SEMAFO: Delineation Drilling at Mana's Siou Sector Confirms Mineralization and Extension

On track to Issue Mineral Reserve Estimate in Q3 2013

Marketwired

MONTREAL, QUEBEC--(Marketwired - May 1, 2013) - SEMAFO Inc. (SMF.TO)(SMF.ST) today announced that approximately 70% of the delineation drilling, at 50 meter x 25 meter spacing, was completed over the first 150 meters of vertical depth on the Siou Sector at Mana. Results confirm good continuity and predictability of the mineralization when compared to the 2012 year-end results. The gram-meter contour longitudinal sections for both the Siou Zone and the Nine Zone (Figure 1) are very similar to those originally produced. Based on the excellent results from the Siou Sector, SEMAFO's entire 2012 exploration budget of $22 million has been allocated to Mana. The main exploration focus will be within the 20-kilometer radius of the Mana processing plant.

Phase I delineation drilling at 50 meters x 25 meters commenced in January 2013 and to date includes 8,400 meters of RC drilling in 75 holes and 4,950 meters of core drilling in 34 holes. An additional 34 core holes must still be drilled to complete Phase 1 over the first 150 meters of vertical depth. The objective of this program is to better define the Siou Zone and the Nine Zone mineralization within the limits of the pit outline used for the 2012 year-end inferred resources.

The following table presents recent drilling program results that returned values greater than 20 gram-meters for the Siou Zone and the Nine Zone only.

DDH No. Zone Section (N) From To Au* / Length**
MRC13-2744 Nine 1321150 119.00 126.00 5.86 g/t / 7.0 m
MRC13-2856 Siou 1321250 126.00 129.00 14.68 g/t / 3.0 m
MRC13-2856 Nine 1321250 151.00 153.00 22.09 g/t / 2.0 m
MRC13-2861 Nine 1321350 128.00 136.00 7.82 g/t / 8.0 m
MRC13-2867 Siou 1321500 70.00 74.00 11.17 g/t / 4.0 m
MRC13-2867 Nine 1321500 108.00 111.00 22.12 g/t / 3.0 m
MRC13-2868 Siou 1321500 38.00 43.00 11.20 g/t / 5.0 m
MRC13-2869 Siou 1321550 69.00 75.00 14.55 g/t / 6.0 m
MRC13-2941 Siou 1321600 75.00 80.00 24.01 g/t / 5.0 m
MRC13-2944 Siou 1321650 103.00 108.00 4.28 g/t / 5.0 m
MRC13-2945 Siou 1321700 95.00 99.00 21.84 g/t / 4.0 m
MRC13-2947 Siou 1321750 99.00 107.00 12.97 g/t / 8.0 m
MRC13-2948 Siou 1321750 60.00 63.00 19.05 g/t / 3.0 m
MRC13-2949 Siou 1321750 20.00 23.00 8.85 g/t / 3.0 m
MRC13-3200 Siou 1321800 122.00 126.00 20.51 g/t / 4.0 m
MRC13-3201 Siou 1321800 82.00 87.00 21.41 g/t / 5.0 m
MRC13-3202 Siou 1321800 42.00 47.00 8.46 g/t / 5.0 m
MRC13-3203 Nine 1321850 147.00 153.00 3.86 g/t / 6.0 m
MRC13-3205 Siou 1321900 115.00 118.00 11.28 g/t / 3.0 m
MRC13-3205 Nine 1321900 129.00 133.00 18.05 g/t / 4.0 m
MRC13-3214 Nine 1322100 93.00 96.00 8.13 g/t / 3.0 m
MRC13-3217 Siou 1322150 80.00 81.00 22.65 g/t / 1.0 m
WDC661 Siou 1321500 23.50 27.80 11.16 g/t / 4.3 m
WDC662 Siou 1321700 112.00 118.00 7.35 g/t / 6.0 m
WDC663 Siou 1321800 23.50 30.00 11.51 g/t / 6.5 m
WDC665 Nine 1321900 139.50 146.00 9.20 g/t / 6.5 m
WDC681 Siou 1321000 211.00 218.30 3.88 g/t / 7.3 m
WDC681 Nine 1321000 228.00 232.10 8.66 g/t / 4.1 m
WDC682 Siou 1321100 157.00 165.00 11.04 g/t / 8.0 m
WDC682 Nine 1321100 166.90 168.50 20.56 g/t / 1.6 m
WDC684 Siou 1322000 165.00 167.00 13.09 g/t / 2.0 m
WDC685 Siou 1321200 164.00 164.60 40.00 g/t / 0.6 m
WDC685 Nine 1321200 171.50 175.60 5.19 g/t / 4.1 m
WDC690 Nine 1322050 144.10 153.00 2.93 g/t / 8.9 m
WDC691 Siou 1321300 90.00 91.60 13.60 g/t / 1.6 m
WDC692 Nine 1322050 192.70 196.40 6.87 g/t / 3.7 m
WDC695 Nine 1322100 179.00 188.00 5.66 g/t / 9.0 m
WDC696 Siou 1321550 30.50 33.00 13.36 g/t / 2.5 m
WDC697 Siou 1322150 123.80 124.50 40.00 g/t / 0.7 m
WDC698 Siou 1321650 26.70 35.00 6.96 g/t / 8.3 m
WDC699 Siou 1321700 52.50 54.00 17.13 g/t / 1.5 m
WDC701 Siou 1321850 37.00 41.00 10.73 g/t / 4.0 m
               
