Cluff Mining plc - 500 Beiträge pro Seite

[gholzbauer]

Pt steigt wieder, Cluff ist günstiger geworden (180p).
Langsam wird es interessant.




Homepage:
http://www.cluff-mining.com


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CLUFF MINING LISTING GETS AWAY TO A POOR START

Algy Cluff will be holding a post-mortem on Monday morning into the shambles that occurred at the last minute over the listing of Cluff Mining. How any adviser, PR or banker, could seriously suggest that trading should start before any comment had been made in the media is a mystery. But that is what happened. Not until Saturday morning investors could read what commentators thought of the stock and by that time the shares had fallen from 220p to 205p on Friday.

The head of the Investec team was Nigel Tose who, to judge by Algy Cluff’s comments, virtually put him on silence in the run-up to the listing and yet did not bother to return telephone calls himself in his role as spokesman. His brother Philip is rather better known in the City as one of the founders of Peregrine Asia, an aggressive banking outfit in the Far East which took business from more established banks like Wardley and HSBC, but eventually flew too near the sun and was brought to earth by an investment in an Indonesian company.

Maybe that experience made brother Nigel a mediaphobe as comment after the crash of Peregrine was hardly complimentary. But failures to deliver promised documents at the time of a listing put question marks against the efficiency of the Investec team.

First day trading in a stock counts for a lot and in this case it looks unfair that Cluff Mining started at a discount. Algy Cluff served his investors well with the forerunner of the present company, Cluff Resources, which was sold to Ashanti for £85 million back in 1996. Since then he has built up Cluff Mining with initial help from Anglo and more recently from Li Ka Shing, a sparring partner from the old days of Cluff Oil.

His team also dates back to the old days and for finance director Donald McAlister it will be third time around the track. He moved from Cluff Resources to Reunion Mining with Andrew Woollett, another Cluff diaspora, and returned to the fold when Anglo acquired Reunion in 1998. The strength of the team is that it knows Africa; its contacts in the various countries are legion; and it also, most importantly, knows when to take a profit.

An interesting portfolio has been assembled with production at a couple of small mines in South Africa, development in progress at the Maligreen project in Zimbabwe, excellent exploration results in Burkina Faso and the star of the show, the Mabounie niobium deposit in Gabon. Some other interests have been acquired in Cote d’Ivoire, Senegal and Congo

Now that the deed is done Algy Cluff will, presumably, be allowed to talk freely again. Minews awaits with interest a bit more information on the "exciting new shareholder" who has come on board Cluff Mining. News such as this could get the shares back on track.

8 May 2000

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CLUFF ADVANCES ON ALL FRONTS

The GeoBiotics biological leaching process looks like working the miracle for Cluff Mining’s Agnes mine in the Barberton area of South Africa as well as for other deposits over which the company has licences nearby. The technology is not only environmentally friendly, it is low cost and recent metallurgical testwork has confirmed that it works.

The impact on Agnes is quite significant as a considerable chunk of measured and indicated resources can be upgraded to reserves and the life of the mine will be boosted to ten years. Re-development is therefore going ahead and production is expected to reach 1,000 ozs per month before September. At the same time, however, a pre-feasibility study is being carried out on plans to more than double production to 27,000 ozs/year at cash costs of less than US$180/oz based on an anticipated gold recovery rate of 80 per cent from ore pre-treated by GeoBiotics.

This study should be completed later this month and Algy Cluff, the eponymous boss of the company, expects to move straight into a full bankable study a couple of months later in order to raise project finance. He is also very encouraged by early results from reverse circulation drilling on the Kalsaka gold licence in Burkina Faso. Just about half of the holes drilled so far have intersected gold mineralisation and a full feasibility study is already being planned for the end of the year.

A similar study now looks on the cards for the Mabounie niobium project in Gabon which is considered by some to be the company maker in the Cluff portfolio. Pilot plant testwork has been carried out in Finland on a bulk sample and the initial results look good.

It is all go, therefore, for the recently listed company and the time will come when investors realise that the shambolic initial trading in the stock, which knocked it down to ridiculous levels , should not be allowed to overshadow the real potential. A company such as Gold Fields of South Africa, which is giving the lead in a number of aspects of the gold mining industry by its merger with Franco Nevada, does not buy a stake in a company for laughs, or old times’ sake. It buys because it likes what it sees.

3 July 2000

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CLUFF GOES CONTRARIAN BY STARTING NEW GOLD MINE IN ZIMBABWE


Algy Cluff is living up to his reputation as a contrarian by starting a new gold mine in Zimbabwe just when most foreign investors are scrambling to find any exit doors from the Mugabe regime. But Cluff and Mugabe go back a long way so maybe he knows something denied to everyone else. He is certainly encouraged by the new Ministers of Finance and Trade who he describes as "paid-up capitalists" and by the fact that the opposition is standing its ground in Parliament.

On September 11th AIM listed Cluff Mining will formally open Ceremony, an open pit operation in the Mahligreen district acquired from Reunion Mining, which contains 300,000 ozs of proven gold reserves at 2 g/t . The cost of production is expected to be US$170/oz which makes it marginally profitable as gold has to be sold through Zimbabwe`s Reserve Bank at the official Zimbabwe dollar rate which is still some way off beam despite a 25 per cent devaluation in the last ten days. As a rule of thumb gold in the country sells at only about US$220 /oz compared with the current price of US$275.

The important thing for Cluff Mining, however, is that it spins off cash flow for exploration in the area where Cluff has 100 per cent of certain projects said to have greater potential. Ceremony itself is a 50/50 joint venture with a local company, Pan African, which put up all the US$500,000 expenditure needed so far.

Progress is also reported in Burkina Faso where Cluff has obtained some encouraging drilling results at the Kalsaka prospect. After less than 20 per cent of the strike length has been drilled, Cluff suggests there could be a million ounce deposit there.

