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SEMAFO Announces First Quarter 2012 Gold Production of 60,900 Ounces; Gold Sales for the Quarter Total $100.3 Million

Tuesday, April 10, 2012 9:38 AM


MONTREAL, QUEBEC--(Marketwire - April 10, 2012) - SEMAFO Inc. (TSX:SMF) (OMX:SMF) today announced production totalling 60,900 ounces of gold for the three-month period ended March 31, 2012. First quarter results include 48,000 ounces of gold produced at the Mana Mine in Burkina Faso, representing a six percent increase year over year.

The average realized gold price for the quarter was $1,710 per ounce, generating revenues of $100.3 million. This represents a 26% increase when compared to revenues of $79.4 million for the corresponding period in 2011.

"Mana continued its solid performance during the first quarter," said Benoit Desormeaux, Executive Vice-President and Chief Operating Officer. "We are adamant about sustaining our efforts to grow Mana's production while at the same time controlling costs. We are pleased that with production from our Mana and Samira Hill mines, we produced the same number of gold ounces as in 2011 when our three mines were in operation. SEMAFO's first quarter production is in line with our guidance."

The Corporation also announced that, as expected, operations have resumed at its Kiniero Mine in Guinea.

Management remains confident that the Corporation will attain its 2012 production guidance.

Production numbers are preliminary and are subject to final adjustment. All amounts are in US dollars unless otherwise indicated.

The Corporation's first quarter results for the three-month period ended March 31, 2012 will be released after TSX market open on Tuesday, May 15, 2012. 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.

Conference Call: Date: Wednesday, May 16, 2012
Time: 10:00 AM (EDT)
Tel. local & overseas: +1 (416) 981-9000
Tel. North America: 1 (800) 736-7549

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, Vice-President Exploration and Mine Geology and SEMAFO's Qualified Person, and Patrick Moryoussef, Vice-President Mining Operations.

The conference call will be archived for replay until June 5, 2012. To access the archived conference call, please dial 1 (800) 558-5253 and enter pass code 21588192 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 90 days.

About SEMAFO

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 "expect", "guidance", "remains confident", "will", "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 meet 2012 production guidance, 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 2011 Annual MD&A and 2011 Annual Information Form 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.

(Source: CCN )
(Source: Quotemedia)

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