Endeavour Mining (TSE:EDV)

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Re: Endeavour Mining (TSE:EDV)

Postby Capitalist_Pig » Wed Aug 10, 2011 8:33 pm

I was a mouseclick away from buying, but then remembered to do something sensible first, and give the financials the once over -

(b) On December 16, 2008 the Corporation was notified of a claim filed against it by Gold
Reserve Inc. (“Gold Reserve”) in the Ontario Superior Court of Justice. Gold Reserve’s
claim against the Corporation arises out of an Advisory Agreement pursuant to which the
Corporation agreed to provide financial advisory services to Gold Reserve. Gold Reserve
alleges that by virtue of having been retained as Gold Reserve's financial advisor, the
Corporation obtained access to all of Gold Reserve’s proprietary and confidential
information. Gold Reserve alleges that the Corporation wrongfully shared this
information with a third party, which is a co-defendant in the action, and further alleges
that the Corporation has committed breaches of various duties owed to Gold Reserve
under the Advisory Agreement and at common law. Gold Reserve claims that it has
suffered and will continue to suffer damages and irreparable harm for which the
Corporation is liable. In Gold Reserve’s original claim of December 16, 2008, Gold
Reserve sought $500 million in damages in addition to $50 million in punitive damages
from the Corporation and the co-defendant. In connection with this action, an interim
motion was granted on February 10, 2009 and the co-defendant filed a statement of
defence and counterclaim on March 31, 2009. The Corporation filed a statement of
defence and counterclaim on August 19, 2009.
After being relatively dormant since April 2009, Gold Reserve has changed counsel and
on June 16, 2010 amended its Statement of Claim to, (i) reduce the damages claimed
against the Corporation from $500 million to $150 million (including damages that Gold
Reserve alleges to have suffered as a result of being unable to complete an unnamed
transaction) and $50 million in punitive damages, and (ii) add principals of Fiore
Financial Corporation as individual defendants. The Corporation believes the claim is
without merit and intends to vigorously defend the action. No accrual for this
contingency has been made in the financial statements.


You can find it at: http://www.sedar.com/search/search_form_pc_en.htm
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Wed Aug 10, 2011 8:41 pm

Capitalist_Pig wrote:I was a mouseclick away from buying, but then remembered to do something sensible first, and give the financials the once over -

You can find it at: http://www.sedar.com/search/search_form_pc_en.htm

I have read that years ago in 2008 and it amounts to nothing, claim and counter claim that will probably never be heard of again. If it actually had any legs surely there would have been some movement in the 3 years since the claim was made? There has been no comment on it since 2009, IMO it is forgotten about.
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Re: Endeavour Mining (TSE:EDV)

Postby Mr P » Mon Aug 22, 2011 7:37 am

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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Mon Aug 22, 2011 7:53 am


I like the sound of that, over 1/4 million ounces of production by 2013. :D
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Re: Endeavour Mining (TSE:EDV)

Postby Capitalist_Pig » Mon Aug 22, 2011 1:04 pm

Pix

Do you know what their combined fully dilluted shares will be?

Busy with work at the min, but will try an get some at the open.

Cheers
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Mon Aug 22, 2011 3:48 pm

Capitalist_Pig wrote:Pix

Do you know what their combined fully dilluted shares will be?

Busy with work at the min, but will try an get some at the open.

Cheers

There are 158,990,469 fully diluted shares of Endeavour which will equal 55% of the new company.

Sorry haven't got time to look into http://www.adamusresources.com.au, busy working myself.
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Mon Sep 12, 2011 9:18 am

Endeavour Mining Corp. (EDV, TSX) West African Gold Merger

A merger with Adamus Resources will make Endeavour a leading West African mid-tier gold producer

On August 9th I sent out a bottom fishing alert on Endeavour Mining citing their growth projections which would enable them to become a mid tier gold producer as they further developed their West African assets.

