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Semafo Reports Net Income of $8.9Million for the First Quarter 2009

Thursday, May 14th, 2009

Semafo report its first quarter financial and operational results for the three-month period ended March 31, 2009. All amounts are in US dollars unless otherwise stated.
– Gold production of 58,100 ounces
– Cash operating cost of $460 per ounce
– Gold sales of $49,495,000
– Operating income of $11,173,000
– Net income of $8,902,000 or $0.04 per share
– Cash flow from operating activities of $18,500,000
– Long-term debt reimbursement of $5,207,000
Semafo realized a fourth consecutive quarter of record production, with a total of 58,100 ounces of gold for the three-month period ended March 31, 2009. This represents a 102% increase over the corresponding period in 2008. The Company recorded an operating income of $11.2 million for the quarter, compared to $2.8 million in 2008. This significant growth is directly attributable to Mana’s contribution to SEMAFO’s overall results.
A Word from the CEO
Operationally, Semafo achieved a new quarterly production record of 58,100 ounces of gold. This increase is mainly due to the Mana mine, which began commercial production in April 2008. The Mana mine continued to meet expectations with its output representing 62% of the Company’s total gold production for the quarter.
Semafo realized gold sales of $49.5 million, representing a 94% increase over the same period last year. Despite the substantial volatility in the market price of gold during this period, the Company achieved an average selling price of $923 per ounce. The Company’s cash flow from operations totalled $18.5 million for the first quarter of 2009, compared to $6.1 million for the same period the year prior.
Semafo continued to focus on the efficient and effective management of its operations, achieving a cash operating cost of $460 per ounce, representing a 7% improvement over the fourth quarter of 2008.
In April 2009, the Mana mine produced 11,600 ounces of gold, making a significant contribution to the Company’s overall monthly production total of 19,500 ounces of gold.
Management anticipates ongoing stable production and remains confident that the Company will attain its 2009 production guidance of between 220,000 and 240,000 ounces of gold.
The Company is well-positioned for the future and remains committed to the diligent management of operations and to the earnest pursuit of accretion initiatives and acquisition opportunities.
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