SEMAFO Inc.
TSX : SMF

SEMAFO Inc.

March 25, 2008 08:58 ET

Semafo gold reserves and resources update

MONTREAL, March 25 - SEMAFO (TSX - SMF) announced today that
its mineral reserves and resources as at December 31, 2007 totalled
4,252,100 ounces. Using a gold price of $650 per ounce for Samira and Mana and
$750 for Kiniero, Semafo's proven and probable mineral reserves total
24,715,400 tonnes at 2.48 g/t Au representing 1,969,700 ounces compared to
2,042,800 ounces from 22,485,800 tonnes at 2.82 g/t Au as at December 31,
2006.

The measured and indicated mineral resources total 46,301,500 tonnes at
1.53 g/t Au representing 2,282,400 ounces compared to 2,377,400 ounces from
47,283,700 tonnes at 1.56 g/t Au as at December 31, 2006.

In addition, the inferred mineral reserves total 39,004,400 tonnes at
2.05 g/t Au representing 2,565,900 ounces compared to 1,070,500 ounces from
22,270,500 tonnes at 1.49 g/t Au as at December 31, 2006.
All calculations from the three mines were conducted with the support of
the Datamine mining software, using geologically-controlled block modelling
and estimation of the grades by ordinary kriging.

Highlights (Refer to table 1: Reserves and Resources Summary as at December 31, 2007)

- Mana mine, Burkina Faso

Proven and probable mineral reserves for the Mana mine total
9,824,400 tonnes containing 924,600 ounces of gold, at an average grade of
2.93 g/t Au. This represents a nominal increase in overall ounces compared to
those reported at the end of 2006.

Additionally, the total mineral resources from both the Wona and Nyafe
deposits increased by 5% totalling 4,875,100 tonnes at an average grade of
2.03 g/t Au containing 317,800 ounces of gold.

A significant increase in resources in the inferred category was recorded
now totalling 1,867,100 ounces compared to 444,800 ounces the year prior. This
increase is primarily the result of a deep drilling campaign carried out under
the Wona pit and extending toward NE. In light of these results additional
drilling will be carried out in the coming months to further evaluate the zone
for underground mining.

- Samira Hill mine, Niger

Proven and probable mineral reserves total 12,621,000 tonnes at 1.81 g/t
Au containing 735,900 ounces of gold. This represents a 21% increase in
overall ounces compared to those reported at the end of 2006, considering
reserves mined in 2007.

Measured and indicated mineral resources total 33,366,400 tonnes at a
grade of 1.15 g/t Au containing 1,228,700 ounces of gold compared to
1,316,900 ounces at the end of 2006.

- Kiniero mine, Guinea

Proven and probable mineral reserves, signed by Geostat System
Internationnal inc. total 2,270,000 tonnes at 4.24 g/t Au containing 309,200
ounces of gold. This represents a 29% decrease in overall ounces compared to
those reported at the end of 2006.Following geological challenges encountered
at Kiniero during 2007, our geological models have been reviewed and adjusted
leading to a decrease in tonnage and in grade.

Measured and indicated mineral resources total 8,060,000 tonnes at 2.84
g/t Au containing 735,900 ounces of gold compared to 758,800 ounces in overall
mineral resources at the end of 2006.

About SEMAFO

Semafo is a Canadian-based mining company with gold production and
exploration activities located 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 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.



Table 1-Reserves and Resources Summary as at December 31, 2007

-------------------------------------------------------------------------
MINERAL RESERVES
-------------------------------------------------------------------------
Samira
Mana(1)(2) Hill(2)(3) Kiniero(2)(4)
Mines Burkina Faso Niger Guinea Total
-------------------------------------------------------------------------
Proven Mineral
Reserves
-----------------------------------------------------------
Tonnes 8,558,000 10,339,800 549,000 19,447,300
Grade (g/t Au) 3.01 1.81 3.30 2.38
Ounces(5) 828,900 600,100 59,000 1,488,000
-------------------------------------------------------------------------
Probable Mineral
Reserves
-----------------------------------------------------------
Tonnes 1,265,900 2,281,200 1,721,000 5,268,100
Grade (g/t Au) 2.35 1.85 4.50 2.84
Ounces(5) 95,700 135,800 250,200 481,700
-------------------------------------------------------------------------
TOTAL MINERAL
RESERVES
-----------------------------------------------------------
Tonnes 9,824,400 12,621,000 2,270,000 24,715,400
Grade (g/t Au) 2.93 1.81 4.24 2.48
Ounces(5) 924,600 735,900 309,200 1,969,700
-------------------------------------------------------------------------
MINERAL RESOURCES
-------------------------------------------------------------------------
Measured Mineral
Resources
-----------------------------------------------------------
Tonnes 2,165,900 12,976,000 645,000 15,786,900
Grade (g/t Au) 1.90 1.14 2.50 1.30
Ounces(5) 132,000 476,900 52,900 661,800
-------------------------------------------------------------------------
Indicated Mineral
Resources
-----------------------------------------------------------
Tonnes 2,709,200 20,390,400 7,415,000 30,514,600
Grade (g/t Au) 2.13 1.15 2.90 1.65
Ounces(5) 185,800 751,800 683,000 1,620,600
-------------------------------------------------------------------------
TOTAL MINERAL
RESOURCES
-----------------------------------------------------------
Tonnes 4,875,100 33,366,400 8,060,000 46,301,500
Grade (g/t Au) 2.03 1.15 2.84 1.53
Ounces(5) 317,800 1,228,700 735,900 2,282,400
-------------------------------------------------------------------------

-------------------------------------------------------------------------
TOTAL MINERAL
RESERVES AND
RESOURCES
-----------------------------------------------------------
Tonnes 14,699,500 45,987,400 10,330,000 71,016,900
Grade (g/t Au) 2.63 1.33 3.15 1.86
Ounces(5) 1,242,400 1,964,600 1,045,100 4,252,100
-------------------------------------------------------------------------
INFERRED MINERAL
RESOURCES
-----------------------------------------------------------
Tonnes 25,297,100 12,732,300 975,000 39,004,400
Grade (g/t Au) 2.30 1.46 3.20 2.05
Ounces(5) 1,867,100 597,800 101,000 2,565,900
-------------------------------------------------------------------------
We are presenting 100% of the reserves and resources of the mines in the
above table as they are mostly attributable to Semafo Inc. in accordance
with its financial structure.

(1) The Company indirectly owns 90% of Semafo Burkina Faso S.A. which
directly holds the interest in the Mana mine reserves and resources.
(2) Mineral reserves estimated using $650 per ounce of gold for the
Samira Hill and Mana mines and $750 per ounce of gold for the Kiniero
mine.
(3) Mineral reserves and resources at the Samira Hill Mine represent the
combined reserves & resources of Société des Mines du Liptako (SML)
S.A. and African Geomin Mining Develoment Corporation (AGMDC). The
company indirectly owns 40% of SML and indirectly controls SML
through its control of AGMDC pursuant to the company's right to elect
a majority of Board members of AGMDC.
(4) The Company indirectly owns 85% of Semafo Guinée S.A. which directly
holds the interest in the Kiniero Mine reserves and resources.
(5) Rounding of numbers to the nearest hundred of tonnes may introduce
slight differences in the figures representing the ounces contained.

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