Another Strong Quarter for Semafo
Q3 Gold Production Totals 55,300 Ounces
Montreal, Quebec, October 7, 2008 � SEMAFO (TSX: SMF) today announced that gold production for the third quarter ended September 30, 2008 totaled 55,300 ounces, 26,800 ounces of which were produced at the newly constructed Mana mine.
�The Mana mine is making a strong contribution to our overall gold production results and Kiniero�s operational turnaround has exceeded expectations,� said Benoit Desormeaux, Executive Vice-President and COO. �Production remained strong during the third quarter, notwithstanding the challenges brought forth by the commissioning of the large ball mill at Mana. This is a testimony to the strength and determination of our operations teams.�
�We remain committed to increase shareholder value and accelerate growth through the strategic management of our existing operations and the pursuit of opportunities that may arise as a result of current financial market volatility,� said Benoit La Salle, President and CEO, �Despite a turbulent economic environment and the decline in the average spot price of gold during the three-month period, our average gold sale price was $850 per ounce in Q3. Our management and operations teams have delivered production results, which exceed guidance once again and we anticipate another solid quarter when our earnings results are released in mid-November.�
Management has increased its 2008 annual production guidance to between 185,000 to 195,000 ounces of gold. This increase is mainly due to production gains at the Kiniero mine and the successful start-up of the Mana mine.
Production numbers are preliminary and may be subject to final adjustment. Further information will be published in the Company�s third quarter operating and financial results to be released in mid-November, 2008.
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
Sofia St Laurent
Communications
Tel: (514) 744-4408
E-mail: sstlaurent@semafo.com
Renmark Financial Communications Inc.
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. |