Close observers have suggested that Cluff could be keeping a close eye on developments at Ashanti, Ghana`s flagship gold miner, where the Ghanaian Serious Fraud Office has oopened an investigation into alleged financial irregularities (not relating to the resource or mining). Goldfields has a 3 per cent stake in Cluff Mining and could be interested in any further break-up of Ashanti`s interests outside Ghana.

Cluff is seriously pissed off with the present share price which is a long way south of the price at which the company listed last year. There is little sign that brokers Henderson Crosthwaite have done much to support the after - market in the stock, but then they didn`t do much when trading started anyway. It would be interesting to be a fly on the wall when Algy meets his advisers.

18 August 2000




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http://www.minesite.com/companies/cluff_mining_archive.htm

CLUFF ON POINT OF VENTURING INTO PASTURES NEW


Algy Cluff is joining the platinum rush. After reporting a 40 per cent increase to 670,000 oz in its gold resource at Kalsaka in Burkina Faso, Cluff Mining is poised to acquire some platinum-producing properties in South Africa. With the recently-opened Ceremony gold mine in Zimbabwe already in production, Cluff can only spend 20 per cent of its revenues in foreign currency.

That means he is making a virtue of necessity and looking to acquire more producing assets in central and southern Africa. Cluff himself is tight-lipped about the exact whereabouts of the properties. But he implies it could be of a nature to impress a sceptical stockmarket more than, say, the company`s West African niobium prospects.

However he is confident that once people become aware of the profit potential of the Mabounie niobium deposit in Gabon and the unconventional way in which development finance can be raised, its company making capacity will be appreciated. Banks hesitate to lend against projects with no terminal maket against which production can be hedged, but Algy has found his way round this one.

Algy Cluff is not happy with the way his shares have performed since listing on AIM as he made quite clear in the recent interim results. He is therefore seeking deals which will catch the eye of investors and something may well result from the relationship with Gold Fields now that the South African government has stamped on its proposed merger with Franco Nevada.

This is one that should be watched very closely. Sources in the company are so tight lipped about any such deals that something is bound to be imminent.

9 October 2000




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http://www.minesite.com/archives/features_archive/2001/May-2…

Majors Keep A Close Eye On Cluff Mining.

The recent preliminary results from Cluff Mining show that it is now operating on three sturdy legs. A bit cumbersome, perhaps, when on the move, but very useful if one gets cut off. Not that such an event looks likely with its Kalsaka gold deposit in Burkina Faso which is just moving towards a full feasibility study as is the Mabounie niobium project in Gabon.

Cluff has still to complete the purchase of its four platinum group metals projects on the prolific Bushveld Complex in South Africa which vary from early to late stage exploration. Three are being drilled and the early results are encouraging, but it will be some time before the first commercial deposit is identified and its resource estimated.

Cluff`s platinum operations are run by its chief operating officer, Terence Wilkinson, who used to run the highly profitable Lonplats in South Africa which is Lonmin`s platinum arm. The mighty Amplats is also a partner on its Loskop project so there is every chance that, like Aquarius Platinum, it will be able to sign an offtake agreement for the concentrate produced from any mine that is developed. This reduces the risk and expense of refining and marketing the products as well as speeding up the project..

In his statement accompanying the results Algy Cluff mentioned 2002 as the year when Kalsak might come into production. This will depend, obviously , on the outcome of the bankable feasibility and the subsequent ability of the project to attract funding. The gold price is little help at the moment, but Algy Cluff believes in the future of the metal and will not allow his project to be so fully hedged by bankers that investors have no chance of participation when the bullion price advances. This is good news, as is the potential offered by the project to boost its resources and reserves through further exploration.

Niobium could be the trump card in Cluff`s hand. The project in Gabon is owned 30 per cent by a local Gabon company and 70 per cent by a company which is jointly owned by Cluff and an Austrian company called Treibacher which is one of the biggest consumers and marketers of niobium in the world. Cluff`s 49 per cent holding in the joint venture company gives it a 35 per cent effective interest in the Mabounie project. Cluff also has the benefit of advice from Karl-Heinz Albers, the world`s expert on niobium and the brains behind the development of the Lueshe niobium deposit in Congo.

Niobium is a versatile mineral with several applications, including stiffening steel for use in the motor industry, chemicals and gas pipelines, as well as turbines, glass manufacture, medical magnets and mobile telephone capacitors. Mabounie has the potential to become one of the world`s biggest sources of the mineral with annual production of up to 4,000 tonnes of niobium from a shallow, open cast operation. The bankable feasibility study should therefore confirm that mining costs are low and an offtake agreement can then be negotiated with Treibacher. Once these two are in place development capital should be forthcoming and production will not be far away.

Cluff Mining has an excellent management team -most came from Cluff Resources after it was taken over by Ashanti at a price highly profitable to investors - and Algy Cluff hopes to play the same game again with these three projects. He is watched by the majors as evidenced by the fact that Anglo took a major stake in Cluff Mining to get it off the ground as a private company, and Gold Fields bought a 3 per cent stake at the time of the listing.

11 May 2001


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http://www.minesite.com/archives/features_archive/2001/June-…

Cluff Mining Exercises Option on Bushveld Projects Following Encouraging Exploration Results.
Cluff Mining is on the move with the market clearly appreciating progress achieved on its platinum group metals projects in South Africa and pumping up the share price by a goodly 15 per cent in a day to a peak of 194p compared with a low this year of 113p. This must give a strong signal to retail brokers still blubbing over their losses on IT, computer and telecom stocks that the mining sector offers real opportunity. If they want to know more Terence Wilkinson, formerly head of Lonmin`s platinum arm and now chief operations officer at Cluff, will be speaking at the 1st Minesite Mining Forum at the Great Eastern Hotel on Monday 11 June.

Just before Christmas Cluff acquired 20 per cent of Sperrylite Resources which brought to the table a portfolio of four platinum group metal properties which have been assembled by five of the most experienced geologists operating on the Bushveld Complex. This is the region in South Africa which produces 75 per cent of the world`s platinum and 25 per cent of its palladium. A certain amount of exploration had been carried out on all of them, but it was done at a time when platinum was only US$100/oz so it was left to the Sperrylite team to follow up, re-analyse the results and all other applicable data and build the portfolio.

In the intervening period Cluff has carried out an exploration programme on three of the pgm projects; acquired more data on all of them from previous exploration by major platinum producers; and increased Sperrylite`s mineral rights holdings to cover the extensions to the original properties. The result have been so encouraging that Cluff is now exercising its option to buy the outstanding 80 per cent of Sperrylite.

At the LS-DD project a pre feasibility study has already been given the go-ahead following some drilling which intersected all three of the local mineralised units , the Merensky Reef, the Platchro Layer and Platreef type mineralisation with good grades. This study will decide whether an open pit operation is possible or whether it will have to be mined underground via a decline. The total depth favours an open pit in which case early cash flow is a distinct possibility as the ore would be transported to a recovery plant and refiner owned by one of the big producers such as Amplats which owns 50.1% of the area covering the original portion. Since Christmas Sperrylite`s mineral rights options covering the mineralised units on the LS-DD project have been extended from five to approximately nine kilometres along strike.

The presence of the Platchro unit has also been established in two areas of the BB-TBM property by drilling and surface geological mapping. Assay results with grades of 2.55 g/t Pt+Pd+Au have been obtained from oxidised surface samples and the recently acquired database from a major platinum producer will be analysed in detail and correlated with the results from the recent programme. A comprehensive phase II exploration programme will then be put together to define the resource bases of Merensky Reef and non-depleted Platchro.

The Fonte Verde project also has potential to be developed as a stand-alone open pit sulphide operation with an extensive resource. Work on the Cu-Ni-PGM sulphide deposit has ratified the grade and extent of the mineralisation obtained from previous exploration, but it is more of a base metal than a platinum group metal deposit. Nevertheless, as Terence Wilkinson points out, the high sulphide concentrate from Fonte Verde could be an important addition at the refining stage of concentrate from BB-TBM and LS-DD.

The speed with which Cluff has carried out this work and come to a decision on exercising the option is commendable . The disappointing listing last year will soon be forgotten now investors have something to get their teeth into, and the potential of the Mabounie niobium deposit and the Kalsaka gold project should not be overlooked.

1 June 2001

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http://www.minesite.com/archives/news_archive/2001/july-2001…

Cluff Announces Gross Inferred Resources for its Sperrylite PGM Projects Of 22 Million Ounces.


A few days ago Minews was trying to get a tail on the possible inferred resource figures for Cluff Mining`s Bushveld complex assets which were expected to be announced at its AGM. They were clearly going to be good - one source had described them as eye watering - but how good? That was the question put to an adviser to the company in a very brief conversation when he surfaced from marching the company round the City as part of the roadshow for its proposed £5.3 million placing.

At the time Cluff had just announced that it had made arrangements for the conditional placing with institutional and other investors of 3,039,474 new ordinary shares at 190p per share to raise approximately £5.3 million (after expenses). It was therefore basically done and dusted though the shareholders , who are required to approve it at any EGM on August 16th, had not been told it was in progress, were not offered any, and could well have dealt at the wrong price. So much, as Minews said at the time of the Navan funding, for the level playing fields of the City.

At the time of asking just how big the inferred resources might be, Gold Fields, the huge South African gold producer, had just announced that the inferred resource for its platinum group metal joint venture with Outokumpu in Sweden had just doubled to 5.8 million ozs. This attracted a lot of attention at the Diggers`n`Dealers so in a naïve way, and it give substance, the question put was `will Cluff`s resource top 5 million ozs?`

The answer left Minews in now doubt that it could be several times that amount - five to be exact. But realism suggested that this did not seem likely. In the event Algy Cluff announced at the company`s Annual General Meeting today that the inferred resource at the Sheba Ridge platinum project totalled totalling 17.4 million ounces, including gold with the three platinum group metals. Moreover the resource at Blue Ridge was 3.8 million ounces and at Fonte Verde the inferred resource was 700,000 ounces of pgms and gold plus 110,000 tonnes of copper and 60,000 tonnes of nickel.

In the light of these figures it would be an unnecessary quibble to point out that this totals 22 million ozs, not 25, and that only 8.5 million ozs at Sheba Ridge is attributable to the company. The plain fact is that these are big figures and both Amplats and Implats, the two biggest platinum producers in South Africa are fully aware of them as confidentiality agreements were signed with both to allow previous drilling at Sheba`s Ridge and Blue Ridge to be analysed.

The other participant at Sheba`s Ridge is, in fact, Amplats with 50.33 per cent and this is the project which is being prioritised. Further drilling is underway in order to define the continuity of the mineralisation and estimate indicated resources by the end of the first quarter of 2002. In addition, detailed mineralogical and metallurgical testwork will be undertaken with a view to commissioning a feasibility study targeted for the second half of 2002. It is currently envisaged that this feasibility study would examine an open-pit mining option for the low grade Platreef and shallow Platchro layer together an underground option for mining the Merensky Reef and down dip extension of the Platchro layer.

As Algy Cluff pointed out at the AGM, the process of advancing mineral resources from the inferred to the indicated category involves the definition of continuity of mineralisation and therefore carries a degree of risk. Fair enough, but this whole project was nothing more than a glint in Algy`s eye at the end of last year. It is now in a race with the next Cluff offspring which must have been conceived at about the same time.


