Reserves and resources at Semafo‘s (SMF-T) three gold mining projects in Africa increased by 17% overall at the end of 2008, taking into account some minor decreases and a major increase at its three main projects.
As of Dec. 31, 2008, Semafo’s total reserves had dropped slightly to 22.7 million tonnes grading 2.49 grams gold per tonne for nearly 1.78 million oz. gold, down from 1.97 million oz. at the end of 2007.
Measured and indicated resources were up 30% to 58.7 million tonnes grading 1.58 grams gold per tonne for 2.98 million oz. gold.
Semafo’s Mana mine in Burkina Faso saw an insignificant drop in reserves which totaled 908,600 oz. gold at the end of 2008 after having produced 74,000 oz. over the year.
But a successful deep drilling program in the Wona pit resulted in a 221% jump in measured and indicated resources to 12.91 million tonnes grading 2.46 grams gold per tonne for 1.02 million oz. gold.
As a result, the company has decided to spend an initial $4 million for follow-up drilling to further evaluate the zones’ underground potential.
Like the Mana mine, the Samira Hill mine in Niger finished off 2008 with a nominal drop in reserves at 631,100 oz. gold with measured and indicated resources of 1.29 million oz. gold compared to 1.23 million oz. at the end of 2007.
Finally, at the company’s Kiniero mine in Guinea, reserves dropped 16,000 oz to 1.99 million tonnes grading 3.69 grams gold per tonne for 236,400 oz. gold. The decrease was a result of infill and validation drilling over the year, which resulted in an adjustment in tonnage and grade.
Measured and indicated resources at Kiniero were also lower, totaling 669,100 oz. compared to 735,900 oz. at the end of 2007.
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