Boungou
The completed gold room at Boungou

TSX-listed SEMAFO has announced that commissioning of the Boungou mine process plant is underway, with the first ore scheduled to be introduced to the mill circuit by month-end.

The company expects to achieve the first gold pour at Boungou in June, slightly ahead of schedule.

Boungou highlights as at April 30, 2018:

  • Overall project 97% complete
  • Construction of the processing plant 100% complete
  • Commissioning 57% complete
  • Crushing circuit, vertimill, pre-leach and tailings thickeners, leaching/CIP circuit and water services are already commissioned
  • Commissioning of the SAG mill, gravity, elution circuit, gold room, compressors and oxygen plant initiated in May
  • Development on budget with US$202 million of the US$231 million capital expenditure incurred
  • Pre-stripping 87% completed with 15.6 million of the projected 18 million tonnes extracted
  • 70,000 t of low-grade ore have been stockpiled on the ROM pad
  • Recruitment of mine operator employees is near-complete
  • Training will be completed in May
  • 1,480 personnel including contractors were employed on site, 86% of whom are Burkinabe
  • Demobilisation of construction and contract personnel has commenced
  • 5.2 million man-hours (515 days) have been worked without lost-time injury

Earlier this year SEMAFO reported it had subscribed to 33,333,333 common shares of TSXV-listed Savary Gold at a price of $0.06 per common share for an aggregate subscription price of approximately $2,000,000 pursuant to a private placement financing of common shares of Savary previously announced by Savary on January 29, 2018.

Prior to completion of the Financing, SEMAFO did not hold any shares or convertible securities of Savary.

Following closing of the transaction, SEMAFO holds a total of 33,333,333 common shares of Savary, approximately 15.5% of Savary’s issued and outstanding common shares on a non-diluted basis.

SEMAFO acquired the common shares described in this press release for investment purposes and in accordance with applicable securities laws.