SEMAFO Applies for Secondary Listing on NASDAQ OMX

MONTREAL, QUEBEC--(Marketwire - Sept. 28, 2011) - SEMAFO (TSX:SMF) today announced the Corporation's decision to apply for a dual listing of its common shares on the NASDAQ OMX Stockholm exchange in Sweden. The listing is expected to be on or about October 20, 2011, subject to regulatory approvals. SEMAFO's Stockholm listing prospectus has been approved by and registered with the Swedish Financial Supervisory Authority. The prospectus is available in the Investor Relations section of the Corporation's website at www.semafo.com.

No new shares will be issued as part of the secondary listing, but current shareholders will be able to convert their shares traded on the Toronto Stock Exchange to shares traded on NASDAQ OMX Stockholm.

The dual listing decision reflects SEMAFO's desire to facilitate the participation of European investors seeking exposure to SEMAFO and to the West African gold sector.

"Our application for a dual listing on the NASDAQ OMX Stockholm is the next logical step in our value-creation strategy," said Benoit La Salle, SEMAFO's President and Chief Executive Officer. "This advancement will provide European investors with the opportunity to take advantage of SEMAFO's unique savoir-faire and consistently solid operating results."

Erik Penser Bankaktiebolag is the financial adviser and liquidity provider and Mannheimer Swartling is the Swedish legal adviser for the listing process.

About SEMAFO

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 contains 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 place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "expected", "facilitate", "seeking", "value-creation", "advancement", "provide", "opportunity", "take advantage", "consistently", "evolve", "become", "pursuing", "maximize" 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 of the listing to take place on or about October 20, 2011, 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 and 2010 Annual Information Form, as updated in SEMAFO's 2011 First Quarter MD&A and 2011 Second Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.