MONTREAL, May 17, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF) (OMX:SMF) is pleased to announce that commissioning of the Boungou Mine process plant is underway, with the first ore scheduled to be introduced to the mill circuit by month-end. We now expect to achieve the first gold pour at Boungou in June, slightly ahead of schedule.
Highlights as at April 30, 2018:
· Overall project 97% complete
· Commissioning 57% complete
· Development on budget with US$202 million of the US$231 million capital expenditure incurred
· Pre-stripping 87% completed with 15.6 million of the projected 18 million tonnes extracted
· Recruitment of mine operator employees is near-complete
· 1,480 personnel including contractors were employed on site, 86% of whom are Burkinabe
· 5.2 million man-hours (515 days) have been worked without lost-time injury
Gold Room Fully Complete
This photo is available at http://resource.globenewswire.com/Resource/Download/16c1d5a6-e499-48ed-aae5-c52cd8f8d310
Final Levelling of Plant Access Roads
This photo is available at http://resource.globenewswire.com/Resource/Download/68d9e554-ff20-4229-ba4c-6961e1f693fb
The table below presents the construction milestones for the Boungou Mine and their level of completion:
Table 1 - Construction Milestones as at April 30, 2018
This photo is available at http://resource.globenewswire.com/Resource/Download/39acbab4-1c9b-4026-b433-323b60a228c3
To follow the construction progress, please view the following link to the Boungou Mine photo and video gallery on our website: http://www.semafo.com/English/news-and-media/Boungou-Media-Page/default.aspx
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposit of Siou, and is targeting production start-up of the Boungou Mine in the second quarter of 2018. 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", "underway", "scheduled to", "ahead of schedule", "milestones", "targeting", "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 to introduce Boungou's first ore to the mill circuit by month-end, the ability to achieve first gold pour at Boungou in June, the ability to meet all the construction milestones for the Boungou Mine in 2018, 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 documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2017 Annual MD&A, as updated in the First Quarter 2018 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 information in this release is subject to the disclosure requirements of SEMAFO under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on May 17, 2018 at 7.00 a.m., Eastern Daylight Time.
For more information, contact
Vice-President, Corporate Development & Investor Relations
Analyst, Investor Relations
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
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