SEMAFO Explores Possible Dual Listing in Europe

MONTREAL, QUEBEC--(Marketwire - Jan. 20, 2011) - SEMAFO (TSX:SMF) today announced that it is exploring the possibility of a dual listing of its common shares on the NASDAQ OMX Stockholm exchange in Sweden.

"We have experienced significant growth in the past years," said Benoit La Salle, SEMAFO's President and Chief Executive Officer. "A dual listing on the NASDAQ OMX Stockholm would facilitate the participation of European investors seeking exposure to SEMAFO and to the West African gold sector."

Erik Penser Bankaktiebolag has been appointed financial adviser and Mannheimer Swartling has been appointed Swedish legal adviser for the possible listing process.

About SEMAFO

SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines: the Mana Mine in Burkina Faso, the Samira Hill Mine in Niger and the Kiniero Mine in Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities in West Africa.

Caution Concerning Forward-looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "explores", "possible", "would", "seeking", "evolve", "become", "pursuing" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include a final decision to seek listing of our common shares on the NASDAQ OMX exchange and our ability to list our common shares on such exchange, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2009 Annual MD&A, as updated by our 2010 First Quarter MD&A, 2010 Second Quarter MD&A and 2010 Third Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.