SEMAFO Mana Mine Construction Update
Montreal, Quebec, September 18, 2007 - Semafo Inc. (SMF-TSX) today provided a construction progress report for its Mana Gold project located in Burkina Faso.
Work is progressing on schedule and is summarized as follows:
-
Access roads to the mine and to the Wona and Nyafe pits have been completed
-
Construction of the base of the rompad is underway using waste material from pit preparation
-
Foundation work for the plant has essentially been completed.
-
Structural steel erection is ongoing with completion scheduled for early November
-
Installation of power generating equipment is well underway with completion scheduled for October.
-
Relocation of the villagers is progressing on schedule and approximately 95% complete.
-
Construction of on-site housing for expatriates and senior staff has been completed.
-
Office building, work shops and warehouses have all been completed.
-
Stripping of the Wona pit by our own staff and mining fleet is underway. More than 1,000,000 tonnes of material have been removed.
-
Waste materials from the Wona pit have been utilized in the construction of the water and tailings dams and the production road, in addition to the base of the rompad previously mentioned
-
Ore is presently accessible for mining from the Wona pit.
-
Stripping of the Nyafe pits will commence in October.
-
The water dam is completed and has begun accumulating water from rainfall.
-
Construction of the tailings dams is progressing on schedule with completion scheduled for early December.
-
Piping for pit dewatering between the Wona pit and the water dam has been installed.
-
The two water tanks and six CIL tanks have been installed.
-
Installation of the crushing circuit has past the midway point with completion scheduled for the end of October.
-
The apron feeder is being installed with completion scheduled for the end of October.
-
The elution equipment and regeneration kiln have arrived on site with installation scheduled to begin in October.
-
The 2,000 ton per day ball mill is schedule to arrive at port in Ghana later this month and be on site mid October.
-
The 4,000 ton per day ball mill is scheduled for shipment in December.
The Mana gold project is both fully permitted and fully funded. Commissioning is scheduled for year end. Construction updates will continue to be provided monthly. Site photography is updated and can be viewed via the internet at www.semafo.com.
About SEMAFO
Semafo is a Canadian-based mining company conducting exploration, development and production activities in West Africa. The Company currently operates two gold mines, the Kiniero mine in Guinea and the Samira Hill mine in Niger. A third mine, the Mana gold project in Burkina Faso, is under construction with plant commissioning scheduled for December 2007. Semafo is committed to evolve conscientiously to become a major player in its geographical area of interest, while maintaining values 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 
RENMARK :
TINA CAMERON : TCAMERON@RENMARKFINANCIAL.COM
CHRISTOPHER WELLS : CWELLS@RENMARKFINANCIAL.COM
TEL :  (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM  
|
Semafo Inc
|
|
PRODUCER |
CODE : SMF.TO |
ISIN : CA8169221089 |
|
| |
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. |