SEMAFO Inc.
TSX : SMF
OMX : SMF

SEMAFO Inc.

February 02, 2012 09:34 ET

SEMAFO's Delineation Drilling at Mana's Fofina Deposit Returns High Grades Including 10.05 g/t Au Across 6 Meters

MONTREAL, QUEBEC--(Marketwire - Feb. 2, 2012) - SEMAFO Inc. (TSX:SMF)(OMX:SMF) today provided an update of the ongoing delineation drilling on the Fofina deposit at its Mana property in Burkina Faso. Reverse-circulation ("RC") delineation drilling was completed at 25-meter intervals over the Fofina and V1 to V7 zones in November 2011. The Corporation is in receipt of assay results for 60% of the drill holes to date. In addition, core drilling was completed on the Fofina deposit in order to initiate metallurgical test work, which will in turn serve to establish precise reserve estimation parameters. Results continue to confirm the interpretation established in December 2010 (reference: SEMAFO's press release dated December 2, 2010) and further described in July 2011 (reference: SEMAFO's press release dated July 18, 2011). All zones remain open at depth and along strike. As well, we are of the opinion that other en-echelon veins could develop, particularly towards the southeast.

Fofina Area Reverse-Circulation Drilling Highlights

DDH No.** Section (N) From To Au / Length*
MRC11-426 20900 43 60 3.03 g/t / 17 m
MRC11-430 20950 38 51 4.21 g/t / 13 m
MRC11-432 20950 42 50 5.70 g/t / 8 m
MRC11-434 21000 72 78 6.16 g/t / 6 m
MRC11-633 20475 88 92 7.25 g/t / 4 m
MRC11-637 20525 30 37 4.55 g/t / 7 m
MRC11-735 20700 22 38 5.14 g/t / 16 m
MRC11-740 20800 22 39 3.52 g/t / 17 m
MRC11-741 20650 144 147 11.07 g/t / 3 m
MRC11-742 20750 67 73 5.94 g/t / 6 m
MRC11-743 20800 119 145 2.87 g/t / 26 m
MRC11-749 21000 125 152 2.71 g/t / 27 m
MRC11-754 21000 9 11 16.95 g/t / 2 m
(21.63 g/t uncut)
MRC11-761 21100 124 130 10.32 g/t / 6 m
MRC11-779 20850 108 111 9.49 g/t / 3 m
MRC11-780 20850 12 18 10.05 g/t / 6 m
MRC11-785 20750 48 53 12.81 g/t / 5 m
(13.58 g/t uncut)
MRC11-785 20750 64 72 8.05 g/t / 8 m
MRC11-787 20675 68 72 8.35 g/t / 4 m
MRC11-792 20700 69 71 21.40 g/t / 2 m
MRC11-793 20700 83 97 3.50 g/t / 14 m
MRC11-793 20700 139 144 8.09 g/t / 5 m
MRC11-802 20550 110 114 11.64 g/t / 4 m
MRC11-803 20550 51 66 3.63 g/t / 15 m
*All assays are cut at 30 g/t as per the Nyafé Deposit.
** All lengths are measured along the hole axis; additional information is required to determine true widths.

Results to date continue to return both Wona-style and Nyafé-style grades and widths. The Fofina zone, which bounds the deposit to the northwest, straddles a contact between massive basaltic lavas and sediments. The change in rheology resulted in wide zones of mineralization as seen in holes MRC11-426 (3.03 g/t Au across 17 meters) and MRC11-749 (2.71 g/t Au across 27 meters). The V zones (V1 to V7) are generally narrower, but often characterized by much higher grades, as evidenced in holes MRC11-434 (6.16 g/t Au across 6 meters) MRC11-780 (10.05 g/t Au across 6 meters) and MRC11-802 (11.64 g/t Au across 4 meters). In addition, it appears that the V zones sometimes merge in an anastomosing system similar to that seen at Nyafé. The merging structures seem to produce wider zones over variable strike lengths. Such swelling is evidenced in holes MRC11-740 (3.52 g/t Au across 17 meters) and MRC11-803 (3.63 g/t Au across 15 meters). A more comprehensive list Fofina RC drilling highlights are available in Annex 1 of this press release.

