SEMAFO Inc.
TSX : SMF

SEMAFO Inc.

January 17, 2008 10:47 ET

Semafo extends West Balan gold zone 700m to reach 1.6 km

MONTREAL, Jan. 17 - SEMAFO (TSX - SMF) today announced that
drilling has extended the West Balan gold bearing structure at its Kiniero
gold project in Guinea, bringing the known strike-length of its South-West
Balan extension to a total of 1,100m. This is the third extension of the
entire West Balan structure, which is now recognized over 1,600m, while
remaining open to the south-west. Work was carried out through a comprehensive
RC drilling program during the second semester of 2007.

The mineralized structure is composed of sulfides/quartz-bearing veins
and veinlets generally running east-north-east in direction, with steep dip to
the south-east. The structure is locally intersected and enriched by a second
group of veins of east-west direction (see Fig. 1 -
http://files.newswire.ca/357/Renmark_kiniero.doc). The true thickness of the
mineralized intersections still remains to be determined.

The West Balan extension has been tested by RC drilling on a 25m or
50m x 25m grid spacing on the first 350m and on a 100m x 50m in the newly
discovered zone. As of now, a total of 28 drill holes have intersected the
main structure on the 1,100m of extension, with variable thicknesses and
grades. Among the most significant results to date, are RC2171 with 24m
@ 5.90g/t, RC2026 with 7m @ 8.01g/t (including 1m at 17.1g/t) and RC2061 with
low angle crossing mineralization 40m @ 4.66g/t Au (including 7m @ 12.95g/t).
Drilling will resume on the 17th of January.

Highlights of RC drilling results to date are detailed below. A complete
list of mineralized intersections can be found on the Company's website.



-------------------------------------------------------------------------
WEST BALAN - BLOCK B: 25m x 25m grid
-------------------------------------------------------------------------
HOLE No FROM TO LENGTH AVERAGE Au
(m) (m) (m) (g/t)
-------------------------------------------------------------------------
RC1208 88 90 2 4,14
-------------------------------------------------------------------------
RC1701 32 39 7 1.7
-------------------------------------------------------------------------
RC1776 31 37 6 11.6
-------------------------------------------------------------------------
RC1781 32 47 15 1,58
-------------------------------------------------------------------------
RC1785 31 35 4 11,31
-------------------------------------------------------------------------
RC1825 23 44 21 4,66
-------------------------------------------------------------------------
RC1830 57 65 8 2,02
-------------------------------------------------------------------------
RC2003 75 85 10 3.52
-------------------------------------------------------------------------
RC2004 11 15 4 2.27
-------------------------------------------------------------------------
RC2007 46 51 5 12,03
-------------------------------------------------------------------------
RC2008 47 55 8 5.27
-------------------------------------------------------------------------
RC2009 15 18 3 12.58
-------------------------------------------------------------------------
RC2011 18 27 9 3,89
-------------------------------------------------------------------------
and 45 48 3 2.38
-------------------------------------------------------------------------
RC2013 14 17 3 2.45
-------------------------------------------------------------------------
and 33 35 2 15.32
-------------------------------------------------------------------------
RC2015 12 71 59 1,94
-------------------------------------------------------------------------
RC2017 30 34 4 1.96
-------------------------------------------------------------------------
RC2020 46 50 4 2.34
-------------------------------------------------------------------------
and 71 78 7 4,84
-------------------------------------------------------------------------
RC2023 76 85 9 6,81
-------------------------------------------------------------------------
RC2026 68 75 7 8,01
-------------------------------------------------------------------------
RC2030 6 15 9 1.83
-------------------------------------------------------------------------
RC2032 10 13 3 11,76
-------------------------------------------------------------------------
RC2152 72 83 11 2,88
-------------------------------------------------------------------------
RC2161 10 13 3 4,54
-------------------------------------------------------------------------
RC2171 49 73 24 5,90
-------------------------------------------------------------------------



-------------------------------------------------------------------------
WEST BALAN - BLOCK C: 100m x 50m grid
-------------------------------------------------------------------------
HOLE No FROM TO WIDTH AVERAGE Au
(m) (m) (m) (g/t)
-------------------------------------------------------------------------
RC2038 17 56 39 1,34
-------------------------------------------------------------------------
RC2044 62 71 9 1,55
-------------------------------------------------------------------------
RC2050 32 51 19 1,86
-------------------------------------------------------------------------
RC2057 38 46 8 1,25
-------------------------------------------------------------------------
RC2061 50 90 40 4,66
-------------------------------------------------------------------------
RC2064 16 23 7 2.40
-------------------------------------------------------------------------
and 64 82 18 1,95
-------------------------------------------------------------------------

Note: Highlighted drill holes are selected on the basis of length times
Au grade cut-off of 7.0
Note: Intersections in the tables have been calculated using a capping of
30g/t.

All lengths are down-the-hole lengths; additional information is required
to determine true widths.


Our exploration programs have been designed and managed on site by our
exploration teams under the supervision of Michel Crevier, P. Geo MScA,
Semafo's Director of Geology and Qualified Person. Mr Crevier has reviewed
this press release with regard to its conformity with Canadian Instrument
Standard No. 43-101.

All individual drilling samples represent one-meter of drilling which
were split in half for cores and RC drill cuttings riffled split to end to 1kg
samples. One half core or a 1kg RC sample was kept on site as a control and an
equivalent sized sample was then sent for preparation and gold assaying at the
ALS-Abilab laboratories in Bamako, Mali. Each sample was fire assayed for gold
content on a 50-gram pulp sub-sample at the same ALS-Abilab laboratories.
Complementing ALS-Abilab's own QA/QC (Quality Assurance / Quality Control)
program, a QA/QC program was in place throughout the sampling program, using
blind duplicates and recognized industry standards.

ABOUT SEMAFO

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
value.

Forward-looking Statements

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
applicable law.

More detailed information on Semafo Inc. can be found on its home page at http://www.semafo.com

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