Semafo Produces 54,500 Ounces of Gold in Q2
Montreal, Quebec, July 8, 2008 � SEMAFO (TSX: SMF) today announced that gold production for the second quarter ended June 30, 2008 totalled 54,500 ounces. Gold production was 17,200 from the newly constructed Mana mine, with 19,800 and 17,500 from the Samira Hill and Kiniero mines respectively. Total gold production for the first six months of 2008 reached 83,200 ounces compared to 59,200 for the same period last year.
Management is maintaining its previously announced guidance of 50,000 and 64,000 ounces of gold for the third and fourth quarters respectively. The third quarter gold production guidance takes into consideration the challenges of the West African rainy season and the commissioning of the 4,000 tonne-per-day ball mill at the Mana mine.
Production numbers are preliminary and may be subject to final adjustment. Further information will be published in the company�s second quarter operating and financial results to be released mid-August 2008.
Semafo is a Canadian-based mining company with gold production and exploration activities 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 principles and strengthening relationships to increase shareholder value.
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.
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