MONTREAL, Feb. 14 /CNW Telbec/ - SEMAFO (TSX-SMF) and Govi High-Power
Exploration Inc. (GoviEx) announced today that they have entered into a
definitive agreement to combine their uranium interests and to create an
Africa-focused uranium exploration, development and production company.
As part of the transaction, SEMAFO will exchange all of its shares of
SEMAFO Energy Barbados in consideration of the issuance of 10,000,000 common
shares of GoviEx. After closing, SEMAFO will hold approximately 12% of GoviEx.
The transaction is subject to all necessary regulatory approvals, closing is
expected within 30 days.
"We are pleased to be combining our assets with those of SEMAFO," said
Govind Friedland, GoviEx's Chief Executive Officer. "SEMAFO has built a world
class technical and management team with more than 250 years of combined
uranium exploration and operating experience."
GoviEx is a private international resource company expanding its uranium
activities in Africa and planning to develop several of its advanced-stage
uranium exploration projects in Niger. SEMAFO's Chairman Jean Lamarre,
President and Chief Executive Officer Benoit La Salle and SEMAFO Energy's
President Patrick de Saint Simon have been invited to join the GoviEx Board of
Directors and its subsidiaries, as appropriate, to ensure that all levels of
governance at GoviEx benefit from their expertise.
"This transaction combines our exploration permits with GoviEx's
principal asset, the Madaouela uranium project in Niger," said Mr. La Salle.
"The team will move rapidly to develop a mining operation at Madaouela."
GoviEx is a private mining company focused on exploration, development
and production from the high-grade Madaouela uranium deposits
(+0.2%-0.3% U308) in the West African nation of Niger. GoviEx's advanced-stage
properties are located within 10 kilometres of the Areva mines Somair/Cominak
- which currently account for 100% of Niger's uranium production. Niger is the
world's fourth-largest uranium producer, accounting for approximately 9% of
Semafo is a Canadian-based mining company with gold production and
exploration activities located in West Africa. The Company currently operates
two gold mines with a third, the Mana mine in Burkina Faso, entering
production. Semafo is committed to evolve in a conscientious manner to become
a major player in its geographical area of interest, while maintaining values
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 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 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
For further information:
For further information: SEMAFO: Benoit La Salle, President & CEO, (514)
744-4408, firstname.lastname@example.org; GoviEx (North America): Matthew Hornor, (604)
331-9895; (Singapore): Robert Saunders, +65.9235.0410; Renmark Financial
Communications Inc.: Tina Cameron: email@example.com; Eric
St-Pierre: firstname.lastname@example.org, (514) 939-3989, Fax: (514)