* All individual samples are cut at 40 g/t for the Siou Zone and the Nine Zone. Uncut assays are not presented.
**All lengths are measured along the hole axis; which is interpreted to be roughly equivalent to true widths.

The core drilling program also includes two follow-up holes (WDC-681 and WDC-667) on the deeper cut encountered in hole WDC-660 (ref. SEMAFO's press release dated March 20, 2013).

Holes WDC-681 and WDC-667 (Figure 1) confirm the potential of both the Siou Zone and the Nine Zone. The best result, hole WDC-681 (8.66 g/t Au over 4.1 meters in the Nine Zone and 3.88 g/t Au over 7.3 meters in the Siou Zone), extends the up-dip potential of the south area. In addition hole WDC-682, which corresponds to the deepest hole of the 50 meter x 25 meter program on the same section, suggests that the south mineralization on both the Siou Zone and the Nine Zone could extend the depth limits of an ultimate pit. Further drilling will be required in this area to better establish its pertinence for inclusion to the in-pit resources.

Four core rigs and two RC rigs are currently active on the Siou Zone and the Nine Zone to complete the 25 meter x 25 meter spacing program (Phase II), which should be sufficient to establish mineable reserves for this area as planned by the end of the third quarter of 2013.

Data compilation and other activities for the Environmental Impact Assement (EIA) and the permitting process at Siou have been initiated. Siou is a priority for the Corporation in 2013 and every possible effort will be made to fast-track the sector to production.

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 preparation equipment exclusive to exploration samples. For RC drilling, all individual samples represent approximately one-meter in length of rock chips homogenized and riffle-split to an approximately two-kilogram sub-sample, 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 sub-sample. In addition to ALS Mineral Division laboratories' 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 at both ALS samples and Mana Lab samples.

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 "will", "objective", "potential", "suggests", "could", "should", "planned", "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 program to better define the Siou Zone and the Nine Zone mineralization within the limits of the pit outline used for the 2012 year-end inferred resources, the ability of hole WDC-681 to extend the up-dip potential of the south area, the ability of hole WDC-682 to suggest that the south mineralization on both the Siou Zone and the Nine Zone could extend the depth limits of an ultimate pit, the ability of further drilling to better establish its pertinence for inclusion to the in-pit resources, the ability to establish mineable reserves by the end of the third quarter of 2013, the ability to fast-track the Siou Sector to production, 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 2012 Annual 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 is available at this address: http://media3.marketwire.com/docs/figure1_0501.pdf

Contact:
SEMAFO
Robert LaValliere
Vice-President, Investor Relations
Cell: +1 (514) 240 2780
robert.lavalliere@semafo.com

Sofia St Laurent
Communications & Investor Relations
sofia.stlaurent@semafo.com

Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
www.semafo.com

Maria Bang
Brunswick Group Stockholm
+46 (8) 410 32 189
mbang@brunswickgroup.com

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