Semafo Inc. - Mana Mine Construction Update
Montreal, Quebec, July 16, 2007. - Semafo Inc. (SMF :TSX) today provided an update on construction progress at its Mana Gold project located in Burkina Faso.
Work is progressing on schedule and is summarized as follows:
Principal road construction has been completed.
Foundations for the plant are 95% completed.
Structural steel for the plant is on site and the erection process underway.
Power generating equipment is on site and currently being installed.
Relocation of the Somona village is progressing on schedule having reached 50% of completion.
Site housing for expats and senior staff are well advanced with 51 of the 67 homes available for occupancy.
The administration building is completed.
Stripping of the Wona pit using our own staff and mining fleet is well advanced. A total of 800,000 tonnes of material have been removed and partly used for construction of the water and tailings dams.
Stripping of the Nyafe pit will commence this month.
The water dam is nearing completion and has begun accumulating water from rainfall.
Tailing dam construction is progressing on schedule.
Two water tanks and two of the six CIL tanks are installed. Completion is scheduled in July.
The crushing circuit is presently being delivered on site.
The apron feeder is scheduled for delivery in August.
The elution package and regeneration kiln are scheduled for delivery in August.
The 2,000 ton per day ball mill is scheduled for delivery in September.
The 4,000 ton per day ball mill is scheduled for delivery in December.
The Mana gold project is both fully permitted and fully funded. Commissioning is scheduled for year end.
The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol "SMF".
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 acc
urate. 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 :
BENOIT LA SALLE, PRESIDENT & CEO
TEL :&NBSP; (514) 744-4408
FAX:&NBSP; (514) 744-2291
E-MAIL :&NBSP; BLASALLE@SEMAFO.COM&NBSP;
TINA CAMERON : TCAMERON@RENMARKFINANCIAL.COM
CHRISTOPHER WELLS : CWELLS@RENMARKFINANCIAL.COM
TEL. :&NBSP; (514) 939-3989
FAX: (514) 939-3717
MORE EXTENSIVE INFORMATION ON SEMAFO CAN BE FOUND ON OUR HOME PAGE AT HTTP://WWW.SEMAFO.COM