SEMAFO TSX-SMF

MONTREAL, June 4 /CNW Telbec/ - SEMAFO Inc. (TSX: SMF) today announced the Company has closed out the remaining ounces of its hedge program in the

normal course of business. The completion of this obligation will allow the company to benefit from the market price of gold and improved cash generation.

"We remain committed to the ongoing improvement of the Company's overall performance," said Benoit La Salle, SEMAFO's President and CEO. "In today's marketplace controlling costs, increasing production and cash flow are all part of our commitment to increase shareholder value".

SEMAFO was required to enter into a hedge program in 2003 when financing construction of the Samira Hill mine in Niger.

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 in Burkina Faso, Niger and Guinea. SEMAFO is committed to evolve in

a conscientious manner to become a major player in its geographical area of

interest, while maintaining principles and strengthening relationships to

increase shareholder value.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These

forward-looking statements include, but are not limited to, statements

regarding the Company's expectations as to the market price of gold, strategic

plans, future commercial production, production targets, timetables, mining

operating expenses, capital expenditures, and mineral reserve and resource

estimates. Forward-looking statements involve known and unknown risks and

uncertainties and accordingly, actual results and future events could differ

materially from those anticipated in such statements. Factors that could cause

future results or events to differ materially from current expectations

expressed or implied by the forward-looking statements include, but are not

limited to, fluctuations in the market price of precious metals, mining

industry risks, uncertainty as to calculation of mineral reserves and

resources, risks related to hedging strategies, risks of delays in

construction, requirements of additional financing and other risks described

in the Company's documents filed from time to time with Canadian securities

regulatory authorities. Although the Company is of the opinion that these

forward-looking statements are based on reasonable assumptions, those

assumptions may prove to be incorrect. Accordingly, readers should not place

undue reliance on forward-looking statements. Readers can find further

information with respect to risks in the Company's Annual Information Form and

other filings with Canadian securities regulatory authorities available at