Gold, Precious & Base Metal Plays

[Bobwins]

Semafo, SMF.to/SEMFF.pk C$1.15

I think this is very undervalued. Producing gold in West Africa from three mines. Produced 54,000 oz in Q2 and .05eps.

New ball mill at their newest mine has effectively doubled capacity. Produced 7800 oz at Mana in July, 10,000 oz in August. Total company production was 18,000 oz in july and 20,000 in August. This year production should be in the 180,000 oz range with full year production of 240,000 likely for 2009. Exploration upside at Mana.

http://biz.yahoo.com/cnw/080812/e_semafo_q208_results.html?.v=1

New Ball Mill at Mana Increases Production

MONTREAL, Sep. 4, 2008 (Canada NewsWire via COMTEX News Network) --
SEMAFO TSX-SMF

Semafo Inc. (TSX: SMF) is pleased to announce that the new larger ball mill is now in full operation at its Mana mine in Burkina Faso, with a throughput rate reaching 4,000 tonnes per day. This represents an increase of almost 100 percent over the smaller ball mill throughput.

"Once again, we are delighted with the progress of operations at Mana," said Benoit Desormeaux, Semafo's Executive Vice-President and COO. "The new ball mill was expected to reach plant throughput of 4,000 tonnes per day by the beginning of September and we are pleased to confirm that we have attained this significant milestone."

"The operating team effectively managed and maintained production, not only during the installation of the larger ball mill, but through a particularly heavy rainy season," said Benoit La Salle, President and CEO. "The efforts and commitment of our operating team, as part of our growth strategy, resulted in another monthly production record of 10,200 ounces of gold in August at Mana."

The company's total production for the month of August represents a new corporate record of 20,000 ounces of gold.

About SEMAFO

Semafo is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines in Burkina Faso, Niger and Guinea. Semafo is committed to evolve in a conscientious manner to become a major player in its geographical area of interest, while maintaining principles and strengthening relationships to increase shareholder value.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding expectations of the Company as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mining operating expenses, capital expenditures, and mineral reserve and resource estimates. Forward-looking statements involve known and unknown risks and uncertainties and accordingly, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves and resources, risks related to hedging strategies, risks of delays in construction, requirements of additional financing and other risks described in the Company's documents filed from time to time with Canadian securities regulatory authorities. Although the Company is of the opinion that these forward-looking statements are based on reasonable assumptions, those assumptions may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements. Readers can find further information with respect to risks in the Annual Information Form of the Company and other filings of the Company with Canadian securities regulatory authorities available at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

SOURCE: SEMAFO INC.

SEMAFO: Benoit La Salle, President & CEO, [phone], [e-mail]; Renmark: Maurice Dagenais: [e-mail]; Jason Roy: [e-mail], [phone], Fax: [phone]; www.renmarkfinancial.com

Copyright (C) 2008 CNW Group. All rights reserved.