009 from its Angovia Gold Mine in Cote d'Ivoire and
from its Kalsaka Gold Mine in Burkina Faso.
This News 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 Angovia and Kalsaka,
exploration and 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.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
For further information:
For further information: Cluff Gold plc, J.G. Cluff, Chairman, Tel: +44
(0) 20 7340 9790; Nominated Adviser, WH Ireland Limited, David Youngman, Katy
Mitchell, Tel: +44 161 832 2174; Joanna Longo, Investor Relations (Canada),
The Equicom Group, (416) 815-0700 ext 233, firstname.lastname@example.org; Simon
Robinson, Investor Relations (U.K.), Farm Street Communications Ltd, +44 (0)
207 099 2212, email@example.com