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SEMAFO 4Q Output, Profit Rise Sharply

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SEMAFO Inc. (TSX, OMX: SMF) reports a profit in the fourth quarter as output rose sharply from the same period a year ago, helped by the first full quarter of production at Boungou. The company’s adjusted profit was $7.8 million, or 2 cents per share, compared to a $315,000 loss in the comparative quarter of 2017. Net income was $6.5 million, or 2 cents, up from $1.6 million, or a penny, a year ago. SEMAFO reports fourth-quarter consolidated gold production of 95,200 ounces, up from 49,500 in the same period of 2017. All-in sustaining costs fell to $782 per ounce sold from $982. For full-year 2018, the company lists output of 244,600 ounces, up from 206,400 in 2017 and in line with 2018 guidance of 235,000 to 265,000 ounces. AISC were $951. “SEMAFO is set to achieve many milestones in 2019, including record production of 390,000-430,000 ounces of gold at an AISC of $685-$735 per ounce,” says Benoit Desormeaux, president and chief executive officer. “The combination of BantouSavary is in progress and when complete, will result in a 1,250[-square-kilometer] district scale land package on the prolific Houndé Greenstone Belt in a country we know well. Strategic goals for 2019 include increasing and improving mine life at Boungou and Mana and advancing our two development projects, Bantou-Savary and Nabanga.”

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