Cluff Gold plc: Completion of Offering

LONDON, March 14, 2012 - Cluff Gold (AIM:CLF) (TSX:CFG) is pleased to announce the successful completion of the offering announced yesterday (the "Offering").

A total of 25 million new ordinary shares of 1 pence each in the Company ("Shares") have been placed by a syndicate led by Collins Stewart Europe Limited and GMP Securities Europe LLP (the "Lead Managers"), with Clarus Securities Inc. and Casimir Capital L.P. as special selling group members (together with the Lead Managers collectively, the "Managers"), with institutions and other investors at a price of 92 pence per Share (the "Issue Price").

Based on the Issue Price, the gross proceeds of the Offering will be £23.0 million (approximately US$36.1 million). The Shares being issued pursuant to the Offering represent approximately 18.9 per cent. of the Company's issued ordinary share capital prior to the Offering.

Peter Spivey, Chief Executive of the Company, commented:

"I am delighted with the support for the Offering, which was oversubscribed, from both existing and new shareholders. This Offering will enable us to bring the newly acquired Sega project into production, accelerate the exploration programme at Yaoure, and maintain and enhance the funds available for the current exploration programmes at Kalsaka, Baomahun, Sega and Mamoudouya. It will also strengthen the Company's balance sheet and allow the Company to fully capitalise on the significant growth opportunities that exist across our asset portfolio."

The Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Application will be made for admission of the Shares to trading on AIM ("Admission") and to trading on the Toronto Stock Exchange. It is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on 21 March 2012 (the "Closing Date"). The closing of the Offering remains conditional upon, inter alia, the Placing Agreement entered into between the Company and the Managers dated 13 March 2012 not being terminated in accordance with its terms and receipt of customary subscription agreements from purchasers in the United States and Canada.

For the purposes of the Disclosure and Transparency Rules, the Company's total issued share capital following completion of the Offering will comprise 157,047,937 ordinary shares with one voting right per share. The Company has no shares in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

Cluff Gold is a gold developer-producer with assets in West Africa. The Company generates significant cash flow through its Kalsaka gold mine in Burkina Faso, and is exploring the significant sulphide potential at its Yaoure project in Côte d'Ivoire. The Company remains focused on its objective of becoming a mid-tier producer through the development of its wholly-owned Baomahun project in Sierra Leone, which is expected to contribute an additional 135,000oz of gold per annum, with significant exploration potential along strike. With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Côte d'Ivoire and Mali, the Company aims to further increase its production profile with its highly prospective exploration work across all assets. For more information, please visit www.cluffgold.com.



Contact Information

Cluff Gold plc
Peter Spivey, Chief Executive
+44 (0)20 7340 9790

Pete Gardner, Finance Director
+44 (0)20 7340 9790

Carrie Lun, Investor Relations Manager
+44 (0)20 7340 9790

Collins Stewart Europe Limited (Nominated
Adviser & Broker, London)
John Prior / Sebastian Jones / Joe Weaving
+44 (0)20 7523 8350

GMP Securities Europe LLP
David Wargo / Richard Greenfield / Mitch Limb
+44 (0)20 7647 2800

Clarus Securities Inc.
John Jentz / April Cuadra
+1 416 343 2777

Casimir Capital L.P.
Joseph Riggio / Samuel Grauer
+1 212 798 1383

Pelham Bell Pottinger Investor Relations (Global)
Charlie Vivian / James MacFarlane / Philippe Polman
+44 (0)20 7861 3232

Farm Street Communications Ltd
Press Relations (U.K.)
Simon Robinson
+44 (0) 7593 340 107