Cluff Gold plc, the West African explorer and gold producer after dicovering a muli-million ounce gold depopsit at its Baomahun gold mine in Sierra Leone has caught the eye of a prospective buyer.
Cluff Gold has confirmed that it has received the "approach” to buy the company just days after releasing this years production figures.
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Cluff Golds two productive mines are in Burkino Faso which was was formerly known as Upper Volta and Cote d’Ivorie that used to be known as the Ivory Coast.
Cluff Gold plc is focused on the identification, acquisition, development and operation of gold deposits in West Africa that are amenable to open-pit mining and low cost production techniques.
The Group has assembled a portfolio of mineral interests at various stages of development in Côte d’Ivoire, Burkina Faso, Sierra Leone and Mali. In 2008, the construction of two gold mines was completed and gold was first poured at the Kalsaka Gold Mine in Burkina Faso in October and at the Angovia Gold Mine in Cote d'Ivoire in March. At the year end, both gold mines were in commissioning but are expected to become fully operational by mid year 2009. Indeed, the Kalsaka gold plant exited commissioning in March 2009.
The Group's resource position was significantly increased during 2008 with the announcement of results from further drilling at Baomahun, the Group's flagship gold exploration project in Sierra Leone, where Measured and Indicated resources increased seven fold to over one million ounces bringing the total Measured and Indicated gold resource at Baomahun to 1,046,000 ounces with Inferred gold resources of 409,000 ounces.
The Board, which has considerable experience in developing mining operations across Africa, believes that West Africa remains one of the most exciting regions for gold exploration today.
With Group gold production expected to reach a combined total of 100,000 ounces in 2009 and with the continued exploration of the Baomahun Gold Project, Cluff Gold is well positioned to grow its asset base in the region.