Gold Exploration in West Africa

[FL]

Samira Hill, Niger up 25%: Semafo(SMF.TO), Etruscan(EET.TO)

SEMAFO INC.

TSE-SMF 15.02.06
FOR IMMEDIATE RELEASE

Increase in Mineral Reserves by 25% at the Samira Hill Gold Mine

Montreal, Quebec, February 15, 2006. – SEMAFO (TSX – SMF) is pleased to announce that the in-situ proven and probable mineral reserves stated as of December 31, 2005 at the Samira Hill mine in Niger have increased by 147 300 ounces, thus representing a 25% increase over the recoverable mineral reserves reported in the 2004 year-end statement. Beyond this increase, the mineral reserves extracted during the year 2005 at the Samira Hill mine have also been replaced.

The Samira Hill mine in-situ total proven and probable mineral reserves as of December 31, 2005 stand at 10,360,500 tonnes at a grade of 2.22 g/t Au representing 739,000 ounces, using a gold price of US$500 per ounce. This compares to 9,637,200 tonnes at a grade of 2.21 g/t Au representing a total of 591,700 recoverable ounces, as of December 31, 2004, using a gold price of US$352.50 per ounce.

As a result of exploration and delineation drilling conducted during 2005, mineral resources were converted into mineral reserves hence the contained ounces in the measured and indicated mineral resources now represent a total of 25,854,000 tonnes at a grade of 1.36 g/t Au, for 1,133,300 ounces, compared to 1,495,000 ounces as of December 31, 2004. The main reason explaining this variation is a more precise geological interpretation, inducing better control on the mineralization. The total mineral reserves and resources now stand at 36,214,200 tonnes at a grade of 1.64 g/t Au representing 1,872,300 ounces of gold (2,086,700 ounces as of December 31, 2004).

The table below shows the details of the reserves and resources estimations as of December 31, 2005.

[table omitted]

Mr. Benoit La Salle, President and Chief Executive Officer of Semafo is pleased to comment that «With more than 2 million ounces in mineral reserves and resources, the future of the Samira Hill mine is extremely promising.»

In 2006, Semafo will continue its local and regional exploration programs to further increase the mineral reserves and resources and consequently, the expected mine life of the Samira Hill mine.

The Samira Hill mine is owned 40% by Semafo, 40% by Etruscan and 20% by the State of Niger. However, the cash flow attributable to Semafo represents 80% of the free operating cash flow from the mine until complete repayment of Semafo’s investment in the operating company.

The mineral reserves and mineral resources estimations reported above are documented in conformity with Canadian National Instrument 43-101. The estimations are based on a technical report that will be made available on SEDAR. Michel Cormier, geological engineer and Semafo’s Qualified Person has supervised the preparation of the technical report on the reserves and resources estimates for the Samira Hill mine, as of December 31, 2005. He has reviewed this press release for accuracy and has confirmed that the information relating to mineral reserves and mineral resources outlined above derives from the technical report prepared for Semafo by experienced mining geologists under his technical supervision.

Semafo Inc. is a mining company whose mission is to explore and develop gold and base metal deposits in West Africa.

For more information contact:

MONTREAL:
Benoit La Salle,
Chief Executive Officer and Chairman of the Board
Tel: [phone]
Fax: [phone]
E-mail: [e-mail]

RENMARK:
Tina Cameron
Tel.: [phone]
Fax: [phone]
E-Mail: [e-mail]

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