Semafo Inc. T.SMF

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Semafo - Opening of the Jean Gobele Gold Mine, Guinea MONTREAL, April 4 /CNW/ - SEMAFO is pleased to announce the official opening of the Jean Gobele Gold Mine in Guinea, West Africa. The mine is now fully operational and is expected to produce 60,000 ounces in its first year of operation at a cash cost of US$168 per ounce. The mine was officially opened on April 3rd, 2002. His Excellency Ibrahima Soumah, Minister of Mines, Geology and Environment presided the opening ceremony and was joined by seven ministers and many high-ranked government officials. On the eve of the opening, the Guinean government and Semafo signed a 25-year Mining Convention. Benoit La Salle, the President/CEO of Semafo stated that: "This first gold pour expected in two weeks, marks a milestone for Semafo as we have finally fulfilled our promise to shareholders; that Semafo will become a mining company. The company has now demonstrated its ability to turn a deposit into a mine. I would like to thank ONA/Managem for their backing and expertise and all our staff for their dedication and support during the construction period." The Jean Gobele Gold Mine will produce an annual 60,000 ounces from an open pit mine and CIP plant. Further exploration has discovered additional veins in the mine area (Gobele D) and these are being defined. An underground mine is also being studied. The mine was built on schedule and under the budget of US$12.4 million. Officially announced during the opening ceremony, as a sign of sincere appreciation for the support and dedication of the nearby villagers, the name of the mine was changed from Jean Gobele gold mine to Kiniero gold mine. Semafo inc. is a mining company whose mission is to explore and develop gold and base metal deposits in West Africa NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE -30- For further information: MONTREAL: Benoit La Salle, President, [phone], Fax: [phone], [e-mail]; CASABLANCA: Mostafa Hammoud, [phone]-71, Fax: [phone]; [e-mail]; RENMARK: Henri Perron, [phone], Fax: [phone], [e-mail]; Media: Renmark, Dominic Sicotte, [phone], Fax: [phone], [e-mail]