UPDATE 1-Semafo Q1 profit up 55 pct, shares touch new high

* Q1 earnings $0.06/basic shr vs $0.04/basic shr yr ago

* Production up 13 pct

* Shares touch life-time high of C$7

May 11 (BestGrowthStock) – Canadian gold miner Semafo Inc (SMF.TO: )
reported a 55 percent increase in quarterly profit, helped by
increased gold production and a higher average realized gold
price, and maintained its 2010 production forecast.

For the first quarter, the company posted a net income of
$13.8 million, or 6 cents per basic share, compared with $8.9
million, or 4 cents per basic share a year ago.

Gold production rose 13 percent to 65,8000 ounces for the
three month period ended March 31, and sales rose 29 percent to
$63.6 million. The company — with gold mines in Burkina Faso
and Guinea — maintained its prior forecast, expecting to
produce 235,000 to 260,000 ounces of gold in 2010.

Shares of the company, which bought a new mining fleet for
its Samira Hill mine in Niger, were up 9 percent at C$6.96
Tuesday on the Toronto Stock Exchange. They touched a new
life-time high of C$7.00 earlier in the trade.

Stock Market Money

(Reporting by Isheeta Sanghi in Bangalore; Editing by Prem
Udayabhanu) (([email protected]; within U.S. +1
646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:
[email protected]))

UPDATE 1-Semafo Q1 profit up 55 pct, shares touch new high