"SEMAFO's exploration team will have brought its first 2010 discovery to the stage of economic assessment in two years," said Michel Crevier, SEMAFO's Vice-President Exploration and Mine Geology. "Considering the size and complexity of the mineralization, our teams have demonstrated their ability to successfully and optimally fast-track a priority target, while continuing to generate new discoveries and targets."

The objective of the 2011 program was to upgrade the near-surface part of resources to reserves status and eventually include the Fofina deposit in the Mana production schedule. To achieve this, a first phase of 50-meter spacing holes for the central part of the deposit was completed in May of 2011. A second phase of drilling was later carried out to complete the 50-meter spacing as well as 25-meter spacing over the zones' cores. SEMAFO's press release dated July 18, 2011 reported the first two-thirds of the results obtained during this first phase. The current release includes the remaining results of the first phase of drilling and part of the second phase, which was completed in November 2011.

The 2011 program at Fofina was established using 25-meter spacing for all known zones. To date, a total of 36,575 meters of RC drilling was completed in 274 holes, of which assays have been received for 60% of the program. In addition, nine core holes totalling 2,103 meters were completed, most of which were drilled in order to obtain a representative series of metallurgical test samples. The core drilling samples were sent to SGS Laboratories in South Africa in December 2011. These samples will provide the necessary metallurgical parameters to be considered in the reserves estimation and economic assessment of the deposit scheduled for mid- 2012.

In order to better understand the detailed geometry of the zones and to guide 2012 reserve estimates, a series of trenches were initiated early in January 2012 where near-surface swelling was encountered by RC drilling. Meanwhile, the remaining 40% of assay results should be forthcoming and will be combined with the trenching data to not only provide a strong basis for a reliable economic assessment, but also to guide further exploration drilling along the open extensions of the different zones.

The exploration programs were designed and managed locally by Dofinta Bondé and David Legault, Mana Mineral's Exploration Chief Geologists, David Lalonde, Deputy Exploration Manager, and Richard Roy, P.Geo, Exploration Manager, and guided and supervised under the direction of Michel Crevier, P.Geo, MScA, Vice-President, Exploration and Mine Geology and SEMAFO's Qualified Person who has reviewed this press release for accuracy and compliance with National Instrument 43-101.

For core drilling, all individual samples represent approximately one-meter in length of core, which was sawed in half. Half of the core is kept on site for reference and its counterpart is sent for preparation and gold assaying at the ALS Laboratories in Ouagadougou, Burkina Faso. For RC drilling, all individual samples represent approximately one-meter in length of rock chips homogenized and riffle-split to an approximate 2-kilogram subsample, which is sent for preparation and gold assaying at the same ALS Laboratories. Each RC sample is also fire-assayed for gold content on a 50-gram sub-sample at the ALS Laboratories. In addition to ALS Laboratories' own QA/QC (Quality Assurance/Quality Control) program, an internal quality control and quality assurance program is in place throughout the sampling program, using blind duplicates, blanks and recognized industry standards.

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 "could", "will", "generate", "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 for other en-echelon veins to develop, the ability to bring our first 2010 discovery to the stage of economic assessment in two years, the ability to generate new discoveries and targets, the ability to execute on our strategic focus, 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, 2011 Second Quarter MD&A and 2011 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.

