October 06, 2011 08:55 ET

SEMAFO Announces Third Quarter 2011 Production of 61,500 Ounces of Gold

Gold Sales for the Quarter Total $102.3 Million

MONTREAL, QUEBEC--(Marketwire - Oct. 6, 2011) - SEMAFO (TSX:SMF) today announced production of 61,500 ounces of gold in the third quarter 2011, including 45,100 ounces at its Mana Mine in Burkina Faso.

Gold sales for the quarter totalled 59,600 ounces at an average realized gold price of $1,717 per ounce, generating the Corporation's best ever revenues of $102.3 million. This compares to revenues of $86.2 million for the corresponding period in 2010, representing a 19% increase year over year. SEMAFO's average realized gold price per ounce for the three-month period ended September 30, 2011 increased by $198 per ounce over the second quarter 2011 and $476 per ounce year over year."

"Mana continued its solid performance in the third quarter, contributing 45,100 ounces of gold to our production total," said Benoit Desormeaux, Executive Vice-President and Chief Operating Officer. "Our efforts to grow production and achieve cost efficiencies are ongoing as evidenced in our recent announcements regarding our plan to increase plant capacity from 8,000 tonnes per day to 14,000 tonnes per day as well as the recent signature of an agreement to connect the Mana Mine to the national power grid."

Management remains confident that the Corporation will attain its 2011 production guidance.

The Corporation's third quarter results for the three-month period ended September 30, 2011 will be released after market close on Wednesday, November 9, 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, November 10, 2011
Time: 10:00 AM (ET)
Tel. local & overseas: (416) 981 9000
Tel. North America: 1 (800) 917-9975

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, 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 November 30, 2011. To access the archived conference call, please dial 1 (800) 558 5253 and enter pass code 21541486 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.

All numbers are preliminary and may be subject to final adjustment. Further information will be published in the Corporation's third quarter 2011 operating and financial results to be released on November 9, 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 "efforts", "grow", "achieve", "ongoing", "plan", "increase", "remains", "will", "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 increase plant capacity from 8,000 tonnes per day to 14,000 tonnes per day, the ability to connect the Mana Mine to the national power grid, the ability to attain our 2011 guidance, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in 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 2011 Second 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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