SEMAFO: Construction of Boungou Mine 75% Complete
MONTREAL, Dec. 20, 2017 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX, OMX: SMF) today announced that construction of the Boungou Mine in Burkina Faso was 75% complete and remains on-budget for commissioning in the third quarter of 2018.
As at November 30, 2017, the following key components had been advanced:
- Development on schedule with $148 million spent
- Construction of the mine 75% complete
- Completion of over 90% of the total concrete pour, some 60% of structural steel and 30% of mechanical installation
- Installation of the SAG mill scheduled for completion at year-end
- Erection of structural steel ongoing in the pebble crusher, reagent storage, reclaim, grinding, workshop and pipe rack areas
- The tailings storage facility is over 60% complete
- Completion of over 70% of the power plant and more than 55% of the fuel depot
- Inauguration of the resettlement village in December
- Pre-stripping continues at the Boungou deposit with 8.3 million of the projected 18 million tonnes extracted
- 1,832 personnel including contractors were employed on site, 88% of whom are Burkinabe
- 3.3 million man-hours have been worked without lost-time injury
Installation of SAG Mill
Aerial View of Processing Plant
The table below presents the construction milestones for the Boungou Mine and their level of completion:
To follow the construction progress, please view the following link to the Boungou Mine photo and video gallery on our website: http://www.semafo.com/English/news-and-media/Natougou-Media-Page/default.aspx
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposit of Siou, and is targeting production start-up of the Boungou Mine in the third quarter of 2018. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "remains", "on-budget", "scheduled", "ongoing", "continues", "projected", "milestones", "targeting", "pursuing", "growth", "opportunities" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to commission the Boungou Mine in the third quarter of 2018, the ability to complete the installation of the SAG mill at year-end, the ability to meet all the construction milestones for the Boungou Mine in 2017 and 2018, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2016 Annual MD&A as updated in SEMAFO's 2017 First, Second and Third Quarter MD&As, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
The information in this release is subject to the disclosure requirements of SEMAFO under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on December 20, 2017 at 7.00 a.m., Eastern Standard Time.
For more information, contact
Vice-President, Corporate Affairs & Investor Relations
Cell: +1 (514) 240 2780
Analyst, Investor Relations
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SEMAFO Inc. via Globenewswire
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