20/12/2006
Cluff Gold has increased its estimated potential resource at Angovia in Côte d’Ivoire by 70 per cent to 330,000 ounces.
After more than six months of drilling, West Africa-focused Cluff has received a resource statement from consultant SRK confirming a combined indicated and inferred resource at Angovia of 6.15 million tonnes of ore at a low average grade of 1.7 grammes of gold per tonne of ore. The total resource estimate is 70 per cent up on this new estimate to 330,000 ounces, but the surer indicated component is increased by a more modest 25 per cent to 190,000 ounces.
AIM-quoted Cluff says the company now has a feasibility study under way on the closer-to-surface oxidised portion of the deposit, more than half the total, which should be suitable for less costly open-pit mining. Cluff shares, recommended here late last year at 46p, were 2p up this morning at 78.5p, valuing the company at £36 million.
Hold on.
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