SEMAFO announces the overall conclusions of the A.C.A HOWE International Ltd. report on their properties

Business Wire, Sept 18, 1995

MONTREAL--(BUSINESS WIRE)--Sept. 18, 1995--SEMAFO (ME:SMF) West Africa Mining Exploration Corporation Inc. -SEMAFO - has retained the consulting firm of A.C.A. Howe International Limited (Howe) to conduct a detailed data review on the properties in order to determine and cost future exploration requirements. Their final report has been presented to management and contained the following conclusions.

OVERALL CONCLUSIONS:

HOWE states that SEMAFO has acquired a portfolio of properties in West Africa which has excellent potential for the development of an economic gold deposit.

- TELEKU-BOKAZO PROPERTY - Ghana

The Teleku-Bokazo property is situated within the Birimian Ashanti Greenstone Belt, a structural and lithological regime which hosts some of Africa's major gold producers. Howe visited the concession and confirmed the presence of an extensive, strong, gold chemical anomaly over an area 1 kilometre long and 400 metres wide, with artisanal pitting and trenching on both outcropping quartz mineralisation and surficial deposits in an adjacent 450 metres wide zone underlain by lateritic, sheared volcano-sedimentary rocks. The geochemically anomalous zone occurs within the latter area and includes outcropping quartz and sulphide mineralisation. The preliminary work suggest the potential for Ashanti-type high grade vein mineralisation and associated lower grade, high tonnage oxide ocr. A program of trenching and drilling is justified, together with continuation of the geochemical survey over the remainder of the property.

- JEAN-GOBELE CONCESSION - Guinea

Howe remapped and sampled the existing trenches in the Jean- Gobele concession and conducted soil sampling. Early results show that mineralisation extends into the wall rocks of the veins. The mineralised zone in one trench is at least 27 metres wide and grades 4.75 gms Au/tonne. Visits were made to confirm the location and geological setting of the Filon Bleu and Mankan features. Howe concludes that the property has excellent potential for an economic gold deposit to be developed given the widespread mineralisation known, including one partially deliniated deposit, all within favourable Birimian volcano- sedimentary rocks. An aggressive programme to evaluate all of the above targets is warranted, including an early feasibility study on the Jean-Gobele system planned by SEMAFO.

- LOPAL CONCESSION - Burkina Faso

Howe visited the concession, the area was traversed and grab samples were taken of vein outcops and quartz float. The Lopal concession in the Birimian Boromo Greenstone Belt has a history of orpaillage in an extensive area of quartz veining and associated superficial deposits. It also contains additional areas of quartz veining and reported gold mineralisation which merit investigation, and gold and base metal geochemical anomalies which may indicate similar gold-sulphide mineralisation to occurrences known elsewhere in the Boromo Belt. Potentially auriferous chert-sulphide mineralisation is also reported on the concession. Howe's visit on the site confirmed the extent of the mineralisation and indicated the excellent potential for a large tonnage open pittable gold deposit. A programme of remote sensing, trenching, a regional and local geological and geochemical surveying is justified.

- MIRES PROPERTY - Burkina Faso

Howe has reviewed the available data and visited the area on behalf of SEMAFO and confirmed the presence of extensive mineralisation. An area of quartz-tourmaline veining and stockwork some 3-400 metres by 1 kilometre was traversed. An area of reported alluvial working 2 kilometres to the south was also traversed for about 0.5 kilometres and proved to be the site of extensive artisanal exploitation on quartz veins and stockwork and associated alluvials. It is Howe's opinion that the area has excellent potential for the development of a large tonnage, low grade open pittable gold deposit. There is also strong potential for the location and development of high grade vein-type deposits and associated near-surface oxide mineralisation in the area of the boundary fault. A programme of trenching, regional and local geochemical surveys and remote sensing interpretation is warranted.

This work is planned to begin as soon as conditions permit. -0- NOTE TO EDITORS: NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED THE CONTENT OF THIS RELEASE.

CONTACT: Mr. Benoit La Salle, 514/747-2414