Last week Endeavour announced a merger plan with Adamus Resources (ADU, ASX) which will solidify their position as a mid tier gold producer in West Africa and give investors a potential double from today’s current share price.

If you’ve been holding off on getting your position don’t worry. The stock is up about 15% since my last update but we are still in the summer slow season and there still potential for a triple digit capital gain with EDV over the short term.

Here are the highlights of the deal...

Summary

Endeavour Mining announced that it has entered into a definitive agreement with Adamus Resources where ADU shareholders will receive 0.285 shares of EDV for every share of ADU they hold.

This merger will add Adamus’ Nzema gold mine assets to Endeavour’s Youga and Agbaou projects giving the new company an estimated production of 172,000 oz’s of gold in 2011. Gold production is projected to grow to 250,000 ounces by the end of 2013.

Once the deal is completed, EDV will pay off ADU’s $60 million debt facility and another $100 million will go toward paying down the Nzema gold hedge.

This is a good deal for EDV shareholders. Once the market comes back to life in the fall, investors will see that Endeavour is trading well below their peer group valuation. Continued positive news flow from EDV should quickly build up the share valuation over the next 12 to 15 months.

With this merger Endeavour has become a focused, growth oriented, West African gold producer...


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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Thu Nov 03, 2011 4:51 pm

Insider buying in the open market at Endeavour;

Image

http://canadianinsider.com/coReport/allTransactions.php?ticker=edv
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Tue Nov 08, 2011 7:42 pm

George Town, Grand Cayman, November 8, 2011 -- Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) today announces financial and operational results for the third quarter of 2011.

The Corporation's Youga Mine in Burkina Faso set a production record with 24,047 ounces of gold produced during Q3 2011 at cash cost of $592 per ounce produced1. During the quarter, 22,845 ounces of gold were sold at a cash cost of $623 per ounce sold1 and operating cash flow from mine operations was $15.3 million. This strong performance is due to improved gold grades, an increase in the average realized gold price and effective cost controls.

At September 30, 2011, the Corporation had cash & equivalents and marketable securities of $200.1 million and holds a 38.5% stake in Namibia Rare Earths Inc. (TSX:NRE) with a market value of $16.3 million as at September 30, 2011.

Financial Highlights from Q3 2011

  • Gold revenues of $38.0 million, which compares to $28.3 million in the same quarter of 2010
  • Record gold production of 24,047 ounces, which compares to 23,173 ounces in the same quarter of 2010
  • Gold sales of 22,845 ounces, which compares to 24,004 ounces in the same quarter of 2010
  • Earnings from mine operations were $19.3 million, which compares to $9.9 million in the same quarter of 2010
  • Operating cash flow from mine operations was $15.3 million, which compares to $10.6 million in the same quarter of 2010
  • Net earnings attributable to shareholders of $9.6 million or $0.08 per share, which compares to $70.7 million or $0.70 per share in the same quarter of 2010.
  • The third quarter of 2010 included a $71.2 million gain from the disposal of the Corporation's investment in Crew Gold Corporation.
  • Based on actual production results of 65,678 ounces at a cash cost of $602 per ounce produced1 for the nine month ended September 30, 2011 and the budgeted plan for the remainder of 2011, the Corporation anticipates achieving full year guidance of approximately 84,000 ounces at a cash cost of $610 to $650 per ounce1.

For the nine months ended September 30, 2011, the Corporation has invested approximately $9 million of its full year $17 million budget for exploration & development programs. The Corporation's activities have focused on extending the mine life at Youga to 2017 and beyond through resource delineation on six deposits. Resource and reserve estimation has commenced and is anticipated to be reported by the end of the year. Additional exploration drilling was conducted on five targets within the immediate mine permit area and also at the Ouaré deposit located 40 km from the Youga Mill. In addition, the Corporation continues to advance the Agbaou Project in Côte d'Ivoire through an extensive infill and condemnation drilling program and an updated feasibility study. Infill drilling was completed in preparation for an update resource estimate. The condemnation drilling resulted in establishment of a total of 12 new targets for exploration and the program was expanded from 20,000m to 29,500m. The updated feasibility study is being conducted by SENET, SRK, and Knight Piesold and is scheduled to be completed in Q1 2012.
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Tue Nov 29, 2011 8:29 pm

:D

Endeavour Mining Closeout of Youga Gold Hedge Book

Monaco, November 29, 2011 -- Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) is pleased to announce it has closed out the gold hedge book (" Hedge Book") relating to its Youga Gold Mine ("Youga") in Burkina Faso. The closeout of the Hedge Book means that all gold production from Youga is now available to be sold into the spot market.

