Cluff makes £200,000 profit

Cluff Gold boss Algy Cluff has cut his stake in the West Africa-focused mining company. The company's chairman and chief executive raised £280,000 from the sale of 400,000 shares, which he obtained through exercising options at 20p a share. That means that he made a £200,000 profit on the shares.

Cluff still owns 1.87m shares in the company. He also holds 850,000 options.

Last month, Cluff announced that the Angovia mine in the Cote d'Ivoire has completed its commission phase. This means the Cluff has mines in production at Angovia and Kalsaka in Burkina Faso.

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Cluff has set a target for the year end production rate of 100,000 ounces a year from the two projects. Seymour Pierce expects Cluff to make a profit this year. A full year at that production rate will generate significant amounts of cash for the business.

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