April 23, 2010 / 10:31 PM / in 8 years

CORRECTED - CORRECTED-(April 22)-UPDATE 1-Semafo sees better recovery in Bur

(Corrects headline and paragraph 1 of April 22 story to show that Semafo’s mine is in Burkina Faso, not South Africa)

* Study shows 5 pct rise in bedrock recovery at Mana

* Sees C$40 mln additional cash flow

* Says expects superior pre-feasibility study results

April 22 (Reuters) - Canadian gold miner Semafo Inc (SMF.TO) said studies showed a 5 percent rise in the recovery rate in a Burkina Faso mine, which would mean higher cash flow for the company.

“Based on the outcome of rock mechanics and metallurgical studies, we anticipate superior pre-feasibility study results,” Mining Operations Manager, Patrick Moryoussef said in a statement.

The new estimated average recovery rate of 81 percent at the Mana mine would add over C$40 million in cash flow from the bedrock reserves, the company said.

The study by SGS South Africa and Golder Associates showed better-than-expected results including a fall in the estimated reagents consumption to process the ore.

The company now expects results of pre-feasibility and feasibility studies in the second and third quarters.

Shares of the company were up 1.3 percent at C$5.9 in morning trade on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Savio D’Souza)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below