2007 FINANCIAL RESULTS
Gold production up by 12%
Montreal, Quebec, March 25, 2008 - SEMAFO (TSX: SMF) today reported its financial and operational results for the year ended December 31, 2007. All amounts are in US dollars unless otherwise stated. A conference call will be held Wednesday March 26, 2008 at 10:00 a.m. (E.S.T) to discuss the year end results. Details to access the call can be found on the home page of the Company's website at www.semafo.com. Semafo's consolidated financial statements together with Management's Discussion and Analysis are available on its website or at www.sedar.com.
HIGHLIGHTS
Financial
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Cash flows from operating activities of $10,245,000
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Net loss of $23,110,000 in 2007 including an unrealized loss of $17,923,000 resulting from the mark to market of financial instruments
Operations
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Gold production totalled 106,400 ounces in 2007, up 12% from 2006
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Significant progress was made on Mana mine construction, including obtaining the mining convention
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Drilling began on high-potential extensions of the Wona structures in Burkina Faso and the SE horizon of the Libiri pit in Niger
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The permit was obtained for West Balan in Guinea
Reserves and Resources (compliant with national Instrument 43-101)
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Reserves and resources at Semafo totaling 4,252,100
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A 420% increase of inferred resources at Mana totaling 1,867,100 ounces
Production
The Samira Hill Mine produced, in accordance with budget, a total of 79,300 ounces of gold in 2007 at a cash operating cost of $425 per ounce compared to 47,600 ounces, for the same period in 2006, at a cash operating cost of $397 per ounce.
The Kiniero mine produced a total of 27,100 ounces of gold in 2007 at a cash operating cost of $707 per ounce compared to 47,200 ounces at $407 for the same period in 2006.
Geological issues at Kiniero contributed to the underperformance of this property in 2007. The structures identified for mining contained lower than anticipated mineralization. Definition drilling together with geological and ore genesis studies ascertained lower grade structures of second order in the mineralization process owing to swarms of much finer veins creating internal dilution.
In order to return the mine to acceptable production levels, a series of initiatives and detailed action plans were undertaken in the third quarter, mainly reorienting the main mill feed source to first order structures such as West Balan.
Exploration
The main objective of the 2007 exploration program at Mana was to develop new targets in the vicinity of the Wona and Nyaf� deposits as well as new targets in close proximity to the Mana Mine.
Exploration carried out in 2007 demonstrated the potential for extension over 1,300 meters. Moreover, deep drilling in the north of Wona lead to significant increase of inferred resources totaling 1,867,100 ounces at the end of 2007.
In Niger, the main objective of the 2007 exploration program was to replace reserves and to increase resources mainly in the Libiri zone.
Exploration highlighted a considerable extension of the Samira Horizon which allowed for the addition of two new zones in the resource category.
As at December 31, 2007, our mineral reserves at Samira stand at 735,900 ounces of gold compared to 703,900 ounces in 2006, resulting in an increase of 21 % considering reserves mined in 2007.
The 2007 exploration program at Kiniero focused mainly on the development of advanced targets located in close proximity of the existing deposits with the objective of increasing the mineral reserves and resources.
An important RC drilling program confirmed extension to the West Balan structure over a total of 1,100 meters and the structure is still open to the south west.
As at December 31, 2007, Kiniero presents a decrease of its mineral reserves which is mainly related to the review of the geological interpretation following 2007 geological challenges.
About SEMAFO
Semafo is a Canadian-based mining company with gold production and exploration activities located in West Africa. The Company currently operates three gold mines in Burkina Faso, Niger and Guinea. 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.
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 FINANCIAL COMMUNICATIONS INC. :
MAURICE DAGENAIS : MDAGENAIS@RENMARKFINANCIAL.COM
ERIC ST-PIERRE : ESTPIERRE@RENMARKFINANCIAL.COM
TEL :  (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM