SEMAFO Awarded Mining Permit for Natougou Project
22 Dicembre 2016 - 10:02PM
Construction
Starting On Schedule
Montreal, Quebec,
December 22, 2016- SEMAFO Inc. (TSX, OMX: SMF) is pleased to
announce the Council of Ministers of the Government of Burkina Faso
has approved its mining permit application for the Natougou Gold
Project.
Receipt of the mining permit
enables development of the Natougou Project to proceed on schedule.
Construction activities are expected to begin in the coming weeks
with the mobilisation of the bulk earthworks team on site. The
first gold pour is expected in the second half of 2018.
A key component of the
Corporation's growth platform, the Natougou Project is located in
southeastern Burkina Faso, some 320 kilometers from the capital of
Ouagadougou. In February 2016, the Corporation announced a positive
feasibility study1 for Natougou,
which confirmed the economic viability of an open-pit,
carbon-in-pulp project giving an after-tax IRR of 48% at a gold
price of US$1,100 per ounce. Initial capital expenditures are
estimated at US$219 million, which includes US$42 million in
pre-stripping expenditures and an US$18-million contingency. During
the first three years, average annual production at Natougou is
estimated at over 226,000 ounces at a total cash cost of US$283 per
ounce and an all-in sustaining cost of US$374 per ounce.
1 For more
details, refer to press release of February 25, 2016 or the NI
43-101 technical report for Natougou, which is filed on
www.sedar.com and available at www.semafo.com
About
SEMAFO
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 deposits of Siou and Fofina,and is developing
the advanced gold deposit of Natougou. 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 "on schedule",
"expected", "coming", "initial", "estimated", "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 Natougou Project to proceed
on schedule, the ability to begin construction activities in the
coming weeks, the ability to meet the initial capital expenditures
budget of US$219 million, the ability to achieve a first gold pour
in the second half of 2018, the ability to produce over
226,000 ounces at total cash cost of US$283 per ounce and all-in
sustaining cost of US$374 per ounce during the first three years at
Natougou, the accuracy of our assumption, 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 2015 Annual MD&A, as updated in the
First, Second and Third Quarter MD&As, 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 December 22, 2016 at
3:30 p.m., Eastern Standard Time.
For more information, contact
Robert LaVallière
Vice-President, Corporate Affairs & Investor
Relations
E-mail: Robert.Lavalliere@semafo.com
Cell: +1 (514) 240 2780
Ruth Hanna
Analyst, Investor Relations
E-mail: Ruth.Hanna@semafo.com
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
Website: www.semafo.com
Press release (PDF)
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: SEMAFO Inc. via Globenewswire
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