SEMAFO Inc.
TSX : SMF
OMX : SMF

SEMAFO Inc.

November 15, 2011 09:30 ET

SEMAFO's Yaho Zone Drilling Confirms Wide Gold Mineralization

Infill Drilling Returns Values of Up to 1.31 g/t Au Across 66 Meters

MONTREAL, QUEBEC--(Marketwire - Nov. 15, 2011) - SEMAFO Inc. (TSX:SMF)(OMX:SMF) today announced that follow-up infill reverse-circulation ("RC") drilling over the Yaho Zone continues to show multiple wide zones of gold mineralization, with persistent lateral continuity from section to section. The Yaho Zone remains open in all directions, beyond the current 1.5 kilometers of known strike length. Results from the infill drilling on the north half of the known strike length has returned values of up to 1.31 g/t Au across 66 meters, and 2.55 g/t Au across 21 meters. We are also in receipt of the core drilling results that were referenced as pending in SEMAFO's press release dated June 28, 2011. Highlights of the RC (MRC) and core (WDC) drilling results are listed in the table below and illustrated on figure 1 (http://media3.marketwire.com/docs/smfa1115.pdf).

Yaho Area Core and Reverse-Circulation Drilling Highlights

DDH No.** Section (N) From To Au / Length*
MRC11-640 1310800 31.0 55.0 0.84 g/t / 24 m
MRC11-640 1310800 72.0 76.0 1.12 g/t / 4.0 m
MRC11-640 1310800 110.0 143.0 1.64 g/t / 33.0 m
MRC11-641 1310800 69.0 75.0 1.67 g/t / 6.0 m
MRC11-641 1310800 84.0 91.0 1.46 g/t / 7.0 m
MRC11-642 1310900 60.0 65.0 1.37 g/t / 5.0 m
MRC11-642 1310900 105.0 108.0 2.62 g/t / 3.0 m
MRC11-689 1310900 44.0 71.0 1.52 g/t / 27.0 m
Including 52.0 61.0 3.27 g/t / 9.0 m
MRC11-644 1311000 113.0 116.0 1.76 g/t / 3.0 m
WDC301 1311100 31.0 34.0 2.10 g/t / 3.0 m
WDC301 1311100 40.0 61.0 2.55 g/t / 21.0 m
WDC301 1311100 65.0 77.0 1.62 g/t / 12.0 m
WDC301 1311100 85.0 91.0 1.25 g/t / 6.0 m
WDC301 1311100 173.0 183.0 1.82 g/t / 10.0 m
MRC11-645 1311100 9.0 26.0 1.89 g/t / 17.0 m
MRC11-645 1311100 56.0 63.0 1.82 g/t / 7.0 m
MRC11-645 1311100 101.0 105.0 1.45 g/t / 4.0 m
MRC11-645 1311100 112.0 116.0 1.82 g/t / 4.0 m
MRC11-646 1311100 32.0 35.0 2.93 g/t / 3.0 m
MRC11-646 1311100 64.0 79.0 2.17 g/t / 15.0 m
MRC11-646 1311100 91.0 96.0 2.38 g/t / 5.0 m
WDC303 1311200 68.0 77.0 1.27 g/t / 9.0 m
WDC303 1311200 101.0 112.0 1.12 g/t / 11.0 m
WDC303 1311200 167.0 170.0 1.36 g/t / 3.0 m
MRC11-647 1311200 22.0 40.0 1.89 g/t / 18.0 m
MRC11-647 1311200 133.0 155.0 1.25 g/t / 22.0 m
MRC11-648 1311200 68.0 80.0 1.12 g/t / 12.0 m
MRC11-648 1311200 117.0 120.0 1.71 g/t / 3.0 m
MRC11-649 1311200 65.0 72.0 2.39 g/t / 7.0 m
MRC11-651 1311300 21.0 24.0 4.49 g/t / 3.0 m
MRC11-651 1311300 35.0 41.0 1.36 g/t / 6.0 m
MRC11-651 1311300 51.0 66.0 0.77 g/t / 15.0 m
MRC11-655 1311400 76.0 81.0 1.10 g/t / 5.0 m
MRC11-655 1311400 99.0 106.0 1.01 g/t / 7.0 m
MRC11-656 1311400 15.0 26.0 1.25 g/t / 11.0 m
MRC11-658 1311500 8.0 22.0 0.71 g/t / 14.0 m
MRC11-659 1311500 75.0 86.0 1.38 g/t / 11.0 m
MRC11-659 1311500 118.0 123.0 0.93 g/t / 5.0 m
MRC11-680 1311500 20.0 23.0 1.20 g/t / 3.0 m
MRC11-680 1311500 40.0 46.0 0.92 g/t / 6.0 m
MRC11-680 1311500 54.0 58.0 1.77 g/t / 4.0 m
MRC11-681 1311600 31.0 39.0 1.24 g/t / 8.0 m
MRC11-685 1311600 6.0 72.0 1.31 g/t / 66.0 m
Including 53.0 59.0 4.21 g/t / 6.0 m
Including 69.0 71.0 5.19 g/t / 2.0 m
MRC11-686 1311600 11.0 21.0 1.27 g/t / 10.0 m
MRC11-683 1311700 91.0 100.0 1.51 g/t / 9.0 m
MRC11-683 1311700 116.0 119.0 1.30 g/t / 3.0 m
MRC11-684 1311700 66.0 75.0 1.35 g/t / 9.0 m
MRC11-684 1311700 79.0 88.0 1.49 g/t / 9.0 m
MRC11-687 1311800 38.0 42.0 1.13 g/t / 4.0 m
*All lengths are measured along the hole axis; additional information is required to determine true widths.
**WDC holes represent core drilling while MRC represents RC drilling.

