Semafo gold reserves and resources increase by 10% to 4.4 M ounces



    TSX-SMF

    MONTREAL, March 5 /CNW Telbec/ - SEMAFO (TSX - SMF) announced today that
its total mineral reserves and resources as at December 31, 2006 total
4.4 million ounces. Using a gold price of US$550 per ounce, Semafo's total
proven and probable mineral reserves stand at 22,5 M tonnes at 2.83 g/t Au
representing 2 042 800 ounces compared to 1,973,300 ounces from 22.4 M tonnes
at 2.74 g/t reported as at December 31, 2005.
    In addition, the measured and indicated mineral resources increased by
343,000 ounces to stand at 47.3 M tonnes at 1.56 g/t Au representing
2 377 400 ounces of gold. Overall mineral reserves and resources total 69.8 M
tonnes at 1.97 g/t Au containing 4 420 300 ounces of gold. This represents a
10% increase over year-end 2005.

    
    Highlights (Refer to table1: Reserves and Resources Summary as of December
31, 2006)

    - Kiniero gold mine, Guinea

    Proven and probable mineral reserves total 3,169,000 tonnes at 4.28 g/t Au
containing 436,000 ounces of gold. This represents a 22% increase in total
ounces compared to 357,100 ounces as at December 31, 2005.
    Measured and indicated mineral resources increased by 4% to
8,841,800 tonnes at 2.67 g/t Au containing 758,800 ounces of gold compared to
733,300 ounces in total mineral resources at the end of year 2005.

    - Samira Hill gold mine, Niger

    Proven and probable mineral reserves total 10,120,100 tonnes at 2.16 g/t
Au containing 703,900 ounces of gold. This represents a 5% decrease in total
ounces compared to the 739,000 ounces declared at the end of year 2005.
    Measured and indicated mineral resources increased by 16% to
33,781,400 tonnes at a grade of 1.21 g/t Au containing 1,316,900 ounces of
gold compared to 1,133,300 ounces at the end of 2005.

    - Mana Gold Project, Burkina Faso

    Proven and probable mineral reserves for the Mana project currently under
construction total 9,196,700 million tonnes of ore containing 902,900 ounces
of gold, at an average grade of 3.06 g/t Au. This represents a 3% increase of
total ounces compared to the 877,200 ounces at the end of 2005.
    Additionally, the total mineral resources from both the Wona and Nyafe
deposits increased by 133,100 ounces or 80% totalling 4,660,500 tonnes at an
average grade of 2.01 g/t Au containing 301,700 ounces of gold.
    While a number of mineralized targets are currently being drilled, the
results are limited strictly to the Nyafe and Wona deposits.
    All calculations from the three properties were conducted with the support
of the Datamine mining software, using geologically-controlled block modelling
and estimation of the grades by ordinary kriging.


    Table 1-Reserves and Resources Summary as at December 31, 2006

                                               Samira-
                                   Kiniero     Libiri    Mana (2)-
    Mines & Projects                 Mine       Mine    Wona+Nyafe
                                      (2)       (2-3)     Burkina      Total
                                    Guinea      Niger      Faso
    -------------------------------------------------------------------------
    Proven Mineral Reserves (1)
    tonnes                       1,513,900  8,820,000  8,151,200  18 485 100
    grade (g/t Au)                    4.04       2.13       3.10        2.71
    ounces (thousands)(4)            196.4      605.1      812.8     1,614.3
    -------------------------------------------------------------------------
    Probable Mineral Reserves (1)
    tonnes                       1,655,100  1,300,100  1,045,500   4 000 700
    grade (g/t Au)                    4.50       2.36       2.68        3.33
    ounces (thousands)(4)            239.6       98.8       90.1       428.5
    -------------------------------------------------------------------------
    Total Mineral Reserves (1)
    tonnes                       3,169,000 10,120,100  9,196,700  22 485 800
    grade (g/t Au)                    4,28       2.16       3.06        2.83
    ounces (thousands)(4)            436.0      703.9      902.9     2,042.8
    -------------------------------------------------------------------------
    Measured Mineral Resources
    tonnes                       2,564,900 14,082,400  2,087,100  18,734,400
    grade (g/t Au)                    2.62       1.23       1.99        1.51
    ounces (thousands)(4)            216.1      555.7      133.7       905.5
    -------------------------------------------------------------------------
    Indicated Mineral Resources
    tonnes                       6,276,900 19,699,000  2,573,400  28 549 300
    grade (g/t Au)                    2.69       1.19       2.03        1.60
    ounces (thousands)(4)            542.7      761.2      168.0     1,471.9
    -------------------------------------------------------------------------
    Total Mineral Resources
    tonnes                       8,841,800 33,781,400  4,660,500  47,283,700
    grade (g/t Au)                    2.67       1.21       2.01        1.56
    ounces (thousands )(4)           758.8    1,316.9      301.7     2,377.4
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total Mineral Reserves and
     Resources
    tonnes                      12,010,800 43,901,500 13,857,200  69,769,500
    -------------------------------------------------------------------------
    grade (g/t Au)                    3.09       1.43       2.71        1.97
    -------------------------------------------------------------------------
    (thousands of ounces) (4)      1,194.8    2,020.8    1,204.6     4,420.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Inferred Mineral Resources
    tonnes                       1,520,500 14,073,300  6,676,700  22 270 500
    grade (g/t Au)                    3.26       1.03       2.07        1.49
    ounces (thousands) (4)           159.4      466.3      444.8     1,070.5