As of September 30, 2011, the remaining ounces covered by the $700 per ounce call options totalled 29,200 ounces with the last commitment deliverable in August 2012. Call options totalling 5,668 ounces were settled with regular scheduled deliveries from Youga gold production during October and November 2011. The residual balance of 23,532 ounces was settled for a cash payment of $24.0 million, which implies an effective gold price of $1,719.97 per ounce inclusive of transaction costs and contango charges.

Neil Woodyer, CEO, stated: "The early elimination of the Youga gold hedge improves our cashflow for 2012 and increases our corporate flexibility. With the pending completion of the merger with Adamus, we anticipate further de-hedging of the Nzema hedge book."
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Mon Dec 05, 2011 8:47 pm

Endeavour Mining Merger with Adamus Resources has Become Effective, Financial Restructuring Completed and Admission to ASX Trading

Highlights:

  • Creation of a growth focused West African gold production and exploration company
  • Combined management team implemented
  • 55% reduction of Nzema hedge book volume
  • Availability of US$200 million corporate loan facility
  • Repayment of US$57 million Nzema project loan
  • Listed on TSX and start trading on ASX on December 6, 2011


Monaco, December 5, 2011 - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) is pleased to announce that the scheme of arrangement relating to the merger ("Merger") between Endeavour and Adamus Resources Limited ("Adamus") has become effective resulting in the creation of a growth focused West African gold production and exploration company.

The management team and board of directors of Endeavour now include management and board members from Adamus. Neil Woodyer remains as the CEO and, effective today, Mark Connelly (Adamus' former Managing Director) is leading the operational management teams as COO. Mark Connelly, Martin Reed and Dr. Antony Harwood have been appointed to the Endeavour board of directors, which is now comprised of seven directors.

Endeavour is also pleased to announce that it has reduced the hedge book at its Nzema Mine in Ghana following the elimination of the hedge book at its Youga Mine in Burkina Faso announced on November 29, 2011. The Nzema hedging program covered 255,000 ounces at a fixed price of $1,061.75 per ounce and Endeavour has reduced this by 139,000 ounces, or 55%, for a cash settlement amount of US$96.7 million. The remaining hedge book volume of 116,000 ounces (with the $1,061.75 fixed price) has been re-profiled with quarterly deliveries with 10,000 ozs during 2012 and 2013, and 32,000 ozs during 2014, 2015, and 2016.

Endeavour has drawn US$100 million of its new US$200 million four-year revolving corporate loan facility from UniCredit Bank AG to fully repay the US$57 million Nzema project loan and provide a cash balance of approximately US$100 million following these transactions, which will provide strong liquidity and flexibility to Endeavour. The undrawn US$100 million is available for general corporate purposes, capital expenditures and acquisitions.

Neil Woodyer, CEO, stated: "Significant work by the combined Endeavour and Adamus teams has gone into this merger and the integration of our companies. As planned, we have moved quickly to implement the new management structure, repay the Nzema project loan, and significantly reduce the Nzema hedge book. With less than 6% of our attributable 2.0 million reserve ounces hedged, we have greatly improved our exposure to the price of gold and our attractiveness as a gold producer in the marketplace. I would like to thank everyone involved for their hard work and our shareholders for their continuing support. We look forward to demonstrating the value and potential of the bigger and better Endeavour Mining."

