03/09/2007
A scoping study of Cluff Gold’s Baomahun project in Sierra Leone suggests it could produce up to 200,000 oz annually.
AIM-quoted Cluff says the report, conducted by RSG Global Consulting and SENET Engineering, suggests Baomahun contains an ‘economically recoverable zone’ of gold mineralisation, which could be exploited by open pit mining and produce 140,000 to 200,000 oz a year. The company, which had previously, produced an ‘inferred and indicated’ resource estimate of 1.16 million oz, will now move towards a pre-feasibility study of the economics of developing Baomahun.
Shares in Cluff Gold, floated at 55p in early 2004, have been volatile performers. Falling to 39.5p in mid-2005 and recommended as a speculation at 46.5p later that year by Growth Company Investor, they hit 83p in May 2006 and now trade at 71.5p, up 4p this morning, valuing the company at £49 million.
If Baomahun lives up to present hopes, they should have further to go.
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