SEMAFO Compliant with World Bank Extractive Industries Transparency Initiative

SEMAFO (TSX:SMF) today reiterated that the Company adheres to the highest
corporate governance and business standards. SEMAFO and its Samira Hill Mine in
Niger, operating under the name Societe des Mines du Liptako S.A. ("SML") have
always been respectful of the Niger mining code, rules and regulations and are
compliant with the revenue transparency initiative supported by the World Bank.
SEMAFO and its subsidiaries have consistently honored all contractual agreements
with the Government of Niger and in all of the countries in which we operate. 


A new investigative committee has been put in place in Niger. The committee was
established by the transitional government to review the agreements endorsed by
previous regimes, more specifically with regard to the economic benefits to the
country. 


Commenting on the matter, Benoit La Salle, SEMAFO's President and Chief
Executive Officer, "We have always upheld transparent business practices. Our
organization is governed by strong ethics and values and we certainly welcome
any enquiries or comments in this regard. Our financial reporting and
obligations are of the highest standards. We are confident that the Niger
committee will confirm this fact and that there will be no major repercussion on
SML as a result of this inquiry."


"At SEMAFO, we pride ourselves on being responsible corporate citizens. We
continually strive to respect and honor our contracts and we have always been
fully compliant with our mining agreements," added Mr. La Salle. "In Niger, we
have paid more than $24.8 million in taxes, royalties and local salaries from
2004 to 2009, $14 million of which represented royalty payments. In addition
during this period, SML spent more than $153 million on locally-purchased goods
and services."


In 2003, and with the approval of the SML shareholders, SML with SEMAFO as
guarantor undertook a hedging program with a financial institution, Societe
Generale, to obtain debt financing for construction of the mine and
infrastructures. Since then, SEMAFO has invested in excess of $80 million in
SML. 


In compliance with customary mining practices, SML intends to pay dividends to
its shareholders once the capital has been reimbursed to its funding
shareholder. In this regard, it is important to note that according to West
African corporate-governing regulations, dividends can be paid to shareholders
once the accumulated deficit has been cleared in full.


All SML accounts are audited annually and a special report filed in accordance
with OHADA-governed regulation ("Organisation for the Harmonization of Business
Law in Africa", a system of business laws and implementing institutions adopted
by sixteen West and Central African nations).


About SEMAFO 

SEMAFO is a Canadian-based mining company with gold production and exploration
activities in West Africa. The Company currently operates three gold mines: the
Mana Mine in Burkina Faso, the Samira Hill Mine in Niger and the Kiniero Mine in
Guinea. SEMAFO is committed to evolve in a conscientious manner to become a
major player in its geographical area of interest. SEMAFO's strategic focus is
to maximize shareholder value by effectively managing its existing assets as
well as pursuing organic and strategic growth opportunities in West Africa.


Caution Concerning Forward-looking Statements 

This press release contains forward-looking statements. 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 "growth", "evolve", "become", "pursuing" 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 of the Niger Commission to
confirm that SML has conducted itself in accordance with its contractual
commitments with the Niger government, applicable law and high governance,
financial and business standards, as well as mining industry risks, delays,
political and social stability in Africa (including our ability to maintain or
renew licenses and permits) 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 2009 Annual MD&A,
as updated by our 2010 First Quarter MD&A, and other filings made with Canadian
securities regulatory authorities and available at www.sedar.com. These
documents are also available on our website at www.semafo.com. SEMAFO disclaims
any obligation to update or revise these forward-looking statements, except as
required by applicable law.