MONTREAL, Oct. 7 /CNW Telbec/ - SEMAFO (TSX: SMF) today announced that
gold production for the third quarter ended September 30, 2008 totaled
55,300 ounces, 26,800 ounces of which were produced at the newly constructed
"The Mana mine is making a strong contribution to our overall gold
production results and Kiniero's operational turnaround has exceeded
expectations," said Benoit Desormeaux, Executive Vice-President and COO.
"Production remained strong during the third quarter, notwithstanding the
challenges brought forth by the commissioning of the large ball mill at Mana.
This is a testimony to the strength and determination of our operations
"We remain committed to increase shareholder value and accelerate growth
through the strategic management of our existing operations and the pursuit of
opportunities that may arise as a result of current financial market
volatility," said Benoit La Salle, President and CEO, "Despite a turbulent
economic environment and the decline in the average spot price of gold during
the three-month period, our average gold sale price was $850 per ounce in Q3.
Our management and operations teams have delivered production results, which
exceed guidance once again and we anticipate another solid quarter when our
earnings results are released in mid-November."
Management has increased its 2008 annual production guidance to between
185,000 to 195,000 ounces of gold. This increase is mainly due to production
gains at the Kiniero mine and the successful start-up of the Mana mine.
Production numbers are preliminary and may be subject to final
adjustment. Further information will be published in the Company's third
quarter operating and financial results to be released in mid-November, 2008.
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.
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, email@example.com; Sofia St Laurent, Communications, (514)