The recent drilling (32 RC holes totalling 3,465 meters) was carried out over ten sections along the north part of the known mineralization at approximately 100-meter spacing. To date, a total of 99 RC holes (13,523 meters) and three core holes (951 meters) have been completed along a strike length of 1.5 kilometers.

This phase of RC drilling provides a better indication on the lateral and at-depth continuity of the Yaho mineralization corridor. Current drilling on the north half of the zone at 100-meter spacing continues to show strong pervasive sericitization and silicification with mineralization occurring as a series of stacked zones, varying in widths of up to 66 meters. Mineralization observed in fresh rock includes disseminated pyrite and arsenopyrite in varying amounts ranging up to 10% locally. Based on the holes completed to date, the level of oxidation of the mineralization reaches up to 50 meters vertically below surface. In a general sense, the host unit is almost entirely gold-bearing although higher grades of economic significance form shallow dipping stacked lenses.

"Combined with the Fofina and Fobiri mineralizations, the Yaho Zone contributes to create a potential cluster of high-tonnage gold sources to the south of Nyafé," stated Michel Crevier, SEMAFO's Vice-President Exploration and Mine Geology. "In addition to exploring Yaho's lateral extensions, our objective is to complete the required drilling density in order to eventually include the Yaho mineralization in our mine plan."

The next phase of planned drilling at Yaho will include 100-meter spacing sections along the southern half of the known zone, as well as 200-meter spaced lines south of the southernmost section where RC drilling results returned values of up to 1.56 g/t Au across 19 meters (reference: SEMAFO's press release dated June 28, 2011).

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 Chemex laboratories in Ouagadougou, Burkina Faso. For RC and AC 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 Chemex laboratories. Each sample (core, RC, and AC) is also fire-assayed for gold content on a 50-gram sub-sample at the ALS Chemex laboratories. In addition to ALS Chemex's 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 "create", "potential", "objective", "eventually", "next", "will", "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 eventually include the Yaho mineralization in our mine plan, 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.

Contact Information