Record Gold Production in January
MONTREAL, Feb. 25 /CNW Telbec/ - SEMAFO (TSX: SMF) today announced that the Company will invest $4 million in an in-depth drilling exploration program at its Mana mine in Burkina Faso. Deep drilling up to 20,000 meters will be carried out in the high-potential Wona zone following last year's previously announced positive drill results.
A company production record of 21,100 ounces of gold was achieved in the month of January. To date, the Company realized an average selling price of $920 per ounce as spot gold prices remain favorable.
"Mana continues to surpass expectations," said Benoit Desormeaux, Executive Vice-President and COO. "This new in-depth drilling program to evaluate the underground mine potential along with our regular exploration work is aimed at growing our resource and reserves and ultimately increasing shareholder value."
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.