Burkina Faso has experienced some level of unrest in the past couple ofmonths. The situation appears to have taken a turn for the worse, with fresh reports indicating that President Blaise Compaore
had fled the capital, Ouagadougou, following a "mutiny" by members of his guard. Compaore apparently later returned to the
capital and planned to open discussions with the military. The mutinous soldiers were reported to be mad about unpaid housing
allowances. It is the third time in the past two months that Compaore has been confronted by the armed forces. Some say this
may be the end of Compaore’s rule. The youth in the country being inspired by the uprisings in Middle East and North Africa
(MENA) and in addition to the unhappiness within the army, Compaore may have to think about a transition plan sooner than
later. Compaore has been the President of Burkina Faso since 1987, when he came to power following a bloody coup. Military
protests and civil unrest in Burkina Faso could have negative implications on names like SEMAFO, IAMGOLD, Orezone and
Endeavour. The possibility of a potential change in government and potentially unfavourable changes to the current fiscal
regime and mine ownership rules could cause an overhang on the stock prices in the near-medium term, until political stability
is restored. SEMAFO's Mana Mine in Burkina Faso is one of three assets the company has in West Africa. The Mana Mine
produced 179,700 oz in 2010, for 2011 production is estimated to be 170,000-190,000 oz at a cash operating cost of US$425-
465/oz. IAMGOLD's flagship asset, the Essakane Mine, is the second-largest contributor to the company's valuation
(approximately $6.26/share) and accounts for ~36% (379,000 oz) of 2011 production estimate. Orezone's flagship project is the
3.5 million oz Bombore gold project in Burkina Faso. The company is targeting 250,000 oz/year gold production by 2015.
Endeavour has a 90% interest in the Youga gold mine in Burkina Faso, where production is forecast to be 84,000 oz at
US$600/oz for 2011. Burkina Faso, a relatively low-risk West African country for mining investment, is a relatively new
jurisdiction for gold mining development.