Monday, March 22, 2010

SEMAFO (TSE:SMF) Strong On Weak Gold Day

SEMAFO reaches million ounce threshhold

SEMAFO (TSE:SMF) was one of the better performers on an otherwise weak day for gold prices, as the indecision on investors whether to use gold or the U.S. dollar as a place of safety fluctuates from day to day.

It wasn't primarily the fundamentals that moved the stock up 5 percent to C$5.24 today, but rather more of a marketing push announcing the company had produced its 1 millionth ounce of gold.

The million ounces of gold have come from three mines, led by the Samira Hill Mine in Niger, which has produced 385,000 ounces; the Kiniero Mine in Guinea, which is right behind Samira with 355,000 ounces; and Mana Mine in Burkina Faso, which the company has extracted 260,000 ounces out of.

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