    (1)  Mineral reserves are reported as in-situ, without consideration for
         metallurgical and mining recoveries.
    (2)  Mineral reserves and resources at Kiniero, Samira-Libiri and Mana
         at US$550/ounce;
    (3)  Mineral reserves and resources at Samira-Libiri represent 100% of
         SML's total resources
    (4)  Rounding of numbers to the nearest hundred of tonnes may introduce
         slight differences in the figures representing the ounces contained.


    Semafo is committed to pursue aggressive exploration programs on its
properties spending US$10M in 2007 to rapidly expand its reserve and resource
base.
    The mineral reserves and mineral resources estimations reported above are
documented in conformity with Canadian National Instrument 43-101. The
estimations are based on technical reports that will be filed on SEDAR. Michel
Cormier, geological engineer, Semafo's Qualified Person was assisted by Michel
Crevier, geologist and Director of geology to supervise the preparation of the
technical reports on Kiniero, Samira and Mana. Each has reviewed this press
release for accuracy and confirmed that the information relating to mineral
reserves and mineral resources outlines above derived from technical reports
prepared for Semafo by experienced mining geologists under their technical
supervision.
    The common shares of Semafo are traded on The Toronto Stock Exchange under
the symbol "SMF".

    FORWARD-LOOKING STATEMENTS

    This press release contains "forward-looking statements", including, but
not limited to, the statements regarding the Company's expectations as to the
market price of gold, strategic plans, future commercial production,
production targets, timetables, mine operating costs, fixed assets expenses,
mineral reserve estimates and to the company's perspectives. Forward-looking
statements express, as at the date of this press release, our estimates,
forecasts, projections, expectations and beliefs as to future events or
results. Forward-looking statements are reasonable, but involve a number of
risks and uncertainties, and there can be no assurance that such statements
will prove to be accurate. Therefore, actual results and future events could
differ materially from those anticipated in such statements. Factors that
could cause results or events to differ materially from current expectations
expressed or implied by the forward-looking statements include, but are not
limited to, factors associated with fluctuations in the market price of
precious metals, mining industry risks, uncertainty as to calculation of
mineral reserves, risks related to the grade of reserves, risks related to
hedging strategies, risks of delays in construction and requirements of
additional financing.

    Semafo is a mining company whose mission is to explore, develop and mine
    major gold deposits in West Africa. Semafo currently operates the
    Kiniero mine in Guinea, the Samira Hill mine in Niger and the Mana
    project, under construction, in Burkina Faso

    NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
    RELEASE
    




For further information:

For further information: MONTREAL: Benoit La Salle, President & CEO,
(514) 744-4408, blasalle@semafo.com; MONTREAL: Michel Cormier, Geological
Engineer, Qualified Person, (514) 744-4408, mcormier@semafo.com; RENMARK:
Christopher Wells: cwells@renmarkfinancial.com; Neil Murray-Lyon:
nmurraylyon@renmarkfinancial.com; (514) 939-3989; www.renmarkfinancial.com;
More extensive information on Semafo can be found on our home page at
http://www.semafo.com

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