MONTREAL - SEMAFO Inc. (TSX: SMF) (OMX: SMF) is pleased to announce results of operations for the three-month period ended March 31, 2020.
All amounts are in US dollars unless otherwise stated.
Highlights
The following 2020 highlights include a 4-week suspension of operations at the Boungou Mine.
Signing of definitive agreement with Endeavour
Consolidated gold production of 81,900 ounces
Gold sales of $123.2 million
All-in sustaining cost1 of $888 per ounce sold
Operating income of $33.2 million
Net income attributable to shareholders of the Corporation of $14.1 million or $0.04 per share
Adjusted net income attributable to shareholders of the Corporation1 of $20.8 million or $0.06 per share1
Cash flow from operating activities before changes in non-cash working capital1 of $60.0 million or $0.18 per share1
Full production rate of 2,000 tpd reached at Siou underground (UG)
SEMAFO provides Endeavour transaction update, including update on timing, mailing of meeting materials for May 28 Special Meeting and Board resolutions passed to apply for delisting from the TSX and Nasdaq Stockholm pending closing of transaction
Benoit Desormeaux, President and Chief Executive Officer of SEMAFO, stated: 'Despite a four-week shutdown at Boungou and the implementation of preventive measures against the COVID-19 virus, we delivered a solid first quarter that included a smooth ramp-up of Siou underground to full production. During the quarter, we announced a strategic transaction with Endeavour that continues to receive strong stakeholder support. We remind our shareholders to vote in favour of the transaction at the special shareholder meeting that will be held virtually on May 28. Details on how to attend and vote are provided in the joint circular that has been mailed to shareholders, filed on SEDAR and is available on our website.'
About SEMAFO
SEMAFO is a Canadian-based intermediate gold producer with over twenty years' experience building and operating mines in West Africa. The Corporation operates two mines, the Boungou and Mana Mines in Burkina Faso. SEMAFO is committed to building value through responsible mining of its quality assets and leveraging its development pipeline.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking. 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 'expected', 'pending', 'continues', 'will', 'seek', 'committed', 'building', 'leveraging', 'pipeline' 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 complete the transaction with Endeavour Mining Corporation on the terms and timing proposed; the impact on the closing and timing of the proposed transaction with Endeavour Mining Corporation as a result of any review ordered by the Minister of Innovation, Science and Development pursuant to the ICA; the ability to prevent and manage the COVID-19 virus, 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); the security of our operations 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 2019 Annual MD&A as updated in the 2020 First Quarter MD&A and other filings made with Canadian securities regulatory authorities, including the joint circular relating to the Endeavour transaction, which are available on SEDAR at www.sedar.com or the SEMAFO website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
Contact:
Tel: 514-744-4408
Fax: 514-744-2291
Email: info@semafo.com
SEMAFO INC. 
