SEMAFO GRANTED WEST BALAN MINING LICENSE
Montreal, Quebec, January 10, 2008 - SEMAFO (TSX-SMF) today announced that a license has been granted to carry out mining in the West Balan area at its Kiniero gold mine in Guinea. The license covers an area of 47 km2. With the license granted, the Company is now proceeding with the removal and processing of mineralized material from West Balan.
The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol "SMF".
Semafo is a Canadian-based mining company with gold production and exploration activities located in West Africa. The Company currently operates two gold mines with a third, the Mana mine in Burkina Faso, in the latter stages of construction. Semafo is committed to evolve in a conscientious manner to become a major player in its geographical area of interest, while maintaining values and strengthening relationships to increase shareholder value.
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:
BENOIT LA SALLE,
PRESIDENT & CEO
TEL :&NBSP; (514) 744-4408
E-MAIL :&NBSP; BLASALLE@SEMAFO.COM&NBSP;
RENMARK&NBSP;FINANCIAL COMMUNICATIONS INC.
TINA CAMERON : TCAMERON@RENMARKFINANCIAL.COM
ERIC ST-PIERRE : ESTPIERRE@RENMARKFINANCIAL.COM
TEL :&NBSP; (514) 939-3989
FAX: (514) 939-3717