Semafo Announces Inauguration of its Mana Mine
Montreal, Quebec, July 2, 2008 � SEMAFO (TSX: SMF) today announced that on June 30th, 2008 the Company hosted the official inauguration of its Mana mine in Burkina Faso. His Excellence Mr. Tertius Zongo, Prime Minister of Burkina Faso presided over the ceremony along with Semafo�s President and CEO, Benoit La Salle. Government officials from Burkina Faso and Canada along with members of the media and invited guests attended the event.
�This was a very special day for the entire Semafo team,� said Benoit La Salle. �This inauguration is the culmination of the efforts of hundreds of individuals over many years. It is a testimony to the outstanding contributions of our valued employees, working together in collaboration with contractors, suppliers and government officials for the project�s overall success. Mana will undoubtedly become a showcase for Semafo and Burkina Faso moving forward.�
�We are please d and proud of the smooth, successful ramp-up of the Mana mine and remain positive that we will meet our 2008 production guidance of 60,000 � 70,000 ounces,� said Benoit Desormeaux, Executive Vice-President and COO. �Our ongoing commitment to best practices and corporate responsibility is fundamental to the continued success at Mana and all of our operations.�
Mana is Semafo�s newest mine located in Burkina Faso, approximately 200 km west of the capital Ouagadougou. The Mana mine�s first gold pour took place on March 31, with commercial production declared during the second quarter 2008. Mana has a total of 924,600 ounces of gold mineral reserves, 317,800 ounces of measured and indicated resources and 1,867,100 ounces of inferred resources. The Mana start-up marked the third time Semafo has successfully brought a West African gold project into production.
About SEMAFO
Semafo is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines in Burkina Faso, Niger and Guinea. Semafo is committed to evolve in a conscientious manner to become a major player in its geographical area of interest, while maintaining principles and strengthening relationships to increase shareholder value.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding expectations of the Company as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mining operating expenses, capital expenditures, and mineral reserve and resource estimates. Forward-looking statements involve known and unknown risks and uncertainties and accordingly, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves and resources, risks related t o hedging strategies, risks of delays in construction, requirements of additional financing and other risks described in the Company�s documents filed from time to time with Canadian securities regulatory authorities. Although the Company is of the opinion that these forward-looking statements are based on reasonable assumptions, those assumptions may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements. Readers can find further information with respect to risks in the Annual Information Form of the Company and other filings of the Company with Canadian securities regulatory authorities available at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
For more information contact :
SEMAFO:
Benoit La Salle,
President & CEO
Tel : (514) 744-4408
E-Mail : blasalle@semafo.com
Renmark Financial Communications :
Maurice Dagenais : mdagenais@renmarkfinancial.com
Jason Roy : jroy@renmarkfinancial.com
Tel : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
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Semafo Inc
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PRODUCER |
CODE : SMF.TO |
ISIN : CA8169221089 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Semafo is a gold producing company based in Canada. Semafo holds various exploration projects in Burkina Faso. Its main assets in production are KINIERO in Guinea, SAMIRA HILL in Niger and MANA in Burkina Faso. Semafo is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.5 billions as of today (US$ 1.1 billions, € 1.0 billions). Its stock quote reached its lowest recent point on December 14, 2001 at CA$ 0.10, and its highest recent level on September 16, 2011 at CA$ 10.00. Semafo has 324 860 000 shares outstanding. |