Semafo Reports First Quarter 2007 Financial Results

Montreal, Quebec, May 10, 2007. - SEMAFO (TSX - SMF) today reported its operating results for the three-month period ended March 31, 2007.   All amounts referenced are in US dollars except as otherwise stated.

Highlights

¹ Cash flow from operating activities excludes changes in non-cash working capital items and settlement of liabilities related to asset retirement obligations for property, plant and equipment.
² Non GAAP measures.
³ The 2006 amounts are restated since the company adopted CICA EIC-160 - 'Stripping Costs Incurred in the Production Phase of a Mining Operation''. 

• Gold production of 29,000 ounces in the first quarter of 2007  
• Net loss of $3,233,000 in the first quarter of 2007, including an unrealized loss of $3,350,000 following the changes to fair value of financial instruments
• Production cost steady at $23 / tonne processed
• Cash flow from operating activities of $3,871,000
• Granted the exploitation permit for the Mana project
• Closing of a $45,000,000 loan for the Mana project
• Settlement of gold sales contracts, representing 45,000 ounces
• Achievement of significant energy cost savings in Niger by joining the national power grid  
• Awarded 5 uranium permits in Niger 

Results for the three-month period ended March 31, 2007

For the three-month period ended March 31, 2007, Semafo presents a net loss of $3,233,000 or $0.02 per share, compared to a net loss of $1,659,000 or $0.01 per share for the corresponding period in 2006.  This increase is mainly due to the unrealized loss on our gold sales contract for $3,350,000 during the first quarter 2007 following the application of the accounting policy on financial instruments as at January 1, 2007.

During the first quarter of 2007, gold sales totalled $18,576,000 corresponding to the sale of 28,100 ounces of gold at an average price of $661 per ounce. For the same period in 2006, gold sales totalled $13,087,000 corresponding to the sale of 30,000 ounces of gold at an average price of $417 per ounce. The average price increase is the result of the market gold price increase.

Kiniero - Mining Operations for the three-month period ended March 31, 2007

During the three-month period ending March 31, 2007, we produced 8,600 ounces of gold at a cash operating cost of $498 per ounce compared to 13,100 ounces at a cash operating cost of $382 per ounce over the same period in 2006. This reduction of ounces produced and the variation of the cash operating cost per ounce is mainly attributable to the processing of lower grade ore in 2007 versus 2006. The cash operating cost per tonne of ore processed is $31 in 2007, compared to $33 in 2006. The reduction in cash operating cost per tonne is derived mainly from the savings realized following the replacement of the mining contractor by our own mining fleet. This approach offers greater availability and efficiency and thus a larger extraction capacity. These savings were partially offset by the increase of stripping ratio and by the increase in fuel and reagent prices that the mining industry has incurred over the last year.

Samira Hill - Mining Operations for the three-month period ended March 31, 2007

We produced 20,400 ounces of gold at Samira Hill during the first quarter of 2007 at a cash operating cost of $431 per ounce compared to 20,200 ounces during the first quarter of 2006 at a cash operating cost of $349 per ounce. The increase in the cash operating cost per ounce is caused essentially by the reduction of the grade of the ore processed. The cash operating cost per tonne of ore processed is $21 in 2007, compared to $19 for the same period in 2006. This increase is mainly due to the additional blasting work and the increase in fuel and reagent prices. The savings brought by the national power grid that services the Samira Hill mine, which allows for monthly savings of approximately $100,000, in part compensates this increase.

Consolidated interim financial statements and the Management's discussion and analysis for the three-month period ended March 31, 2007 are available on the Semafo website at www.semafo.c om and on the SEDAR website at www.SEDAR.com.

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.

The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol "SMF".

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 :

MONTREAL:
Benoit La Salle
President & Chief Executive Officer
Tel :  (514) 744-4408
E-Mail :  blasalle@semafo.com 

MONTREAL:
Benoit Desormeaux
Chief Operation Officer
Tel:  (514) 744-4408
E-mail: bdesormeaux@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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