LONDON, UNITED KINGDOM--(Marketwire -07/06/12)- Cluff Gold (CLF.L)(CFG.TO), the dual AIM/TSX-listed West African focused gold mining company, announces that John McGloin, who was appointed Executive Chairman on 28 May 2012, was granted 1,680,480 options on 6 July 2012.
The options may be exercised between the third and the tenth anniversary of the day of grant and are exercisable at a price of 62.75p per share, being the closing mid-market price on 5 July 2012.
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 Cote d'Ivoire. With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Cote d'Ivoire 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.
This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.
All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, the potential future production at Baomahun, the exploration potential at Baomahun and Yaoure, 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, the Company's ability to delineate sufficient sulphide resources for the development of a CIL/CIP operation, 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.
Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release, and reviewed and approved the information contained within this announcement. Mr Brown (MIMMM) is the Group Exploration Manager.
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