SEMAFO Inc.: Heads of Agreement for the Sale of Samira Hill Expires

(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 10/01/13 -- SEMAFO Inc. (TSX: SMF)(OMX: SMF) today announced that the Corporation's heads of agreement with Middle Island Resources Limited (ASX: MDI) for the sale of a 100% interest in African GeoMin Mining Development Corporation Limited ("AGMDC") has expired. AGMDC, a wholly-owned indirect subsidiary of SEMAFO Inc., holds an 80% interest in Societe des Mines du Liptako (SML) S.A. ("SML"), owner of the Samira Hill gold mine in Niger. The Government of Niger owns the remaining 20% interest in SML.

Closing of the transaction was subject to the fulfillment of several conditions prior to September 30, 2013. A number of said conditions were not fulfilled, including those pertaining to approvals and consents from the Government of Niger. As announced on August 26, 2013, the Samira Hill mine has been placed in care and maintenance.

About SEMAFO

SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation currently operates two gold mines: the Mana Mine in Burkina Faso and the Kiniero Mine in Guinea. SEMAFO is committed to evolve in a conscientious manner through the responsible development of its high potential Mana property. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.



Contacts:
SEMAFO
Robert LaValliere
Vice-President, Investor Relations
Cell: +1 (514) 240 2780


Sofia St Laurent
Communications & Investor Relations
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408



Maria Bang
Brunswick Group Stockholm
+46 (8) 410 32 189

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Bereitgestellt von Benutzer: Marketwired
Datum: 01.10.2013 - 13:07 Uhr
Sprache: Deutsch
News-ID 301683
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MONTREAL, QUEBEC

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Mining & Metals

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