cfr announcement, page-5

This doesn't loo like the thing you'd announce a week before the AGM if it wasn't serious!

See Below.... hence the prise run, and suggesting the deal is on the way would also stop them getting a speeding ticket from the ASX.

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 Company hopes 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