Monday, October 17, 2016

Semafo Inc. - SMF.t

Semafo Inc. - SMF.t owns and operates the flagship Mana Mine in Burkina Faso, which includes the high-grade satellite Siou and Fofina deposits, and is developing the advanced gold deposit of Natougou. Semafo expects production of between 235,000 and 260,000 ounces of gold for its current financial year.

On September 14, 2016 the company released News

"SEMAFO Inc. (TSX:SMF)(OMX:SMF) today announced it had resumed development of the Wona North pit at its Mana Mine in Burkina Faso. A total of 2.3 million tonnes of waste material will be extracted this year from the Wona North pit. The Corporation expects to increase its annual mining capacity to 40 million tonnes for the next three years in order to produce over 200,000 ounces of gold per year at Mana.

In 2017, the Mana Mine should process ore from the Fofina, Siou and Wona North pits with the Fofina deposit expected to be depleted in the first half of 2017. As of December 31, 2015, mineral reserves at Wona totalled 12.7 million tonnes at an average grade of 2.30 g/t Au for 935,100 ounces of gold contained.