GoldMinerPulse Report: Semafo Inc. Metal Value

Semafo Inc. (SMF) NI 43-101 Metal Value Report

The Semafo Inc. website is at www.semafo.com.

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GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-11-11.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**Semafo Inc. Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$50.89
Average Ore Value per Tonne	US$107.06
Metal Value Leverage (MVL)	7.52
Market Capitalization as a Percentage of Metal Value	13.3%
Recent Closing Stock Price	C$6.72 [note 1]
Fully Diluted Share Count	278.61 M [note 2]
Percentage In Situ Proven + Probable Reserve	30%
Percentage In Situ Measured + Indicated Resource	33%
Percentage In Situ Inferred Resource	37%

**Gold Specific Metrics**
Metric	Value on 2012-02-03
Gold Reserves + Resources	8.21 M oz
Average Gold Ore Grade	1.9 g/t
Market Capitalization per oz of Gold In Situ	US$229.46 ( C$227.91 )
Gold Equivalent Ounces Estimate	8.21 M oz
Market Capitalization per oz of Gold Equivalent	US$229.46 ( C$227.91 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted shares based on the September, 2011 financial statement.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal			Gold
Total Counts (reserves + resources)			8.21 M oz
Metal Prices in US$ (from 2012-02-03)			$1,725.90 / oz
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count			$50.89
Percentage of Total Metal Value			100.00%
Metal Value Percentage Proven + Probable			30%
Metal Value Percentage Measured + Indicated			33%
Metal Value Percentage Inferred			37%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	PP%	MI%	I%
Mana	Bale and Mouhoun, Burkina Faso	$33.32 ( 65.5% )	US$120.49	5.38 M oz	36%	19%	45%
Samira Hill	South-western Niger, Niger	$12.58 ( 24.7% )	US$78.83	2.03 M oz	20%	56%	24%
Kiniero	Kouroussa, Guinea	$5.00 ( 9.8% )	US$127.22	806.67 K oz	16%	67%	17%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Kiniero

Latest NI43-101 Report: TECHNICAL REPORT OF MINERAL RESERVES AND RESOURCES, KINIERO GOLD MINE, GUINEA
2008-12-31 (117 pages).

Updates: See Mineral Reserves webpage (viewed November, 2011).

Project Location: Kouroussa, Guinea.

Average Ore Value (all estimate types): US$127.22

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.79	127.33 K oz	3.860 g/t	1.21 M t

Estimate notes: See Operations Mineral Reserves, Mineral Resources web page (viewed December 2009).
Resource quantities adjusted for ownership percentage of 85.0%.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.37	544.37 K oz	2.010 g/t	9.91 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 85.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.84	134.97 K oz	2.810 g/t	1.76 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 85.0%.

Mana

Latest NI43-101 Report: Technical Report on the Resources and Reserves of the Mana gold deposits, Burkina-Faso (as of Dec. 31, 2008)
2008-12-31 (111 pages).

Updates: See Mineral Reserves webpage (viewed November, 2011).

Project Location: Bale and Mouhoun, Burkina Faso.

Average Ore Value (all estimate types): US$120.49

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$12.05	1.95 M oz	2.640 g/t	25.47 M t

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.36	1.03 M oz	1.500 g/t	23.66 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 90.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$14.90	2.41 M oz	2.280 g/t	36.47 M t

Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 90.0%.

Samira Hill

Latest NI43-101 Report: TECHNICAL REPORT ON THE MINERAL RESERVES AND MINERAL RESOURCES OF THE SAMIRA HILL MINE, NIGER AS OF DECEMBER 31ST, 2008
2008-12-31 (80 pages).

Updates: See Mineral Reserves webpage (viewed November, 2011).

Project Location: South-western Niger, Niger.

Average Ore Value (all estimate types): US$78.83

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.52	406.85 K oz	1.670 g/t	9.47 M t

Estimate notes: See Operations Mineral Reserves, Mineral Resources web page (viewed December 2009).
Resource quantities adjusted for ownership percentage of 80.0%.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.98	1.13 M oz	1.510 g/t	29.02 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 80.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.07	495.89 K oz	1.130 g/t	17.06 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 80.0%.

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