MONTREAL, QUEBEC--(Marketwire - April 11, 2011) - SEMAFO (News - Market indicators) today announced a total gold production of 60,000 ounces for the first quarter 2011 compared to 65,800 ounces for the same period in 2010. Production at Mana totaled 45,000 ounces for the quarter, an increase of 9% over to the same period last year.
Gold sales for the quarter were 56,700 ounces at an average realized gold price of $1,400 per ounce for revenues of $79.4 million. This compares to 57,200 ounces at an average realized gold price of $1,111 per ounce for revenues of $63.5 million for the corresponding period in 2010, representing a 25% increase year over year.
"First quarter production is in line with both budget and our 2011 guidance," said Benoit Desormeaux, Executive Vice-President and Chief Operating Officer. "We expect increased production as our production budget is stronger for the last three quarters of the year."
"The average realized gold price for the quarter was $1,400 per ounce, $14 per ounce above the London Gold Fix (PM)," said Benoit La Salle, SEMAFO's President and Chief Executive Officer. "Our average realized gold price increased by $289 per ounce over the first quarter of 2010."
The Corporation's first quarter results for the three-month period ended March 31, 2011 will be released after market close on Monday, May 30, 2011. The financial statements will be available on the Corporation's website at www.semafo.com or at www.sedar.com.
SEMAFO will host a conference call to discuss the results, as well as to provide an update on operations.
||Tuesday, May 31, 2011|
||10:00 AM (ET)|
||Tel. local & overseas:
||(416) 981 9000|
||Tel. North America:
||1 (800) 750 5857|
The conference call will feature Benoit La Salle, President and Chief Executive Officer, Benoit Desormeaux, Executive Vice-President and Chief Operating Officer, Martin Milette, Chief Financial Officer, Michel Crevier, SEMAFO's Geology Manager and Qualified Person, and Patrick Moryoussef, Mining Operations Manager.
The conference call will be archived for replay until June 29, 2011. To access the archived conference call, please dial 1 (800) 558 5253 and enter pass code 21484273 followed by the number sign (#).
A live audio webcast of the conference can be accessed through SEMAFO's website at www.semafo.com. The webcast will be available for replay for a period of 60 days.
Production numbers are preliminary and may be subject to final adjustment. Further information will be published in the Corporation's first quarter operating and financial results to be released on May 30, 2011.
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company 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 "guidance", "expect", "stronger", "evolve", "become", "pursuing" 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 final adjustments to our production numbers, 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 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.