Endeavour anticipates issuing a maximum of 129,341,319 shares as consideration under the Merger in exchange for shares of Adamus on December 19, 2011 and resulting in approximately 244,494,000 shares issued and outstanding. Endeavour CDIs are scheduled to commence trading on the ASX under the ASX symbol "EVR" on a deferred settlement basis on December 6, 2011 and are expected to commence trading on a normal settlement basis on or about December 20, 2011.
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Tue Mar 13, 2012 10:42 pm

ENDEAVOUR MINING REPORTS 2011 FINANCIAL RESULTS AND DEMONSTRATES SIGNIFICANT GROWTH

2011 Financial and Corporate Highlights include:

  • A transformative transaction for two junior gold producers. Endeavour and Adamus merged effective December 5, 2011 in a market-based all-stock transaction creating a strengthened and growth focused West African gold production and exploration company. For 2012, Endeavour expects gold production to be in the range of 170,000 to 190,000 ounces at a total cash cost (excluding royalties) of $645 to $685 per ounce, with additional near-term production growth of approximately 100,000 ounces per year from the Agbaou Gold Project. Based on the production and cost guidance ranges and assuming $1,600 gold price, the cash flow from mining operations during 2012 is forecast at $150 million.
  • Increased financial flexibility from entering into a $200 million four year revolving corporate loan facility with UniCredit Bank AG. On December 5, 2011 Endeavour drew down $100 million to maintain a strong cash position through the merger financial restructuring period and for general working capital purposes.
  • Repayment of the $57 million Nzema Gold Mine project loan facility and removal of the associated loan covenants and conditions.
  • Increased leverage to gold by de-hedging. Endeavour closed out 162,532 ounces of the gold hedge book (100% or 23,532 ounces of the Youga hedge book in November 2011 and 55% or 139,000 ounces of the Nzema hedge book in December 2011). The remaining Nzema hedge book of 116,161 ounces has a flat forward price of $1,061.75 and represents approximately 8% of the current proven and probable gold reserves at Nzema and Youga. The re-profiled delivery of gold will be approximately 10,000 ounces during each of 2012 and 2013 and 32,000 ounces during each of 2014, 2015 and 2016.
  • Cash and cash equivalents and marketable securities totaled $132.5 million, as of December 31, 2011.
  • Focused on West African gold. During 2011, Endeavour completed the sale of its diamond properties in South Africa, completed a spin-out and IPO of its rare earth exploration properties in Namibia, and sold its debt finance and related M&A advisory business in order to focus on its core gold mining activities. On March 6, 2012, Endeavour announced the conditional sale of its 40% interest in the Finkolo JV in Mali for $20 million cash to sharpen its focus on a growing number of wholly-owned projects.
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Mon Apr 30, 2012 9:46 pm

Strong Drilling Results From Endeavour Mining's Youga Gold Mine

Monaco, April 30, 2012 - Endeavour Mining Corporation ("Endeavour") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) is pleased to report positive results from the ongoing exploration programs along the Brassiere Trend at its Youga Gold Mine in Burkina Faso. Drill intercepts from the southern extension of the Zergoré deposit on the Brassiere Trend included YZRC-201 with 42 metres (m) of 3.4 grams per tonne (g/t) gold which included 1 m of 14.5 g/t gold and 4 m of 6.3 g/t gold. These results reinforce Endeavour's exploration efforts to further extend the mine life at the Youga Gold Mine...
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Mon Jul 16, 2012 1:53 pm

Endeavour Mining Delivers 102,691 Oz of Gold Production in First Half of 2012 and Updates Guidance

Endeavour Mining Corporation ("Endeavour") announces total production of 102,691 ounces of gold in the first half of 2012, including 4,813 ounces produced at Nzema from ore purchased from an independent producer ("purchased ore"). As a result of the strong H1 performance, the Company is updating its full year 2012 production guidance to between 187,000 and 202,000 ounces of gold (see Table 2). Endeavour anticipates releasing its full quarterly results in early August.

