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Gold/Mining/Energy : SEMAFO (SMF - T) 1.785 Million shares trade !!! -- Ignore unavailable to you. Want to Upgrade?

To: Land Shark who wrote (8)	1/6/1999 12:31:00 PM
From: Michel Landry	Read Replies (1) \| Respond to of 11

*****NEWS******* SEMAFO signs agreement with Ashanti SEMAFO SMF Shares issued 31,575,767 Jan 5 close $0.57 Wed 6 Jan 99 News Release Also Ashanti Goldfields Co Ltd (AHD.U) Mr. Benoit La Salle reports SEMAFO has signed on Dec. 30, 1998 a joint venture agreement with Ashanti Goldfields Company, through its wholly-owned subsidiary Samax Exploration, to develop SEMAFO's 69.6 square kilometre Ebi/Teleku-Bokazo property in the southwestern region of Ghana. Following the company's press release in Stockwatch July 7, 1998, a first three month due diligence was done by Samax with a successful outcome. In the mean time Samax was acquired by Ashanti and a second due diligence was performed by Ashanti, the end result being once again favourable, the joint venture was therefore signed. In return for the delivery of a bankable feasibility study within the next two years, Ashanti will earn a 75 per cent interest in Ebi/Teleku-Bokazo prospecting licence. If warranted by the study, Ashanti, as a second step, will assume the implementation of the feasibility study and bring this deposit into production. Further development of the mining property will thereafter be under the management of Ashanti with a 25% participation of Semafo. As a priority once the mine is in production, SEMAFO and Samax jointly on a 50/50 basis will be able to reimburse themselves, from the free cash flow, for all exploration expenses incurred since the beginning. As mentioned earlier in previous press releases, the actual estimation of 2.8 million tons grading 2.8 g/t Au is only taking into account the data down to a vertical depth of 70 metres even if some mineralization is reported at depths up to 250 metres.