Semafo reported gold production decrease of 9% y/y to 60,000 oz in Q1. Additionally, Semafo reported recent drill results in May which provide potential for new reserve increases. For a resource comparison of Semafo and other African gold mining stocks go to www.CFMonitor.com - We estimate Semafo cash costs per oz at $620/oz while some of the other African miners such as Banro Corporation (TSX:BAA)(AMEX:BAA) are estimated at under $400 and going into production in Q4 '11