SEMAFO Inc.

Q4 and Annual 2017 Production and Costs in Line

Boungou 80% Complete - Continues on Time, on Budget

 

MONTREAL, Jan. 22, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF) (OMX:SMF) reports 2017 production of 206,400 ounces at an all-in sustaining cost of $943 per ounce. As a result, the Corporation has beat its revised production and met its cost guidance for the year.

Mana

• In the fourth quarter, Mana produced 49,500 ounces of gold at a total cash cost¹ of $667 per ounce and all-in sustaining cost² of $987 per ounce
• Annual production of 206,400 ounces, slightly ahead of 2017 guidance of 190,000 to 205,000 ounces
• Total cash cost¹ for 2017 of $655 per ounce
• All-in sustaining cost² for 2017 of $943 per ounce, in line with guidance of $920 to $960 per ounce
• Gold sales of 205,300 ounces generated 2017 revenues of $259 million ($1,261 per ounce)

Mining Operations
Mana, Burkina Faso

		Three-month period					Year
		ended December 31,					ended December 31,
		2017	2016	Variation			2017	2016	Variation
Tonnes processed		653,500	714,200	(8%)			2,739,900	2,753,300	-
Head grade (g/t)		2.43	2.52	(4%)			2.46	2.88	(15%)
Recovery (%)		97	95	2%			95	94	1%
Gold ounces produced		49,500	55,100	(10%)			206,400	240,200	(14%)
Gold ounces sold		49,200	57,100	(14%)			205,300	240,600	(15%)

In 2017, the head grade decreased slightly compared to 2016 as a result of a decision to add 603,800 tonnes of low grade material at an average grade of 0.70 g/t Au to the mix during the year. Without this, the head grade for the year would have been 2.96 g/t Au.