Semafo Inc. - Mana Mine Construction Update
Montreal, Quebec, May 8, 2007. - Semafo Inc. (SMF: TSX) today provided an update on the construction progress at its Mana Gold project in Burkina Faso. The update is based on the status of construction at the end of April 2007.
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Principal road construction, including 8km of the 10km road to the Nyafe pit, is completed
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Foundation works for the plant are near completion.
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Steel erection is scheduled to commence in the first week of June. Structural steel for the project is currently being fabricated in Senegal.
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All plant equipment including the laboratory has been ordered.
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Relocation of the Somona village is undergoing and is scheduled for completion in September.
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Drilling of the water wells for pit dewatering and plant supply is completed.
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Stripping of the Wona pit has begun using our own mining fleet and operators.
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Waste material from the Wona pit is being used for the water dam and tailings dam currently under construction.
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The power generating equipment is in transit and scheduled to arrive on site this month.
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First deliveries of the CIL tanks are scheduled to arrive on site in early July.
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The crushing circuit is scheduled to arrive on site in June.
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The apron feeder is scheduled for delivery in August.
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The elution package and regeneration kiln are scheduled for delivery in early August.
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The 2,000 ton per day temporary ball mill is scheduled for delivery in September.
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The 4,000 ton per day permanent ball mill is scheduled for delivery in December.
Funding of the US$70M capital expenditures for the Mana Gold project is via existing corporate cash resources and a five year US$45M term loan from Natixis Banque Populaires. The Mana gold project is fully permitted. Commissioning of the plant is scheduled for year end.
The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol "SMF".
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 gold deposits in West Africa. Semafo currently operates the Kiniero mine in Guinea,
the Samira Hill mine in Niger and is developing the Mana project in Burkina Faso
FOR MORE INFORMATION CONTACT :
SEMAFO:
BENOIT LA SALLE
PRESIDENT & CEO
TEL :  (514) 744-4408
FAX:  (514) 744-2291
E-MAIL :  BLASALLE@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
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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. |