February 07, 2008 09:37 ET

SEMAFO Reports Operating Results for 2007 and Guidance for 2008

MONTREAL, Feb. 7 - SEMAFO (TSX - SMF) today announced that
fourth quarter 2007 gold production was 26,700 ounces, an increase of 24% over
the same period in 2006. Gold production totaled 106,400 ounces in 2007. For
the year, Samira Hill was within guidance range, producing 79,300 ounces,
however Kiniero fell below guidance, producing 27,100 ounces due to geological


For the three months For the twelve months
ended December 31, ended December 31,
--------------------- ----------------------
OPERATING RESULTS 2007 2006 2007 2006
--------- ---------- ---------- ----------
Ore mined (tonnes) 475,800 316,700 1,595,000 1,098,600
Ore processed (tonnes) 420,700 226,900 1,510,500 880,600
Head grade(g/tonne) 2,06 2,29 1,99 2,14
Recovery (%) 77 78 83 80
Gold production (ounces) 20,000 12,700 79,300 47,600

Samira Hill operations achieved plan in 2007. It is estimated that
Samira Hill will produce between 68,000 - 73,000 ounces of gold in 2008.


For the three months For the twelve months
ended December 31, ended December 31,
--------------------- ----------------------
OPERATING RESULTS 2007 2006 2007 2006
--------- ---------- ---------- ----------
Ore mined (tonnes) 93,300 148,800 384,500 458,500
Ore processed (tonnes) 131,100 138,500 465,100 576,200
Head grade(g/tonne) 1,84 2,16 1,99 2,70
Recovery (%) 92 92 92 94
Gold production (ounces) 6,700 8,900 27,100 47,200

While 2007 was disappointing at Kiniero, the company announced a series of
initiatives and detailed action plan in the third quarter of 2007 aimed at
returning the mine to satisfactory production levels. "We definitely commenced
2008 on positive note having received the West Balan mining permit," said
Benoit Desormeaux, Semafo's Chief Operating Officer. "The permit, coupled with
the extension of the overall West Balan structure will create added
opportunity for this property in the future." It is anticipated that Kiniero
will produce between 37,000 - 42,000 ounces of gold in 2008.


2007 was an excellent year at Mana. Construction is tracking towards plant
start-up this month. On the exploration front, the first stage of an overall
program aimed at increasing the project's resource and reserve base was
completed in the latter part of the year. Drill results to date have been
positive. It is estimated that Mana will produce between 60,000 -
70,000 ounces of gold in 2008.

2008 Production and Cost Outlook

For the 2008 year, we estimate overall production will be between 165,000
and 185,000 ounces comprising 65,000 to 70,000 ounces in the first half of the
year and 100,000 to 115,000 ounces in the second half with overall cash
operating costs for the year of $400 - $450 per ounce.

As more fully disclosed in the Risk Factors in our Annual Information Form
filed on Sedar, and as may be amended, numerous factors could cause our
estimates and expectations to be incorrect or could lead to changes in our
plans. Under any of these circumstances, the estimates described above could
change materially.


- Achieve ongoing stable production at both the Samira Hill and
Kiniero gold mines;
- Successfully start-up the new Mana mine;
- Continue the expanded exploration process initiated in 2007 to
increase resource and reserves and ultimately extend mine life;
- Increase gold sales by 60%;
- Pursue strategic initiatives aimed at increasing shareholder value.

"While not satisfied with overall performance in 2007, production results
at Samira Hill, timely Mana mine construction and the ability to address
challenges at Kiniero all serve to validate our operating team's commitment to
the success of the organization," said Mr. Benoit La Salle, President & CEO.
"We are particularly pleased with the results of exploration programs
initiated in 2007 aimed at increasing resource and reserves and look forward
to issuing continued progress reports that will reflect positively in this
area in 2008 and beyond".

Audited Financial statements for the year ended December 31, 2007 as well
as the Company's resource and reserve statement will be released in March,


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, in the latter
stages of construction. 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


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 The Company disclaims any obligation
to update or revise these forward-looking statements, except as required by
applicable law.

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