SEMAFO Confirms Continuity of the High Grade Siou Zone: Including Values of Up to 19.22 g/t Au (23.05 g/t Au Uncut) Over 4 Meters

Following the discovery of the Siou zone in August 2012, a follow-up reverse-circulation ("RC") drilling program was completed in October 2012 to reduce spacing from 200 meters to 100 meters within the core 800 meters of strike length (sections 1321400N to 1322200N). In addition, a 200 meter-long section of the zone (section 1321800N to 1322000N) was drilled at 50-meter spacing to refine the interpretation and establish the continuity of the high grade vein zone. A total of 43 RC holes (5,612 meters) covering six new fences were drilled. The following table presents the new drilling highlights, while a complete table of all Siou zone intercepts to date (including results reported on August 29, 2012) is presented in Appendix 1.

Siou Zone Follow-up Drilling Highlights

As shown in the above table, on Figure 1 and in Appendix 1, a continuously high-grade core can be traced between sections 1321500N and 1322200N, while more sporadic high grades were obtained on the lateral extents. The high-grade core appears to plunge shallowly towards the north and remains open below the drilled depth of 130 meters vertically. Furthermore, related structures flanking the main Siou vein have returned values higher than previously obtained such as hole MRC12-2376, which returned 10.85 g/t Au across 3 meters (11.88 g/t Au uncut). The potential of the subsidiary zones and their geological relationship with the main zone have yet to be established.

During the month of October four preliminary metallurgical test samples from the Siou main zone were sent to SGS SA South Africa laboratories, the results of which are expected in the first quarter 2013. Meanwhile, drilling along the Siou-Kokoi trend is ongoing in order to identify new zones of mineralization. Results of this program are expected by the end of 2012.

SEMAFO is currently compiling the Siou data in order to include the new discovery in the 2012 year-end resource estimate. In addition, a delineation drilling program is currently underway and is expected to be completed in the first half of 2013.

Michel Crevier, P.Geo, MScA, Vice-President Exploration and Mine Geology is SEMAFO's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

All individual samples represent approximately one-meter in length of core, which was sawn in half. Half of the core is kept on site for reference and its counterpart is sent for preparation and gold assaying to the ALS Mineral Division laboratories in Ouagadougou, Burkina Faso or to SEMAFO's Mana Mine Lab which uses separate sample preparation equipment exclusive to exploration samples. For RC and air core drilling, all individual samples represent approximately one-meter in length of rock chips homogenized and riffle-split to an approximate two-kilogram subsample, which is sent for preparation and gold assaying to the ALS Mineral Division laboratories in Ouagadougou, Burkina Faso or to SEMAFO's Mana Mine Lab. Each sample (core and RC) is fire-assayed for gold content on a 50-gram subsample. In addition to ALS Mineral Division's own QA/QC (Quality Assurance/Quality Control) program and Mana Lab's own QA/QC 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 "expected", "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 of the ongoing drilling along the Siou-Kokoi trend to identify new zones of mineralization, the ability of the foregoing drilling program to produce results by the end of 2012, the ability of the Siou zone delineation drilling program that is currently underway to be completed in the first half of 2013, 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 2011 Annual MD&A and 2011 Annual Information Form, as updated in SEMAFO's 2012 First Quarter MD&A, 2012, Second Quarter MD&A and 2012, 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.

Figure 1 and Appendix 1 are available at this address: http://media3.marketwire.com/docs/SMF_Fig1_app.pdf.

Contact Information:
SEMAFO
Robert LaValliere
Vice-President, Investor Relations
Cell: +1 (514) 240 2780
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Sofia St Laurent
Communications & Investor Relations
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
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www.semafo.com


Maria Bang
Brunswick Group Stockholm
Tel: +46 (8) 410 32 189
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