MONTREAL, QUEBEC--(Marketwire - Jan. 11, 2012) - SEMAFO Inc. (News - Market indicators)(OMX:SMF) announced today that the Corporation has met its annual guidance objectives with production totalling 250,100 ounces of gold for the year ended December 31, 2011, despite the setbacks at the Kiniero Mine in the fourth quarter. Mana spearheaded operations with an annual production of 187,800 ounces of gold, representing an increase of 4.5% year over year for the property. Significant efforts by the Samira Hill operations team led the way to a strong fourth quarter and best performance of the year for the mine.
"Our average realized gold price was $1,694 per ounce for the fourth quarter and $1,586 per ounce for the year," said Benoit La Salle, SEMAFO's President and Chief Executive Officer. "Gold sales for the year totalled 249,600 ounces, resulting in the Corporation's best ever annual revenues of $396 million."
"Operationally we continue to demonstrate our ability to deliver on our promises by repeatedly meeting production guidance," said Benoit Desormeaux, SEMAFO's Executive Vice-President and Chief Operating Officer. "It is a direct result of our efficient and effective operations teams, who continue to demonstrate their ability to deliver solid results, while maintaining the highest operational standards. This, combined with our development group, who design, procure, build and expand facilities on time and on budget are the cornerstone of our corporation's ongoing success."
Cash operating cost is anticipated to be in line with the Corporation's guidance of between $595 and $645 per ounce.
Production numbers are preliminary and are subject to final adjustment. All amounts are in US dollars unless otherwise indicated.
SEMAFO will release its fourth quarter and 2011 year-end financial results on or about March 14, 2012. The Corporation will also host a conference call to discuss the results, the details of which will be announced at a later date.
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation currently operates three gold mines: the Mana Mine in Burkina Faso, the Samira Hill Mine in Niger and the Kiniero Mine in Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "promises", "ongoing", "anticipated", "guidance", "preliminary", "adjustment", "committed", "evolve", "become", "pursuing", "growth", "opportunities" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to continue meeting production guidance, the ability to continue to build and expand facilities on time and on budget, the ability of our cash operating cost to be in line with our guidance of between $595 and $645 per ounce, the final adjustment to our production numbers, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2010 Annual MD&A and 2010 Annual Information Form, as updated in SEMAFO's 2011 First Quarter MD&A, 2011 Second Quarter MD&A and 2011 Third Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
The above information has been made public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act.