27 July 2001

[gholzbauer]

http://www.mips1.net/mgfin.nsf/Current/4225685F0043D37A42256…

Cluff aims to be big ticket platinum play
By: Stewart Bailey
Posted: 2001/09/18 Tue 15:00 ZE2 | © Miningweb 1997-2001


LONDON – UK-listed Cluff Mining is to be South Africa`s latest mid-tier platinum miner, according to Terence Wilkinson, the company`s chief executive and former boss of Lonmin`s [LSE:LON] operations. He says his company has the ambition, the reserves and the access to capital to become a 500,000-ounce-a-year platinum producer with first metal expected to hit the market in late 2003.
Cluff has assembled an attractive suite of assets to which Wilkinson adds the business nous. The Cluff board is also well heeled: directors include Sir Patrick Sheehy (former chairman of tobacco conglomerate, BAT), investment touchstone Oliver Baring and Donald McAlister (the finance director of Reunion Mining). Reunion is the outfit that found the Skorpion zinc deposit, a prospect which Anglo American subsequently bought and is now currently developing.

Cluff intends to mine at least two Merensky and UG2 deposits in partnership with South African heavyweights, Anglo Platinum [JSE:AMS] and Impala Platinum {JSE:IMP]. The most attractive of the two at this stage is the 50 per cent Anglo Platinum-owned Sheba`s Ridge reserve. Wilkinson says the prospect has an average grade of about five grams a ton, and a conservatively judged strike length of nine kilometres.

The other is the Blaaubank property, about 20 kilometres away from Sheba`s Ridge, which Cluff owns with Impala Platinum. In both cases, Cluff is likely to operate the mines; the majors will toll treat the concentrate and bag the attributable ounces.

It all sounds neat enough. Yet Wilkinson says the progress of the venture is being impeded by South African Reserve Bank`s "looping" exchange control regulations. This prevents South African citizens and local companies from investing in offshore companies in order to gain access to southern African assets. If the government remains inflexible on the issue, Cluff will request a secondary listing on the Johannesburg Stock Exchange, Wilkinson says.

He should, however, look to the experiences of Cluff`s peers, Aquarius Platinum [LSE:AQP]. It unsuccessfully tried a similar effort to ease through a paper offer for the now delisted South African counter, Kroondal Platinum Mines, last year. They were welcomed by the South Africans, except for the fact that the state would not allow full fungibility of its share between London and Johannesburg.

Wilkinson is to lobby the South African government next week. If successful, he could open the way for a slew of corporate activity in the platinum sector. This could unravel the complex web of cross-holding between South African and London-listed platinum producers. It will also open the way for South African miners to join the queue of interested groups casting an eye over Cluff`s business.

[gholzbauer]

Aktienzahl ca. 13 Mio. (falls die letzten 3 Mio. aus der Kapitalerhöhung Ende April schon berücksichtigt waren, andernfalls wären es 16 Mio. Aktien), macht eine Mkt Cap von 25 Mio. GBP bzw. 37 Mio. USD bei einem Kurs von knapp 2 GBP.
Resourcen Ende April 3 Mio oz. Gold, PGM+Au alleine in Sheba Ridge 8.5 Mio. oz.
Der Börsenwert von Cluff beträgt also weniger als 5$ pro Unze PGM-Resourcen!!!

Bitte um Korrektur, falls ich irgendetwas übersehen haben sollte!

[gholzbauer]

http://www.bday.co.za/bday/content/direct/1,3523,980371-6078…

Cluff Mining refused dual SA listing

By James Lamont

The South African Reserve Bank has rejected an application by Cluff Mining for a dual listing on the Johannesburg Stock Exchange, Algy Cluff, the company`s chairman, said yesterday.
Cluff Mining shares, traded on Aim, dropped 6p to 240p, giving a market capitalisation of £40-million. It has assets in South Africa, Gabon, Burkina Faso and Zimbabwe, but wants to concentrate on the development of Blue Ridge and Sheba`s Ridge, two platinum group metal deposits in South Africa, and dispose of its gold assets.

"We offered to list here (Johannesburg), but to our astonishment they said they did not want dual listings," Cluff said. "It`s surprising and it`s odd. You tell someone in London about it and they can`t get their heads around it."

The company`s desire to list in South Africa followed the acquisition of Sperrylite, an exploration company with platinum group metals assets in South Africa. A Johannesburg listing would have allowed Sperrylite`s owners to hold shares in Cluff Mining rather than selling them for cash.

Under Reserve Bank regulations, South African shareholders are prohibited from holding shares over a certain value in a foreign-listed company that has assets in South Africa, according to Cluff.

The Reserve Bank was, however, prepared to allow Cluff Mining to list a South African subsidiary. But the company has made another application for a dual listing to the finance ministry and made an appeal to Phumzile Mlambo-Ngcuka, the minister of minerals and energy, to intervene on its behalf.

The domicile and listing of companies is a sensitive issue in South Africa. Five large South African corporates, including mining companies Anglo American and Billiton, have moved their primary listings to London. Last week, Investec, the South African specialist banking group, was given permission to list its international assets in London.

The Reserve Bank is suspicious that dual listings may be used to flout exchange controls and siphon money offshore.

Financial Times

[gholzbauer]

http://www.mips1.net/mgjr.nsf/Current/85256ACE0035918D42256B…

Cluff fast tracks S.African PGM project
By: Ken Gooding
Posted: 2001/12/13 Thu 14:51 ZE2 | © Miningweb 1997-2001


LONDON - Good news and some not-so-good news from AIM-listed Cluff Mining [LSE:CLU] today. Exploration results from the company`s Blue Ridge platinum group metals prospect on South Africa`s Bushveld complex have gone so well that Cluff has been able to revise upwards the indicated resources to 1.7 million ounces of PGMs. Cluff is now taking a "fast track" approach to Blue Ridge and hopes to start a feasibility study by the end of March next year.
Less positive is the fact that this increase in resources means a further 300,000 Cluff shares will be issued to the four founders of Sperrylite, the company that sold the South African platinum properties to Cluff. And, as things stand, they will be forced by the South African authorities to sell all the shares, representing nearly 2 percent of the Cluff issued capital, within three months.

