Gold Exploration in West Africa

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Managem might alter its Semafo (SMF.TO) holding
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Majority shareholder notifies SEMAFO it is exploring alternatives with respect to its investment in SEMAFO

MONTREAL, May 27 /CNW Telbec/ - SEMAFO INC. (TSX: SMF) announces that it has been notified by MANAGEM S.A., its majority shareholder, that it has hired Rothschild as financial advisor in connection with seeking and reviewing MANAGEM's alternatives with respect to its investment in SEMAFO. MANAGEM's review of alternatives may include the consideration of a number of transactions. There can be no assurance that any transaction will be
entered into or completed as a result of this process, nor the timing thereof. The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol "SMF".

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements", including, but not limited to, the statements regarding the Company's expectations as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mine operating costs, fixed assets expenses, mineral reserve estimates and to the company's perspectives. Forward-looking statements express, as at the date of this press release, our estimates, forecasts, projections, expectations and beliefs as to future events or
results. Forward-looking statements are reasonable, but involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves, risks related to the grade of reserves, risks related to hedging strategies, risks of delays in construction and requirements of additional financing.

Semafo is a mining company whose mission is to explore, develop and mine major gold deposits in West Africa. Semafo currently operates the Kiniero mine in Guinea, the Samira Hill mine in Niger and is developing the Mana project in Burkina Faso.

More extensive information on Semafo can be found on our home page at http://www.semafo.com

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE



For further information: MONTREAL: Benoit La Salle, Chief Executive Officer, [phone], [e-mail]; MONTREAL: Michel Cormier, Geological Engineer, Qualified Person, [phone], [e-mail]; RENMARK: Tina Cameron: [e-mail] ; Henri Perron: [e-mail] ; Media: Cynthia Lane: [e-mail] , [phone], www.renmarkfinancial.com