SEMAFO: Update on Siou Development

MONTREAL, QUEBEC--(Marketwired - Dec. 18, 2013) - SEMAFO Inc. (TSX:SMF)(OMX:SMF) is pleased to announce that construction activities have commenced on the 16-kilometer road that will provide access to its high-grade Siou deposit. Following receipt of authorization to begin development at Siou in November (see Semafo press release dated November 13, 2013), payment of crop compensation has been fully satisfied.

Construction of surface infrastructure such as a site office, maintenance workshop, fencing, and fuel reservoirs has been initiated by local contractors.

The Corporation is also pleased to report that pre-stripping activities have already begun, which should position Siou for production start-up in Q2, 2014.

As part of our value creation strategy, our top priority remains the accelerated development of quality ounces at the Siou and Fofina deposits.

About SEMAFO

SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation currently operates two gold mines: the Mana Mine in Burkina Faso and the Kiniero Mine in Guinea. SEMAFO is committed to evolve in a conscientious manner through the responsible development of its high potential Mana property. 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 "will", "should", "strategy", "accelerated", "committed", "evolve", "become", "pursuing", "growth", "opportunities" 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 start the Siou production for Q2 2014, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to estimation 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 2012 Annual MD&A, as updated in SEMAFO's 2013 First Quarter MD&A,2013 Second Quarter and 2013 third 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.

The above information has been made public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act.