The market`s initial reaction was positive and Cluff`s share price rose by 13.5p or 6 percent, to 230.75p after briefly touching 233p.

At Blue Ridge Cluff now intends to complete drilling in the first quarter of next year so that a start can be made on a full feasibility study. That should enable the company to raise the necessary project finance early in 2003 and, if all went very smoothly, to be in production in 18 months time. Cluff seems likely to follow the trend set by other junior platinum producers and have its output processed by one of the major groups as these have plenty of spare refining capacity.

Meanwhile, Cluff is continuing to press South Africa`s Reserve Bank to ease the restrictions that force the Sperrylite founders to sell their Cluff shares. The founders would prefer to keep the shares but the Bank`s regulations insist they must be disposed of within 90 days.

Cluff has been hoping to solve the problem by gaining a secondary listing on the Johannesburg Stock Exchange but the Reserve Bank has been blocking this manoeuvre as it does not want to open what might become a loophole in its foreign exchange regulations.

The share "overhang" need not necessarily be a major problem for Cluff. In November 500,000 shares from the Sperrylite directors, representing about 3 percent of the Cluff issued capital, were placed "very easily" by Cluff`s "house" broker, Investec Henderson Crosthwaite at 205p each and went mainly to the Framlington investment group with some being taken by the New Star fund management organisation.

Sperrylite held the rights to four platinum group metal exploration projects on the Bushveld Complex which at present produces more than 70 percent of the world`s platinum and 25 percent of the palladium. Cluff bought Sperrylite in two tranches, each for $500,000 plus 500,000 shares. Sperrylite becomes entitled to another 3 million Cluff shares when certain Bushveld resources move into the "indicated" category.

[gholzbauer]

http://www.mbendi.co.za/a_sndmsg/news_view.asp?P=0&PG=11&I=3…

Cluff Mining increases resource base - to fast track on PGM Properties in South Africa
Highlights:

* Six new boreholes with deflections intersect UG2-chromitite where predicted at Blue Ridge

* Indicated Mineral Resource of 1.70 million ounces PGM at Blue Ridge

* Decision to fast track Blue Ridge with a view to commissioning a feasibility study at end March 2002

Good progress at Sheba’s Ridge

Cluff Mining PLC ( "the Company" ) announces significant further progress at its Blue Ridge and Sheba’s Ridge Platinum Group Metal projects located in the Bushveld Complex of South Africa where extensive exploration and assessment of results has occurred during the 3 past months leading to the definition of an Indicated Mineral Resource of 1.70 million ounces PGM at Blue Ridge. Mr J.G. Cluff, Chairman and Chief Executive, said today “I am very excited by the progress on our platinum projects, particularly with regard to the Blue Ridge West Prospect which we now plan to fast track and where I am increasingly optimistic that we can develop a new shallow platinum mine. We are now pressing ahead with the next phase of drilling with the view of commissioning a feasibility study at the end of March 2002.”

Blue Ridge Platinum Project

The work carried out to date comprises:

* Six additional diamond boreholes (10 boreholes in total) have been drilled to a cumulative depth of 1,988 metres, with two deflections on the UG2 in each hole.

* 402 samples have been analysed for precious and base metals.

* Geological and photo-geological mapping of the Blue Ridge West Prospect has been completed at a scale of 1:5,000 and the outcrop position of the UG2 defined to close tolerance.

* The positions of the historic boreholes and trenches have been surveyed;

* An airborne geophysical survey has been carried out over the whole area. The magnetic and radiometric data are being interpreted by GAP Geophysics;

The stratigraphy of the area compares with well-established Bushveld Critical Zone, with the UG2 and UG1 chromitite layers and various marker units clearly developed. The UG2 layer extends for approximately four kilometres along strike. The unit is continuous down-dip, and has been intersected as deep as 389 metres. Deeper intersections to 800 metres are planned in the current drilling programme. The thickness and lithology of the UG2 chromitite layer is persistent along strike and down dip averaging 1.43 metres in width with an average grade of 4.3 g/t 5PGE+Au. The precious metal split is Pt=51%, Pd=20%, Rh=9%, Ru=16%, Ir=3% and Au=1%. Samples for mineralogical assessment and metallurgical test work will be taken from deflections early in 2002. The anorthosite marker in the footwall of the UG2 is distinct and will assist clean mining. The hanging wall of the UG2 is competent and free of chromitite leaders, which is an advantage the conventional UG2 sequence elsewhere in the Bushveld Complex. The work achieved to date has been sufficient for the Company to revise its mineral resource estimate under the SAMREC Code for the Blue Ridge West prospect which has been audited by SRK Consulting Limited as follows:

Blue Ridge Platinum Project – Indicated and Inferred Mineral Resources:

UG2 - Chromitite

Indicated: 12.2 Mt @ 4.3 g/t (5 PGE +Au) to contain 1.7 Moz (5 PGE+Au)
Inferred: 9.4 Mt @ 4.3 g/t (5PGE+Au) to contain 1.31 Moz (5 PGE+Au)

Total Indicated and Inferred Resource of 3.01 MOz (5 PGE+Au)

It should be noted that the resources defined above are taken only to a depth of approximately 400 metres. Projecting the current resource values down-dip to the boundaries of the property provides a further potential 12 million tonnes at 4.3 g/t 5 PGE+Au equivalent to an additional 1.69 million ounces. This will be investigated by further drilling in the new year. Under the acquisition agreement between the Company and the vendors of Sperrylite Resources (Pty) Limited dated 21 December 2000, additional shares in Cluff Mining PLC are issuable to the vendors on the achievement of certain indicated resource targets. As a result of the above audited indicated resource, 300,000 new ordinary shares of US$0.05 will be issued to the vendors within 30 days. A programme of 10-12 further diamond holes, 20 trenches and extensive analytical work is under way in order to further define the Mineral Resource down dip and along strike by end March 2002. This further exploration will be conducted in collaboration with SRK. Exploration work has also recently started on the eastern portion of the Blue Ridge Project where there is potential for the discovery of the Merensky Reef–type mineralisation as well as UG2-chromitite.

