Channel Resources Ltd V.CHU

Ore Zone sells property......

[teevee]

I can't help but wonder if Orezone will come after CHU? Its cheap enough. February 3, 2012  Cluff Gold plc: Acquisition of New Burkina Faso Gold Project  LONDON, UNITED KINGDOM--(Marketwire - Feb. 3, 2012) - Cluff Gold ("Cluff Gold" or the "Company") (AIM:CLF)(TSX:CFG), the dual AIM/TSX-listed West African focused gold mining company, is pleased to announce that it has entered into a legally binding, conditional sale and purchase agreement (the "Agreement") with Orezone Gold Corporation ("Orezone") for the acquisition of the licences and associated property comprising Orezone's Sega Gold Project ("Sega"), located approximately 20km by road from Cluff Gold's Kalsaka project in Burkina Faso (the "Acquisition").  HIGHLIGHTS  /T/  =-  Acquisition of new gold licences located within trucking distance of     Kalsaka, hosting NI 43-101 compliant gold resources comprising 450,366oz     Indicated (8.3Mt at 1.69 g/t) and 147,344oz Inferred (2.9Mt at 1.58g/t)  =-  Consideration comprises 11 million new Cluff Gold ordinary shares and     US$15 million cash  =-  Opportunity to significantly increase the Kalsaka mine life with limited     upfront capital expenditure  =-  Detailed metallurgical test work completed by Orezone has indicated     average heap leach recoveries of 85% for oxide and transitional ore with     favourable agglomeration properties  =-  Preliminary Economic Assessment to commence immediately to confirm the     feasibility of a heap leach operation processing Sega's oxide and     transitional resources while maintaining a throughput at Cluff Gold's     Kalsaka plant in line with existing capacity of 1.6Mtpa  =-  Acquisition financed from Cluff Gold's existing cash resources which, as     at 31 December 2011, total US$28.9 million  =-  Completion remains conditional on standard closing conditions including     the approval of the Government of Burkina Faso and the approval of the     TSX.  /T/  Peter Spivey, Chief Executive of Cluff Gold, commented:  "The acquisition of the Sega gives Cluff Gold the opportunity to significantly increase the Kalsaka mine life with limited upfront expenditure, and enhances the potential for our Burkina Faso operations to continue to provide significant cash flow through the development and early production from our flagship development asset, Baomahun in Sierra Leone. This transaction brings us closer to establishing Cluff Gold as a leading West African focused gold producer."  Ron Little, CEO of Orezone, commented:  "This transaction adds significant value for both Orezone and Cluff Gold and will provide more immediate cash flow for the government of Burkina Faso. The sale provides Orezone with a significant non-dilutive financing to advance the development of its Bombore gold project while still allowing the opportunity to participate in the upside at Sega through an equity interest in Cluff Gold."