July 06, 2011 10:53 ET

SEMAFO Announces Second Quarter Production of 63,800 Ounces of Gold

Gold Sales for the Quarter Increase 15% Year over Year to $100.4 Million

MONTREAL, QUEBEC--(Marketwire - July 6, 2011) - SEMAFO (TSX:SMF) today announced that the Corporation produced a total of 63,800 ounces of gold in the second quarter 2011, including record production of 47,800 ounces at the Mana mine in Burkina Faso. This compares to SEMAFO's production of 60,000 ounces of gold in the first quarter of 2011 and 68,300 ounces in the second quarter 2010. Gold production at Mana increased 6% over the first quarter 2011 and 5% compared to the same period last year.

Gold sales for the quarter totaled 66,100 ounces at an average realized gold price of $1,519 per ounce for revenues of $100.4 million. This compares to revenues $87.1 million from 72,000 ounces for the corresponding period in 2010 representing a 15% increase year over year.

"Second quarter production is up over our first quarter results and remains in line with both budget and our 2011 guidance," said Benoit Desormeaux, Executive Vice-President and Chief Operating Officer. "Mana delivered another solid performance resulting in a new production record for the property."

"The average realized gold price for the quarter was $1,519 per ounce, $13 per ounce above the London Gold Fix (PM)," said Benoit La Salle, SEMAFO's President and Chief Executive Officer. "Our average realized gold price increased by $119 per ounce over the first quarter of 2011 and $309 per ounce compared to the same period in 2010."

The Corporation's second quarter results for the three-month period ended June 30, 2011 will be released after market close on Wednesday, August 10, 2011. The financial statements will be available on the Corporation's website at or at

SEMAFO will host a conference call to discuss the results, as well as to provide an update on operations.

Conference Call: Date: Thursday, August 11, 2011
Time: 10:00 AM (ET)
Tel. local & overseas: (416) 981 9011
Tel. North America: 1 (800) 379-4140

The conference call will feature Benoit La Salle, President and Chief Executive Officer, Benoit Desormeaux, Executive Vice-President and Chief Operating Officer, Martin Milette, Chief Financial Officer, Michel Crevier, SEMAFO's Vice-President Exploration and Mine Geology and Qualified Person, and Patrick Moryoussef, Vice-President Mining Operations.

The conference call will be archived for replay until September 1, 2011. To access the archived conference call, please dial 1 (800) 558 5253 and enter pass code 21531860 followed by the number sign (#).

A live audio webcast of the conference can be accessed through SEMAFO's website at The webcast will be available for replay for a period of 60 days.

Production numbers are preliminary and may be subject to final adjustment. Further information will be published in the Corporation's second quarter operating and financial results to be released on August 10, 2011.


SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation currently operates three gold mines: the Mana Mine in Burkina Faso, the Samira Hill Mine in Niger and the Kiniero Mine in Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.

Caution Concerning Forward-looking Statements

This press release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to put undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "remains", "in line", "guidance", "evolve", "become", "pursuing" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to meet our budget and 2011 guidance, variation in the price of gold and currencies, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays and other risks described in the SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2010 Annual MD&A, as updated in our 2011 First Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at These documents are also available on our website at SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

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