Sheba’s Ridge Platinum Project

This project is in the early stages of resource definition. Since Cluff obtained the prospecting permit in April 2001, the following work has been carried out:

* The project area has been geologically mapped at a scale of 1:5,000, and a photo-geological interpretation has been completed. The positions of the major PGM-bearing units have been defined;

* Approximately 30 kilometres of sampling lines have been surveyed, cut through the bush and geochemical samples taken;

* More than 2,740 soil samples have been collected and analysed for a spectrum of elements by XRF, in order to constrain the positions of the Platreef and Intermediate Chromitite Layers;

* The magnetic and radiometric data from an airborne geophysical survey has been interpreted by GAP geophysics, which has revealed the probability of extensive Platreef and chromitite developments to the north-east. The presence of Platreef in these areas has been confirmed by mapping;

* 16 diamond boreholes have been drilled to a cumulative depth of 10,030 metres, with 1-2 deflections per mineralised unit, and 1,553 samples have been analysed for precious and base metals. The Merensky Reef and Platchro layer have been the main targets, but two holes have intersected the Platreef;

* A programme of approximately 3,500 metres of percussion drilling is under way to map the base metal-enriched portions of the Platreef. More than 800 samples are currently undergoing XRF analysis.

Mr J.G. Cluff said today “We are encouraged by the results achieved to date at the Sheba’s Ridge Project. We are currently carrying out an intensive assessment of the resources on the whole project area, in order to bring the PGM and copper-nickel deposits to account. Negotiations are progressing with Anglo Platinum Corporation Limited, who own a 50.3% interest in the PGM rights of the core area at Sheba’s Ridge and a further announcement will be made once agreement has been reached.”

[gholzbauer]

http://www.minesite.com/archives/news_archive/2001/Dec-2001/…

17 December, 2001


Cluff Could Achieve Initial PGM Production By End Of Next year.


Good timing by Algy Cluff to produce an update on progress at Cluff Mining`s PGM assets in South Africa in the last week before Christmas. It gives investors time to chew over matters during the holiday and maybe come in with their buying boots on in the New Year. At this point Minews should declare an interest - not a serious one, Mr FSA Regulator, you can relax. But at the Tipster of the Year lunch Minews put up Cluff Mining as its share of the year, having won the competition in 2000 with Aquarius Platinum. As at January 1st 2001 Cluff shares were around 140p and have done well since then. Any buying, no matter how small, will help our cause up to the end of this month.

Incidentally, the other bit of good news as 2002 approaches is that the so-called mining editor of the Financial Times has accepted voluntary redundancy. Having presided over a halving in size of the commodities page during the past year there are now hopes that the Pink `Un will give mining and oil companies some of the informed comment they deserve. The new editor Andrew Gowers did a stint in the Commodities section at Reuters so he knows that they are central to the whole economy and are the only true value -adding companies around.

Back to Cluff which has been drilling away at its Blue Ridge prospect on the Bushveld Complex which has been designated numero uno of the five prospects acquired with Sperrylite earlier this year. As a result an indicated resource of 1.7 million ounces of PGMs and gold has been defined and this is only within the western area of the prospect and down to a depth of 400 metres. Terence Wilkinson the group operations director who previously ran Lonmin`s PGM operations in South Africa, estimates that there is a further 1.3 million ounces of inferred resources in this area at current depths and another 1.7 million ounces deeper still.

Cluff now has 10.6 million inferred ounces and 1.7 million indicated ounces. Its brokers Investec Henderson Crosthwaite, who seem to be sparking once again with the arrival of Tiger Tim Baldwin on the sales side backed by analyst Alex Wood, now value the company at 350 p per share which is nearly a 60 per cent premium to the present price, so way to go. This announcement on indicated resources was not expected until March 2002, so clearly Wilkinson`s foot is hard down on the accelerator.

If all goes well with further drilling at Blue Ridge it will be fast tracked into production. This drilling will bring more of the inferred resource up to the indicated category on the mineralised reef which averages 1.43 metres in depth and extends horizontally along strike for four kilometres. A feasibility study could well follow by March and if this was finished in October the advance to production could be quite swift. Mr Wilkinson explains that if the feasibility study is up to expectation at the half way stage some of the plant required such as concentrators could be purchased before the study is even finished.

Both Implats and Amplats are potential buyers of the concentrate which, again, lowers the cost of initial production. Clearly the likely onset of cash flow will start to have an impact on the rating next year and once it starts the Cluff team will be in a stronger position to give time to the Sheba`s Ridge platinum project which may have even more potential than Blue Ridge. Initially it was thought that it only contained the Merensky Reef and the Platchro, but two holes recently intersected the Platreef as well. Algy Cluff is negotiating with Amplats which sits on 50.3 per cent of the core area and it may well be that a suitable unitisation agreement can be reached over the whole project. Watch this space.

[gholzbauer]

Über Cluff wird wieder geschrieben.


