SEMAFO Produces 65,200 Ounces in First Quarter 2015
Cash Flow from Operations of $32.6 Million
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/13/15 -- SEMAFO Inc. (TSX: SMF)(OMX: SMF) today reported its financial and operational results for the three-month period ended March 31, 2015. All amounts are in US dollars unless otherwise stated.
First Quarter 2015 in Review
Following a planned five-week shutdown of the SAG mill, we reported first quarter 2015 production of 65,200 ounces at a total cash cost(1) of $528 per ounce sold and all-in sustaining cost(1) of $646 per ounce sold at our Mana Mine. These costs per ounce represent year-over-year decreases of 51% and 54%, respectively, which are mainly attributable to the contribution of high-grade ore from the Siou and Fofina deposits.
Mana, Burkina Faso
Mining Operations
The increase in head grade in the first quarter of 2015 reflects higher grade ore processed from the Fofina and Siou pits, compared to ore sourced mainly from Wona-Kona in the same period in 2014. The increase in gold ounces produced and sold is a direct result of the 112% higher head grade. The decrease in ore processed is due to the processing of ore through the secondary ball mill during the five-week shutdown of the SAG mill.
Considering the solid quarter, SEMAFO maintains its 2015 production guidance of between 245,000 and 275,000 ounces at a total cash cost(1) of between $575 and $605 per ounce and an all-in sustaining cost(1) of between $715 and $750 per ounce.
During the three-month period ended March 31, 2015, the US dollar was stronger relative to the Euro when compared to the same period in 2014. Therefore, in the first quarter of 2015, the foreign exchange fluctuation positively impacted our total cash cost(1) and our general and administrative cost, but created an unrealized foreign exchange loss on our net monetary assets as at March 31, 2015.
The Corporation reported a net loss attributable to equity shareholders of $8.1 million ($0.03 per share) for the first quarter of 2015 compared to a net loss of $12.9 million ($0.04 per share) for the same period in 2014. The adjusted net income(1) from continuing operations attributable to equity shareholders of $8.2 million ($0.03 per share) for the first quarter of 2015 excludes an unrealized foreign exchange loss of $6.3 million, a deferred tax effect on currency translation on the tax base of $7.5 million and a financing fee write-off of $2.5 million.
Natougou Feasibility Study Update
A complete review of all preliminary results on the ongoing Definitive Feasibility Study ("DFS") has been completed. The following mandates were awarded for completion of the DFS:
The DFS is scheduled for completion early in the second quarter of 2016 and envisages a base case scenario of a 4,000-tonne-per-day processing plant. A budget estimate of $12.5 million has been established in order to complete the DFS that includes:
Exploration - Mana Project
An initial exploration program of $12 million is ongoing on the Mana properties, mainly in the vicinity of the Mana processing plant, the Siou sector, Pompoi, and in the north, on the Saoura and Massala properties.
To date, the RC program at Mana has tested targets located near the Fofina and Nyafe deposits (45 holes), and along the Siou Shear Zone (34 holes). In addition, a 30-hole (4,524-meter) program was completed on target B4, located on the Bombouela permit. Target B4 is characterized by a relatively weak auger drilling anomaly interpreted to sit along a potential splay off the Wona Deformation Corridor, which affects the western limit of the Hounde Greenstone Belt. The splay within the B4 area appears to follow a north-striking unit of volcanic rocks hosted in a thick sequence of clastic sedimentary rocks. Three short sections were drilled to test the stronger auger anomalies obtained. Assay results for the RC holes remain pending.
Banfora Reveals a 30-Kilometer Geochemical Anomaly Trend
We have assigned an initial exploration budget of $6 million to pursue exploration activities on the Banfora properties in 2015. Four auger drills are currently in operation on the Yeya I permit and in the north on the Kapogouan, Kongoroba and Dabokuy permits on the Mouro Shear trend.
The 2015 RC drilling program is designed to follow up on gold anomalies identified in the 2014 auger drill program on five permits. In the first quarter, a total of 9,487 meters of RC drilling was completed in 63 holes on the Tondura permit in the south west and on the Kapogouan permit on the Mouro Shear trend. One RC drill rig remains active on the Kapogouan permit. Assay results for the RC holes remain pending.
Exploration work conducted at Banfora in the first quarter of 2015 was mainly carried out on a property under farm-in agreement with AusQuest Limited and primarily focused on the northeast (NE) group of permits that track the eastern edge of the Banfora Greenstone Belt. Auger sampling results have identified a major NE-trending anomaly over a strike length of more than 30 kilometers. The trend, dubbed the Mouro Trend, appears to follow the eastern edge of the belt at the contact with various felsic to intermediate intrusive rocks, and related east-northeast trending splays appear to occur along the main trend. Towards the south, a north-south trending anomalous trend is observed, which also corresponds to a change in the direction of the contact between the granitic intrusive and the sediments. A regional scale deformation zone associated with this contact has also been mapped.
RC drilling along the Mouro Trend commenced on March 1, 2015. To date, 30 holes along two sections (200 meters apart) have been drilled immediately below the artisanal mining area with all assays pending. We plan to continue drilling along the corridor and its associated splays in order to better understand the controls of the mineralization and identify the most promising areas for follow up.
SEMAFO's Consolidated Financial Statements and Management's Discussion and Analysis and other relevant financial materials are available in the Investor Relations section of the Corporation's website at . These and other corporate reports are also available on the website maintained by the Canadian Securities regulators at .
SEMAFO will host a conference call today, Wednesday, May 13, 2015 at 10:00 EDT to discuss this press release. Investors are invited to call the following telephone numbers to participate in the conference:
The conference call will be archived for replay until June 3, 2015. To access the archived conference call, please dial 1 (800) 585 8367 and enter pass code 25056105. A live audio webcast of the conference will be accessible through SEMAFO's website at . The webcast will be available for replay for a period of 30 days.
Annual General Meeting of Shareholders
SEMAFO's Annual General Meeting of Shareholders will be held on Thursday, May 14, 2015 at 10:00 EDT at Le Centre Sheraton Montreal, Salon Hemon, 1201 Rene-Levesque Boulevard West, in Montreal, Quebec. Attendees will have the opportunity to ask questions and meet the management team and members of the board of directors.
About SEMAFO
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 deposits of Siou and Fofina, and is developing the advanced gold deposit of Natougou. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest. 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 "guidance", "scheduled", "envisages", "estimate", "will", "designed to", "expected", "plan", "committed", "evolve", "become", "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 meet our 2015 production guidance of between 245,000 and 275,000 ounces at a total cash cost of between $575 and $605 per ounce and an all-in sustaining cost of between $715 and $750 per ounce, the ability to complete the DFS early in the second quarter of 2016, the ability to complete the definitive feasibility study within the budget estimate of $12.5 million, the ability to convert a portion of the Natougou indicated resources to the measured categories, 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 2014 Annual MD&A, as updated in SEMAFO's 2015 First Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at . These documents are also available on our website at . SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
The above information has been made public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act.
Consolidated Results and Mining Operations from Continuing Operations
Operating Highlights from Continuing Operations
Contacts:
SEMAFO
Robert LaValliere
Vice-President, Corporate Affairs
& Investor Relations
Cell: +1 (514) 240 2780
Ruth Hanna
Analyst, Investor Relations
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
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Datum: 13.05.2015 - 11:30 Uhr
Sprache: Deutsch
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