February 28, 2011 / 3:14 PM / 7 years ago

UPDATE 1-Semafo's reserves up 90 pct in 2010

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Feb 28 (Reuters) - Canadian gold miner Semafo Inc said its proven and probable mineral reserves rose 90 percent in 2010.

The Quebec-based junior miner also set a $30 million exploration budget for its Mana Mine in Burkina Faso and $5 million budget for its Samira Hill Mine in Niger, for 2011.

Semafo’s proven and probable mineral reserves on Dec. 31, 2010 was 36.1 million tonnes at an average grade of 2.43 grams per ton (g/t) of gold for 2.8 million ounces, compared with 1.5 million ounces at Dec 2009.

The company also said its inferred resources nearly doubled to 55.3 million tonnes at 1.94 g/t gold for 3.5 million ounces, compared with 1.7 million, in 2009.

Semafo shares were trading up 16 Canadian cents at C$10.49 on Monday on the Toronto Stock Exchange. They touched a high of C$10.62 earlier in the session. (Reporting by Arnika Thakur in Bangalore;Editing by Vyas Mohan)

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