Annex 1

Fofina Area Reverse-Circulation Drilling Highlights

DDH No.** Section (N) From To Au / Length*
MRC11-421 20850 148 155 2.00 g/t / 7 m
MRC11-422 20850 64 69 5.85 g/t / 5 m
MRC11-422 20850 103 116 2.72 g/t / 13 m
MRC11-423 20850 35 42 3.25 g/t / 7 m
MRC11-425 20900 87 109 1.37 g/t / 22 m
MRC11-426 20900 43 60 3.03 g/t / 17 m
MRC11-427 20900 101 104 5.09 g/t / 3 m
MRC11-430 20950 38 51 4.21 g/t / 13 m
MRC11-430 20950 136 139 4.48 g/t / 3 m
MRC11-432 20950 21 26 2.61 g/t / 5 m
MRC11-432 20950 42 50 5.70 g/t / 8 m
MRC11-432 20950 77 97 1.23 g/t / 20 m
MRC11-433 21000 100 119 1.81 g/t / 19 m
MRC11-434 21000 72 78 6.16 g/t / 6 m
MRC11-437 21050 137 157 1.83 g/t / 20 m
MRC11-477 20700 19 22 4.44 g/t / 3 m
MRC11-479 20850 100 105 4.40 g/t / 5 m
MRC11-633 20475 88 92 7.25 g/t / 4 m
MRC11-635 20525 53 61 1.97 g/t / 8 m
MRC11-636 20525 6 11 6.03 g/t / 5 m
MRC11-637 20525 30 37 4.55 g/t / 7 m
MRC11-729 20550 8 12 3.85 g/t / 4 m
MRC11-730 20600 153 162 2.42 g/t / 9 m
MRC11-730 20600 229 236 1.65 g/t / 7 m
MRC11-732 20650 21 33 1.30 g/t / 12 m
MRC11-734 20700 86 96 1.01 g/t / 10 m
MRC11-735 20700 22 38 5.14 g/t / 16 m
MRC11-736 20750 85 95 1.22 g/t / 10 m
MRC11-738 20800 122 126 4.27 g/t / 4 m
MRC11-738 20800 147 154 1.42 g/t / 7 m
MRC11-739 20800 45 47 11.93 g/t / 2 m
MRC11-739 20800 90 93 4.82 g/t / 3 m
MRC11-740 20800 22 39 3.52 g/t / 17 m
MRC11-741 20650 144 147 11.07 g/t / 3 m
MRC11-742 20750 67 73 5.94 g/t / 6 m
MRC11-743 20800 119 145 2.87 g/t / 26 m
MRC11-749 21000 125 152 2.71 g/t / 27 m
MRC11-750 21000 52 54 5.99 g/t / 2 m
MRC11-750 21000 96 100 5.60 g/t / 4 m
MRC11-754 21000 9 11 16.95 g/t / 2 m
(21.63 g/t uncut)
MRC11-754 21000 19 27 1.90 g/t / 8 m
MRC11-754 21000 83 93 1.39 g/t / 10 m
MRC11-756 21050 129 131 7.09 g/t / 2 m
MRC11-761 21100 124 130 10.32 g/t / 6 m
MRC11-762 21100 86 89 5.55 g/t / 3 m
MRC11-767 20950 80 83 2.95 g/t / 3 m
MRC11-768 20950 46 59 1.33 g/t / 13 m
MRC11-768 20950 181 190 2.74 g/t / 9 m
MRC11-771 20950 36 42 4.34 g/t / 6 m
MRC11-774 20900 47 52 2.44 g/t / 5 m
MRC11-775 20900 11 15 2.63 g/t / 4 m
MRC11-775 20900 123 140 1.15 g/t / 17 m
MRC11-775 20900 152 159 1.61 g/t / 7 m
MRC11-779 20850 108 111 9.49 g/t / 3 m
MRC11-780 20850 12 18 10.05 g/t / 6 m
MRC11-781 20800 53 70 2.00 g/t / 17 m
MRC11-783 20725 84 89 2.51 g/t / 5 m
MRC11-785 20750 48 53 12.81 g/t / 5 m
(13.58 g/t uncut)
MRC11-785 20750 64 72 8.05 g/t / 8 m
MRC11-786 20750 31 42 3.43 g/t / 11 m
MRC11-787 20675 68 72 8.35 g/t / 4 m
MRC11-787 20675 105 113 3.39 g/t / 8 m
MRC11-787 20675 140 144 3.31 g/t / 4 m
MRC11-792 20700 69 71 21.40 g/t / 2 m
MRC11-793 20700 83 97 3.50 g/t / 14 m
MRC11-793 20700 139 144 8.09 g/t / 5 m
MRC11-794 20700 52 59 2.77 g/t / 7 m
MRC11-795 20650 201 207 4.53 g/t / 6 m
MRC11-796 20650 32 38 3.02 g/t / 6 m
MRC11-796 20650 77 80 7.19 g/t / 3 m
MRC11-802 20550 110 114 11.64 g/t / 4 m
MRC11-803 20550 51 66 3.63 g/t / 15 m
*All assays are cut at 30 g/t as per the Nyafé Deposit.
** All lengths are measured along the hole axis; additional information is required to determine true widths.

Contact Information