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Semafo Gold Reserves and Resources Update

Tuesday, March 24th, 2009

Semafo announce that its mineral reserves and resources as at December 31, 2008 totalled 4,760,100 ounces compared to 4,252,100 ounces as at December 31, 2007, representing a 17% increase after taking into account ounces produced. Using a gold price of $750 per ounce, proven and probable mineral reserves total 22,081,600 tonnes at 2.49 g/t Au representing 1,776,100 ounces compared to 1,969,700 ounces from 24,715,400 tonnes at 2.48 g/t Au as at December 31, 2007.
Measured and indicated mineral resources total 58,740,000 tonnes at 1.58 g/t Au representing 2,984,000 ounces compared to 2,282,400 ounces from 46,301,500 tonnes at 1.53 g/t Au as at December 31, 2007, an increase of 30%.
In addition, inferred mineral resources total 27,624,100 tonnes at 1.40 g/t Au representing 1,241,200 ounces compared to 2,565,900 ounces from 39,004,400 tonnes at 2.05 g/t Au as at December 31, 2007.
All calculations from the three mines were conducted with the support of the Datamine mining software, using geologically-controlled block modelling and estimation of the grades by ordinary kriging.
Highlights
Mana mine, Burkina Faso
Proven and probable mineral reserves estimated by Geostat System International Inc. for the Mana mine total 9,619,000 tonnes containing 908,600 ounces of gold, at an average grade of 2.90 g/t Au. This represents a nominal decrease in overall ounces compared to those reported at the end of 2007 after having produced 74,000 ounces in 2008.
Additionally, the total ounces in measured and indicated mineral resources from both the Wona and Nyafe deposits increased by 221% based on 12,907,000 tonnes at an average grade of 2.46 g/t Au containing 1,021,400 ounces of gold compared to 317,800 ounces as at December 31, 2007. This increase is primarily the result of a deep drilling campaign carried out under the Wona pit. In light of these results, a preliminary budget of $4 million has been established for additional at-depth drilling to further evaluate the zone’s underground potential.
Samira Hill mine, Niger
Proven and probable mineral reserves total 10,469,700 tonnes at 1.88 g/t Au containing 631,100 ounces of gold. This represents a nominal decrease in overall ounces compared to those reported at the end of 2007, considering reserves mined in 2008.
Measured and indicated mineral resources total 34,803,100 tonnes at a grade of 1.16 g/t Au containing 1,293,500 ounces of gold compared to 1,228,700 ounces at the end of 2007.
Kiniero mine, Guinea
Proven and probable mineral reserves total 1,992,900 tonnes at 3.69 g/t Au containing 236,400 ounces of gold. This represents a decrease of 16,000 ounces as compared to those reported at the end of 2007 considering reserves mined in 2008. Following infill and validation drilling during 2008, our geological models have been reviewed and adjusted leading to an adjustment in tonnage and in grade.
Measured and indicated mineral resources total 11,029,900 tonnes at 1.89 g/t Au containing 669,100 ounces of gold compared to 735,900 ounces in overall mineral resources at the end of 2007.
The estimates of mineral reserves and resources were calculated as at December 31, 2008 in accordance with the definitions adopted by the Canadian Institute of Mining Metallurgy and Petroleum and incorporated into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The mineral reserves and resources estimates were carried out under the direction of Michel Crevier P.Geo MScA, Geology Manager and SEMAFO’s Qualified Person who has reviewed this press release for accuracy and compliance.
For further information visit: www.semafo.com

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