CFR 0.00% 0.6¢ cluff resources pacific nl

cluff resources

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    News Story

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    23/05/2003 15:59:29
    Ruby negotiations with Consolidated Press Holdings Ltd

    CLUFF RESOURCES PACIFIC NL 2003-05-23 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    The Company is pleased to report that it is in negotiation with
    Consolidated Press Holdings Ltd with regard to developing a ruby
    mining industry at its Gloucester Ruby Project, north of Sydney.

    Discussions over the last couple of months to develop the ruby
    project have reached an advanced stage. The Companyhopes that an
    agreement on the project can be settled next week.

    The discussions provide for Cluff to carry out mining on the deposit,
    initially at a rate of 150 tonnes per day, yielding about 10,000
    carats of rough ruby per week. Ruby production from the mine will be
    purchased by Consolidated Press Holdings Ltd.

    The economics of mining determined from this operation will then be
    evaluated with a view to substantially raising the throughput and
    profitability of the mine.

    P Kennewell
    MANAGING DIRECTOR



 
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