SEMAFO’s Net Income Increases 54% to $31.5 Million in the First Quarter 2012 First Quarter Cash Margin of More Than $1,000/oz Potential to Improve Wona/Kona Overall Project Economics

Montreal, Quebec, May 15, 2012, 09:30 EDT – SEMAFO (TSX, OMX: SMF) today reported its financial and operating results for the three-month period ended March 31, 2012. All amounts are in US dollars unless otherwise stated.

First Quarter 2012 Highlights

• Gold production of 60,900 ounces, an increase of 2% compared to the same period in 2011
• Gold sales of $100.4 million, a 27% increase compared to the same period in 2011

• Operating income of $38.2 million, an increase of 50% compared to the same period in 2011
• Net income of $31.5 million, an increase of 54% compared to the same period in 2011
• Net  income attributable to equity shareholders of the Corporation of $28.1 million or $0.10 per share compared to $18.2 million or $0.07 per share for the same period in 2011
• Total cash margin⁵ of $1,002 per ounce, an increase of $256 per ounce compared to the same period in 2011
• Cash flow from operating activities¹ of $40.2 million or $0.15 per share
• Start-up of on-site exploration laboratory at Mana
• Identification of six important gold anomalous trends at Mana
• Declaration of a second dividend of C$0.02 per share

To read the entire press release follow the link below:

May 15, 2012 (Semafo)

http://www.semafo.com/press-releases-details.php?id=185

Disclosure:  SEMAFO is a Vulture Bargain Candidate of Interest (VBCI).    Members of the GGR team may hold long positions in SMF.T.