From the Ann:
Cluff is enthusiastic about establishing a mining operation in a country in which foreign
investment in mining has been negligible in the past, and potential for discovery is immense.
It is pressing ahead to take this vision to a reality. Countries such as India have potential for
the application of western exploration and mining methods to highly prospective geological
terrains comparable, in the case of India, to the Archean and Proterozoic terrains of Western
Australia, but to a large extent undeveloped.
Enthusiasm, however, must be tempered with reality, as there are real reasons why these
areas have not been commercially developed to date, many of which were identified in the
Independent Experts Report. Cluff is not prepared to recommend to its shareholders that
they invest in such a foreign exploration and mining operation until these factors are
understood, quantified, and the time frame within which they can be addressed is
understood.
Accordingly Cluff is pressing ahead aggressively and positively towards completing its due
diligence, and pulling together a commercial arrangement and work program which
minimises the risk factors, and has a good chance of achieving our aim of production in the
short term. This program is also aimed at giving us a strategic edge on further mining
opportunities which will inevitably develop in a country with as much mining potential as
India.
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