COMPANIES & FINANCE UK: Cluff bullish over SA deposit
Financial Times; Apr 10, 2002
By SARAH ROSS



Cluff Mining, the Aim-traded mining group, has increased its estimate of the platinum group metals deposit at its Blue Ridge project in South Africa.

Algy Cluff, chief executive, said a measured resource of 1.1m ounces of PGM had been defined and a full feasibility study had begun.

Cluff plans to concentrate on its two PGM deposits in South Africa - Blue Ridge and Sheba`s Ridge in the Bushveld Complex - and dispose of its other assets in Gabon, Burkina Faso and Zimbabwe. Terence Wilkinson, operations director, said Cluff was in discussions with possible purchasers.

Cluff acquired the PGM deposits when it bought Sperrylite, a South African exploration company whose directors hold just under 2 per cent of the shares. Cluff is seeking a dual listing in Johannesburg in order to allow the South African shareholders to maintain a stake. Its first application was refused in November.

Mr Wilkinson said 1.25m shares would be issued to Sperrylite`s former owners.



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http://www.miningweekly.co.za/?show=20702

Another platinum mine on the map for SA


UK firm Cluff Mining said it will fast-track its South African Blue Ridge Platinum Project in the eastern limb of the Bushveld Complex, which could produce 200 000 ounces of platinum-group metals (PGM) a year.
The latest results of a drilling exploration programme showed a measured resource of 1,1-million ounces of PGMs, Cluff said in a statement.

“Following the exploration success of the company’s PGM projects, the directors of the company have taken a strategic decision to become a focused PGM producer and to progress these PGM projects as a matter of priority,” Cluff said.

“The success of the exploration at Blue Ridge justifies our decision to fast-track the project,” it said.

A recently commissioned feasibility study, due to be completed by the end of 2002, will investigate production of 200 000 ounces of PGMs a year.

The exploration drilling programme has also defined a platinum to palladium ratio of 2,5 to one.

“Additional drilling will be carried out aimed at upgrading and extending the resource at Blue Ridge,” Cluff said.

The total mineral resource of PGMs and gold was put at 3,6-million ounces, with a grade of 3,6 grams a ton.

Cluff was also continuing negotiations with world number one platinum producer Anglo Platinum about Sheba Ridge, Cluff`s other key PGM project.

The Blue Ridge project is mined by the world’s top two platinum producers, Anglo Platinum and Impala Platinum.

– Reuters




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http://library.northernlight.com/FC20020410760000042.html?cb…

Cluff Mining Weighs Up Its Platinum Project Plan


Story Filed: Wednesday, April 10, 2002 9:42 AM EST

Johannesburg, Apr 10, 2002 (Business Day/All Africa Global Media via COMTEX) -- Blue Ridge may start producing by 2004

CLUFF Mining, a London-based mining exploration company which looks to be transforming itself into a producer, may be producing platinum from its Blue Ridge Platinum Project by 2004.

The London Alternative Investment Market-listed company said yesterday it was going ahead with a feasibility study at its 100% owned Blue Ridge Platinum Project in SA`s Eastern Bushveld.

Company CE Algy Cluff said the feasibility study should be completed by the end of the year. If the company did decide it would take the project further, it would probably sink two shafts.

If given the green light, construction of the mine could start next year with its first commercial production in 2004.

Cluff Mining said also that in view of the potential of its SA platinum projects, it was considering selling its other SA asset the Agnes gold mine near Barberton.

A small mine with potential production in the hundreds of thousands of ounces, Cluff said the firm was talking to management and local partners about a possible sale.

"The scale of platinum interests we have dwarfs all the other opportunities we have and we don`t want to divert executive time," said Cluff.

"It is early days, but I would imagine the company (Cluff Mining) would be able to pull it (platinum) out of the ground at a lot less than the revenues you (those selling platinum) are getting at the moment," said one Johannesburgbased platinum analyst.

Cluff said the company had been asked by some of its larger shareholders to focus on platinum.

The company decided to go ahead with the feasibility study after exploration had uncovered improved resources on the UG2chromitite orebody at the Blue Ridge Platinum Project.

Cluff said further drilling had unearthed a resource of 1,1-million ounces of platinum group metals plus gold at a grade of 4,1g/ton.

The company also said it had found a ratio of 2,5 parts platinum to one part palladium.

Platinum last traded at $528/oz, with palladium at $365/oz.

Cluff also owns a 49,3% stake in the Sheba`s Ridge project with the rest being held by Anglo American and Anglo Platinum, according to Cluff Mining.

"Sheba`s Ridge has the potential to have higher tonnage than Blue Ridge if future exploration is successful, " said Cluff`s CE.

All of Cluff Mining`s assets are in Africa. It also owns a gold deposit in Burkina Faso and intends to carry out a feasibility study soon.

On completion of the study, Cluff said the company would decide on future ownership of the deposit.

Cluff Mining also operates the Mali Green gold mine in Zimbabwe, located 300km southwest of the capital Harare. This mine is still in production, despite the difficulties being faced by other gold producers in the country.

The Mali Green deposit is 1km long and, according to Cluff`s website, has a resource of 2,6-million tons of gold at about 4,5g/ton.

Other assets include a Gabonese deposit of niobium, which is used to strengthen steel and used in some aircraft engine components.

by Julie Bain

Copyright Business Day. Distributed by All Africa Global Media(AllAfrica.com)


KEYWORD: South Africa



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http://www.mbendi.co.za/a_sndmsg/news_view.asp?I=35336
Date Posted: 09.Apr.2002

Cluff Mining increases UG2 resources at Blue Ridge PGM Project, South Africa
Following significant further progress in its exploration programme, Cluff Mining PLC (“the Company”) announces the upgrading of the resource on the UG2-chromitite orebody at its Blue Ridge Platinum Project. The Blue Ridge Platinum Project is located in the eastern limb of the Bushveld Complex in South Africa, which hosts the majority of the world’s Platinum Group Metals (“PGM”) resources.

