Semafo Awarded 5 Uranium Exploration Permits In Niger
Permits cover 2,375 km2 in the Arlit region
Montreal, Quebec, April 10, 2007 - SEMAFO (TSX - SMF) today announced it has been granted five uranium exploration permits by the Ministry of Mines of the Republic of Niger, West Africa. The permits, identified as ASA3, ASA4, GAC1, GAD2 and TEL1, covering 2,375 square kilometres, are strategically located in the favourable geological setting known as the Tim Merso� sedimentary basin, east of the Arlit fault. Figure 1 shows both the location and geology of the permits.
These initial permits are part of what will be a larger effort to increase Semafo's presence in uranium exploration in Niger. Semafo has been present since 2004 in Niger as an economic partner of the government through the Samira Hill gold mine which is a significant employer.
The Republic of Niger is the 4th largest uranium producer in the World following Canada, Australia and Kazakhstan. Since 1971, an industrial conglomerate has been operating two uranium mines, the Arlit and Akouta mines, with an estimated yearly production of 3,200 tonnes U and is currently developing the Imouraren mine, north of Semafo's permits area. The Chinese government has recently been awarded a series of permits attesting to the increased international interest in this geological setting.
Semafo will intensively explore this favourable ground with a dedicated team of experts. The investment represents a natural diversification of Semafo's portfolio of mining properties in West Africa and in Niger particularly.
"We are pleased to have selected Semafo for these valued permits thereby expanding our economic cooperation together" said His Excellency Hama Amadou, Prime Minister of Niger. "Increased uranium production is central to Niger's economic future and we look forward to Semafo assuming an important position in Niger's uranium industry as they have done for our gold sector".
The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol "SMF".
Figure 1. (CLICK HERE TO VIEW ORIGINAL PDF DOCUMENT)
FORWARD-LOOKING STATEMENTS
This press release contains � forward-looking statements �, including, but not limited to, the statements regarding the Company's expectations as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mine operating costs, fixed assets expenses, mineral reserve estimates and to the company's perspectives. Forward-looking statements express, as at the date of this press release, our estimates, forecasts, projections, expectations and beliefs as to future events or results. Forward-looking statements are reasonable, but involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves, risks related to the grade of reserves, risks related to hedging strategies, risks of delays in construction and requirements of additional financing.
Semafo is a mining company whose mission is to explore, develop and mine
major mineral deposits in West Africa. Semafo currently operates the Kiniero mine in Guinea,
the Samira Hill mine in Niger and the Mana project in Burkina Faso, currently in construction.
For more information contact :
SEMAFO:
Benoit La Salle
President & CEO
Tel : (514) 744-4408
Fax: (514) 744-2291
E-Mail : blasalle@semafo.com
SEMAFO:
Michel Cormier
Qualified Person
Tel: (514) 744-4408
Fax : (514) 744-2291
E-mail: mcormier@semafo.com
RENMARK :
Tina Cameron : tcameron@renmarkfinancial.com
Christopher Wells : cwells@renmarkfinancial.com
Tel : (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
MORE EXTENSIVE INFORMATION ON SEMAFO CAN BE FOUND ON OUR HOME PAGE AT HTTP://WWW.SEMAFO.COM