Apr 7 2010
SEMAFO (TSX: SMF) today announced record gold production of 65,800 ounces for the first quarter of 2010, an increase of 13% over the first quarter of 2009. The Mana Mine produced 41,400 ounces of gold during the quarter, accounting for 63% of total production. The average selling price for the quarter was $1,111 per ounce.
"Phase I of the Mana plant expansion, which was aimed at increasing plant capacity up to 6,000 tonnes per day in saprolite was completed earlier this year," said Benoit Desormeaux, Executive Vice-President and Chief Operating Officer. "We are very pleased to report that we have attained and even exceeded design capacity, having achieved a throughput of up to 7,300 tonnes per day."
Phase II, which will increase plant capacity to 6,000 tonnes per day in hardrock is progressing according to schedule with completion expected in the second quarter of 2010. Phase III, which will extend leach time to accommodate increased throughput and optimize gold recovery is scheduled for completion by the end of the year.
For the balance of 2010, Mana's quarterly production is expected to be approximately 46,000 ounces of gold. Mana's production represents the majority of SEMAFO's estimated annual production of 235,000 and 260,000 ounces of gold.
"We remain well positioned for the future and look forward to continuing our successful record of discovery, development and operations," said Benoit La Salle, SEMAFO's President and Chief Executive Officer. This disciplined growth strategy will be the basis of our efforts to unlocking further value for the shareholders."
Production numbers are preliminary and may be subject to final adjustment. Further information will be published in the Company's first quarter operating and financial results to be released in early May.