Updates

Cluff Gold - Good production progress; price target 150p

November 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Cluff Gold surged to 116p following excellent interims and amidst the backdrop of a new rise in prices. Results showed a profit after tax of US$6m compared with a loss of nearly US$30m last time. Cash balances at 30 June stood at US$8.4m. This turnaround reflected good progress at both producing mines with Kalsaka in Burkina Faso increasing production by 50% to 40,831 oz, while also reducing cash costs by 12% to US$672 / oz. Meanwhile the smaller Angovia mine in Ivory Coast produced 11,278 oz at a cost of US$837 / oz. Average realised gold prices of US$1,018 / oz across the group were well ahead of average cash costs of US$767, which made for gross profit margins of nearly 32%. The other significant development was the comp ...

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Albemarle & Bond

Hargreaves Services - Shares finally move higher

Cluff Gold (April 2011)

Cluff Gold - Exciting drilling program ahead (January 2011)

Cluff Gold - Raises Â£9.4m through placing (December 2010)

Cluff Gold - Upgrades to gold resources likely to attract another bid approach (August 2010)

Cluff Gold - African gold mining assets on cusp of generating big profits (March 2010)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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