Production results for the second quarter ending June 30, 2012 include 27,863 ounces from the Nzema mine and 22,865 ounces from the Youga mine for total gold production of 50,728 ounces (see Table 1). Nzema cash costs (excluding purchased ore ounces) were in the range of $620-640 per ounce and Youga's cash costs were in the range of $590-610 per ounce. Costs were at the lower end of guidance for both mines, due in part to successful cost containment initiatives. At Nzema, the number of employees has been reduced by restructuring some positions and continuing efforts to optimize throughput at the plant are reducing unit costs. Both Youga and Nzema have reduced inventory levels as well as supply costs through bulk buying and improved sourcing...
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Tue Aug 07, 2012 10:35 pm

Endeavour Mining to Acquire Avion Gold to Become a 300,000 oz/yr Gold Producer

Vancouver, August 7, 2012 - Endeavour Mining Corporation ("Endeavour") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) today announced it has entered into a definitive arrangement agreement with Avion Gold Corporation ("Avion") (TSX: AVR, OTCQX: AVGCF) pursuant to which Endeavour will acquire all of the issued and outstanding common shares of Avion via a court-approved plan of arrangement (the "Arrangement Agreement"). To keep pace with the growth of its operations, Endeavour also announced an expanded board and management team.

Summary of the transaction:

  • Acquisition of Avion in an all share transaction with each Avion common share exchanged for 0.365 of an Endeavour common share valuing Avion at CDN$0.88 per share or CDN$389 million, using closing prices on the TSX as of August 7, 2012
  • The acquisition will immediately increase Endeavour's forecast gold production by approximately 50% to 282,000 - 304,000 ounces for 2012
  • Endeavour is providing a US$20 million short term exchangeable loan to Avion ("Bridge Loan") to restart the Tabakoto mill capacity upgrade, leading to further gold production growth to over 450,000 ounces per year when Agbaou reaches steady state production.
  • Endeavour's NI 43-101 compliant, attributable Proven and Probable gold reserves will increase by 31% to 2.8 million ounces and Measured and Indicated gold resources increase by 52% to 6.0 million ounces, and Inferred gold resources increase by 167% to 3.3 million ounces (see Tables 1 and 2 for details).
  • The acquisition of Avion will create one of the largest West African mining companies with three producing mines, a fourth mine currently in construction, and an attractive pipeline of exploration and resource development properties (see Figure 1 for locations).

...
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Wed Aug 15, 2012 10:21 pm

Endeavour Mining Granted Mining Permit for Agbaou Gold Project

Vancouver, August 15, 2012 - Endeavour Mining Corporation ("Endeavour") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) today announces that it has received the official decree from the government of Côte d'Ivoire granting its Ivorian subsidiary the Mining Permit for its 85%-owned Agbaou Gold Project, which is under construction and on track to begin production in Q1 2014.

The terms of the Mining Permit are as expected and include:

  • A royalty of 3% to the State;
  • A 10% free carried interest to the State; and
  • An area of 334 km2.

As previously agreed, now that Endeavour has received the mining permit, Endeavour will also grant a 5% free carried interest to SODEMI, the State Company for Mining Development of Côte d'Ivoire, bringing our state partner's total interest to 15%.

There are no other permits required for construction and production at the Agbaou Gold Project. The recruitment of key project personnel is 100% complete, and the crop compensation of key infrastructure zones has entered the advanced stage. This is in line with expected timelines to reach production in Q1 2014.
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Re: Endeavour Mining (TSE:EDV)

Postby Ziknik » Wed Aug 29, 2012 9:22 pm » Opera 12.00 Opera 12.00  Linux Linux  Screen Resolution: 480 x 762 480 x 762

Px, do tdw allow you to vote?
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Wed Aug 29, 2012 10:26 pm » Safari 6.0 Safari 6.0  Mac OS X Mac OS X  Screen Resolution: 1680 x 1050 1680 x 1050

Ziknik wrote:Px, do tdw allow you to vote?

