- Published: 08 January 2009
- Written by Editor
Record Gold Production of 195 500 ounces for 2008, 84% Higher than 2007
SEMAFO (TSX: SMF) today announced that its gold production totaled 195,500 ounces in 2008, thereby establishing a production record, and exceeding the annual budget of guidelines between 165,000 to 185,000 ounces, and the 2007 production of 106,400 ounces. The increase over 2007, is primarily due to the successful start of the Mana Mine in April 2008.
"Semafo's fourth quarter production total of 57,000 ounces set yet another record for the company, and represents a 3% increase over the last quarter. The Mana mine continues to make a strong contribution to our overall gold production results.
We are pleased with the total production of 2008," said Benoit Desormeaux, Executive Vice-President and COO. "We have very strong results and a new annual production record for the company; once again, a testimony to the strength and determination of our operating teams."
"We are extremely pleased with the start up of the Mana Mine, which has allowed us to capture the benefits of a strong gold price environment. We are focused on maximizing the financial performance of each operating mines, and increasing shareholder value through organic growth and accretive acquisitions," said Benoit La Salle, President and CEO.
Production numbers are preliminary and may be subject to final adjustment.
Semafo is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines in Burkina Faso, Niger and Guinea. Semafo is committed to evolve in a conscientious manner to become a major player in its geographical area of interest, while maintaining principles and strengthening relationships to increase shareholder value.
This press release may contain forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding expectations of the Company as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mining operating expenses, capital expenditures, and mineral reserve and resource estimates. Forward-looking statements involve known and unknown risks and uncertainties and accordingly, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves and resources, risks related to hedging strategies, risks of delays in construction, requirements of additional financing and other risks described in the Company's documents filed from time to time with Canadian securities regulatory authorities. Although the Company is of the opinion that these forward-looking statements are based on reasonable assumptions, those assumptions may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements. Readers can find further information with respect to risks in the Annual Information Form of the Company and other filings of the Company with Canadian securities regulatory authorities available at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
SOURCE: SEMAFO INC.