SEMAFO TSX-SMF
MONTREAL, Aug. 26 /CNW Telbec/ - SEMAFO Inc. (TSX: SMF) today announced
that it has received the mining permit for the Boulon Jounga zone at its
Samira Hill mine in Niger.
The Boulon Jounga permit covers 7 km2, with estimated reserves of 570,300
tonnes at an average grade of 2.38 g/t or 43,600 ounces of gold all in
saprolite ore. More precisely it contains 516,800 tonnes of proven reserves at
an average grade of 2.40 g/t or 39,900 ounces and 53,500 tonnes of probable
reserves at 2.13 g/t or 3,700 ounces of gold, as stated in the last technical
report dated March 30, 2009.
"The Samira Hill operation team has been pro-active in preparing for the
receipt of this permit," said Benoit Desormeaux, SEMAFO's Executive
Vice-President and COO. "Pre-stripping and hauling roads have been completed,
facilitating the commencement of mining activities in the Boulon Jounga pit."
SEMAFO has been the operator of the Samira Hill mine since 2004, during
which time the mine has produced more than 342,900 ounces of gold. Samira Hill
production is sold at spot market gold prices; with its hedge book having been
retired earlier this year.
Michel Crevier, P. Geo MScA, Geology Manager and Semafo's Qualified
Person, has duly reviewed this press release with regard to its accuracy as
well as its conformity with the Canadian National Instrument 43-101.
About SEMAFO
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.
Forward-looking Statements
This press release may contain forward-looking statements. These
forward-looking statements include, but are not limited to, statements
regarding the Company's expectations 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 to 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 Company's Annual Information Form and
other filings 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.