I'm not 100% sure, but I think I had the option a few years back on something.
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Wed Sep 05, 2012 5:35 pm » Safari 6.0 Safari 6.0  Mac OS X Mac OS X  Screen Resolution: 1680 x 1050 1680 x 1050

I thought I'd put this here as well, so that users can see the calibre of people involved with my favourite junior Endeavour Mining;

BILLIONAIRE FRANK GIUSTRA SAYS THE RESOURCES MARKET IS IN THE WORST STATE HE’S EVER SEEN

Via website ceo.ca comes an interview with Canadian billionaire Frank Giustra,who delivers a grim view of the current state of the resources sector, but advises that there are good opportunities for investors who do their research.

Giustra had a hand in resources companies including Wheaton River Resources, Petro Rubiales and Urasia Energy, as well as founding independent film outfit Lions Gate Entertainment.

His current activities include serving as CEO of Fiore Financial Corporation, which provides exclusive advisory services to Canada’s Endeavour Mining Corporation. He’s also been a smart player in gold, moving heavily into the precious metal in the early noughties, when it was trading under $US300 versus its current value in the $US1600 range...


Watch on youtube.com
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Wed Sep 19, 2012 8:04 am » Safari 6.0 Safari 6.0  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

Good to see such confidence in West African gold mining operations, this can only be good for EDV. :)

Strategic Alliance between Cluff Gold and Samsung

Cluff Gold plc, the dual AIM/TSX listed West African focused gold mining company, is pleased to announce that it has signed a Memorandum of Understanding for a long term strategic partnership with Samsung C&T Corporation ("Samsung"). This alliance commences with an unhedged US$20m facility to provide additional funding to Cluff Gold to further the development of its portfolio of assets. The Memorandum of Understanding provides a general framework for the potential long term funding of Baomahun and other development opportunities.

The initial facility forms part of a wider strategic alliance between Cluff Gold and Samsung which is a global trading company. Cluff Gold has a producing mine, Kalsaka in Burkina Faso, and a strong pipeline of development assets which is expected to generate a long term production profile. Through this long term partnership Samsung will have access to a reliable supply of gold bullion, underpinned by the Company's strong operational and management team whilst Cluff Gold will benefit from Samsung's financial support. The relationship is expected to result in a significant financing in Cluff Gold's Baomahun project, subject to the outcome of the feasibility study, together with an ongoing commitment to jointly assess other opportunities in the region.

Under the terms of the agreement signed today, an initial US$20m of debt finance will be drawn immediately, supported by the Company's interest in its Kalsaka/Sega project. These funds will be used to strengthen the Company's balance sheet and ensure the Company remains well funded during the development of Sega to continue the ongoing exploration and development work across its asset portfolio.

Subject to the outcome of the feasibility study, the alliance envisages a further substantial financing for the development of Cluff Gold's Baomahun project in Sierra Leone, which has 2.1Moz of indicated resources (25.6Mt at 2.5g/t)[i]. Baomahun is fully permitted, with work ongoing to complete a feasibility study.

The Memorandum of Understanding does not require any exclusivity between Samsung and the Company in respect of further financing and is not binding on either party in that respect. Negotiations with other debt providers will continue in parallel with the due diligence undertaken by Samsung.

John McGloin, Chairman of Cluff Gold, commented:

"We are very pleased to have formed an alliance with Samsung as we develop our project portfolio. This agreement provides immediate financing support on competitive terms compared to other recent financings without the requirement to hedge any of our current or future gold production. More importantly, it also offers a framework for a cornerstone financing in the Baomahun project or other development opportunities, capable of satisfying a significant portion of the total Baomahun financing needs. The initial US$20m drawdown provides us with the balance sheet flexibility to use existing cash flow to fund our exploration programmes whilst maintaining development momentum at Sega and Baomahun. We look forward to working with Samsung as we deliver our Company strategy to grow into a mid-tier producer through the development of our existing portfolio whilst looking at other accretive growth opportunities in the region."
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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