Following further drilling, a measured resource of 1.1 million ounces contained PGM plus gold at a grade of 4.1 g/t over an average reef width of 130cm has been defined. A favourable platinum: palladium ratio of over 2.5:1 has also been determined. This resource estimate has been audited by independent consultants SRK Consulting and is presented below using the terminology, definitions and guidelines of the JORC Code.

Blue Ridge Platinum Project – Audited Resource Estimate

Measured Mineral Resource: 8.5 Mt (Channel Width = 130cm) at 4.1 g/t (5PGE+Au) for 1.1 Moz (5 PGE+Au)

Indicated Mineral Resource: 15.1 Mt (Channel Width = 140cm) at 3.5 g/t (5PGE+Au) for 1.7 Moz (5 PGE+Au)

Inferred Mineral Resource: 7.6 Mt (Channel Width = 160cm) at 3.1 g/t (5PGE+Au) for 800 000 oz (5 PGE+Au)

Total Mineral Resource: 31.2 Mt (Channel Width = 140cm) at 3.6 g/t (5PGE+Au) for 3.6 Moz (5 PGE+Au)

These results have been achieved as a result of a fast-track programme, with targets exceeded in terms of resource definition within time and budget. The Company has accordingly exercised its option over the mineral rights and has entered into an agreement to purchase the surface rights on the key portion of Blue Ridge. The Company has now commissioned a full feasibility study, scheduled to be completed by the end of 2002, to investigate the production of approximately 200,000 ounces PGM p.a. Additional drilling will be carried out aimed at upgrading and extending the resource at Blue Ridge.

Following the exploration success on the Company’s PGM projects, the Directors of the Company have taken a strategic decision to become a focused PGM producer and to progress these PGM projects as a matter of priority. Negotiations are continuing with Anglo Platinum regarding Sheba’s Ridge, the Company’s other key PGM project, and a further announcement will be made in due course.


Mr J. G. Cluff, Chairman and Chief Executive, commented: “The success of the exploration at Blue Ridge justifies our decision to fast-track the project. We have now commissioned a full feasibility study, the completion of which will be a major step towards achieving our strategy of becoming a focused platinum producer.”

[gholzbauer]

Minesite gibt natürlich auch ihren Senf dazu

http://www.minesite.com/archives/features_archive/2002/April…

[gholzbauer]

Langsam wird es ernst mit der PGM-Produktion.


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Cluff Mining sells gold assets for R34m

Junior UK-listed mining and exploration group Cluff Mining plc on Friday said it had sold its wholly owned South African gold mining subsidiary Cluff Mining (Pty) Ltd (CMSA) for 34.2 million rand (about U.S. $3 million) cash.
The buyers are a consortium comprising Friedshelf 230 (Pty) Ltd, and Adpoint Trading 99 (Pty) Ltd, which is a vehicle for the current management of the Agnes gold mine.

Agnes, near Barberton in Mpumalanga province, is CMSA`s major asset, and the sale is in line with Cluff Mining`s announcement earlier this month that it would focus on its platinum group metals (PGM) interests.

These comprise the Blue Ridge project and Sheba`s Ridge on the eastern limb of the PGM-rich Bushveld Complex.

A feasibility study, scheduled for completion by the end of 2002, could see the establishment of a mine producing some 200,000 ounces of platinum group metals (PGMs) a year at Blue Ridge.

"Due to its limited size, the re-development of the Agnes Mine did not fit with our strategy of focusing on our significantly larger platinum group metal projects," said J.G. Cluff, Cluff Mining chairman and chief executive.

"We expect to make further announcements regarding our non-core assets as the year progresses."

Cluff Mining--which is listed on the Alternative Investment Market (AIM) of the London Stock Exchange--recently completed a positive feasibility study, audited by Snowden Mining Industry Consultants, on the redevelopment of the Agnes mine.

For the year ended Dec. 31 2001, the loss attributable to CMSA was $760,000, while the carrying value in the accounts of the Cluff Group of CMSA`s assets was $1.6 million.

Terence Wilkinson, Cluff Mining`s operations director will remain on the board as a non-executive of CMSA for one year from completion of the transaction.

I-Net Bridge



--------------------------

http://www.bday.co.za/bday/content/direct/1,3523,1068392-609…

Cluff Mining sells SA gold operation for R34m cash

CLUFF Mining, the UK-listed company with platinum group metals interests in SA, has carried through its plan to sell elements of its noncore business with the sale of its gold operation, Cluff Mining SA, to a combined empowerment and management grouping.

The company, which said last month it could be producing platinum group metals from its Blue Ridge Platinum project on the Eastern Bushveld by 2004, has sold the Agnes gold mine and other assets near Barberton for R34,2m in cash.

Friedshelf 230, described as an empowerment grouping with no further details given, will hold 80% of Cluff Mining SA and Minemanco, the Agnes management team, will hold the rest of the stake in the firm.

"In line with the company`s broader strategy to focus on its platinum group metals projects in and around the Bushveld complex in SA, Cluff has decided to release the value of CMSA rather than commit further resources to it," it said.

A feasibility study has been done on accessing the economic viability of the mine. Errol Smart , MD at the mine and Manmineco management team chief, said biological heap leaching technology used indicated that the Agnes mine would produce gold at $270/oz.

Smart said the production cost per ounce of gold is expected to fall in the future when the mine, is fully commissioned next January.

"Then we will be producing 1800 oz a month at cash costs of 170/oz, and we have the potential to expand this significantly in the next few years," said Smart.

Cluff Mining SA had reserves of 230000oz and a resource base of 600000oz, the company said.


Apr 22 2002 12:00:00:000AM Julie Bain Business Day 1st Edition