Proactive investors

1. Sierra Leone
2. Côte d’Ivoire
3. Burkina Faso
4. Mali

Angovia Project, Mt. Yaoure, Côte d’Ivoire

Key points:
- First gold pour on 14th March 2008 marked the end of the commissioning phase
- Projected annualised gold production 40,000 ounces
- More than 31,000 meters of Reverse Circulation (“RC”) drilling completed to date.
- Total of measured and indicated resources are 4.1 million tonnes of oxide at 1.4g/t Au, equating to 190,000 ounces of gold, and a further 5.2 million tonnes of sulphide resources at 1.6g/t Au equating to 260,000 ounces of gold.
- In 2009, a reoptimisation process is being undertaken of the whole Angovia are using a gold price of $850 per ounce. This is expected to increase mine reserves.

The Mt.Yaoure permit is located 40km northwest of Yamoussoukro, the political capital of Cote d'Ivoire, and covers a surface area of 417km2 including a 50 km2 mining permit.  The licence area includes the Angovia Gold Mine which operated between 1998 and 2003.  The mine reportedly produced over 180,000 ounces of gold during this period by heap leaching some 2 million tonnes of oxide material. The infrastructure in the area is good and includes a hydroelectric dam six kilometres from the Angovia mine site. [READ MORE]

Kalsaka, Burkina Faso

Key Points:
- First gold poured in November 2008
- Cluff Gold is the first British Company to achieve this in Burkina Faso.
- Projected annualised gold production 60,000 ounces
- Total measured and indicated resource at Kalsaka is 12.1 million tonnes at 1.6/t Au equating to
640,000 ounces of gold, and a further 3.3 million tonnes of inferred resource at 1.5g/t Au
equating to 160,000 ounces of gold.
- Independent assessment of potential to host a resource at least equal to that already defined
(SRK Consultants)
- The deposit has a reserve of 330,000 contained ounces of gold (at a gold price of US$525 per
ounce).
- Ore bodies amenable to open-pit mining and heap leach processing methods.
- Cluff Gold  has a 78% ownership in the Kalsaka Gold Project, the remaining interest being held
by the Company's local partner, IMAR-B (12%) and the Government of Burkina Faso (10% free-
carried interest).
- 20 year Mining and Water permits granted.
- Potential to create mining district

The project is located approximately 150km north west of Ouagadougou, the capital of Burkina Faso, and contains an oxide gold mineral resource that has already been demonstrated, by a feasibility study, to be technically amenable to open-pit mining and processing via heap leaching. [READ MORE]
Baomahun, Sierra Leone

Key points :
- Cluff Gold now owns 100% of the Baomahun Gold Project
- 25 year mining lease for the Baomahun Gold Project granted in July 2008
- 7,000 metres of core drilling was completed in 2009
- The results from this drilling enabled a new resource to be estimated comprising a measured
mineral resource of 3.9 million tonnes at 3.0 g/t Au equivalent to 380,000 ounces of gold; an
indicated mineral resource of 8.1 million tonnes at 2.8 g/t Au equivalent to 723,000 ounces of
gold and an inferred mineral resource of 9.2 million tonnes at 3.2 g/t Au equivalent to 957,000
ounces of gold
- Metallurgical testwork, which included recovery and comminution tests, has now been completed
to feasibility stage level. Results from these tests have confirmed preliminary earlier findings that
high gold recoveries can be achieved using a conventional direct cyanidation processing method
- Soil sampling and geophysics point to significant potential along strike
- Exploration currently underway, targeting existing and new areas
- A combined open pit and underground scoping study is to be undertaken, giving a longer mine
life
- A proposed plant and tailings dam site has been identified

The Baomahun deposit is located about 180km east of the capital, Freetown, in the Southern Province of Sierra Leone. The geological setting is similar to the Lake Victoria goldfields in Tanzania. [READ MORE]
Karbasso, Mali

Key points:
- JV signed in September 2005
- Southern Mali, 20km along strike of Resolute’s Syama Mine (5 million ounces)
- Favourable geological setting
- Supporting gold-in-soil data

The Company signed a Joint Venture Agreement to acquire a majority interest in the 200km2 Karbasso research licence in Mali from Kadiel Mining (‘’KM’’), a Malian company. The transaction is subject to approval by the Malian Government under the country’s mining laws.

Ghana and Mali continue to be leading gold producers in West Africa with significant potential for additional discoveries in both countries. [READ MORE]