re: + report says anwia has 3 mill. tonnes @ 3gr/t That info is...

re: + report says anwia has 3 mill. tonnes @ 3gr/t That info is from memory.

I remember the name as something Like Telukie - Bokazo. Semafo's geologist was originally chasing supergene enriched subhozizontal zones- (Which don't really become well developed in Southern Ghana). So they drilled only vertical holes for a long time. And they drilled a plenty. Didn't make much sense to me.

Later with the down turn in the Gold Semafo went on the go-slow program, and completed a resource estimation before letting the deposit sit while they pursued Samira, Jean Gobele and something-up near Wa. I remember the grade of the original resource estimate as being fairly low and down to a about 300-400 m below surface. And there being about 400,000 oz. The annoucement that I remember was put out in about 1997-1998 and I cannot find now.


After that I didn't follow that project further. I now see that SEMAFO tried a JV with Ashanti with the intent to treat at Idupriem. But obviously was not economic. Why I don't know - low gold price? see below:

"CONFIRMATION OF THE POTENTIAL OF
THE ANWIA GOLD DEPOSIT BY ASHANTI GOLDFIELDS IN GHANA, WEST AFRICA.


Montreal, August 23, 1999 - SEMAFO Inc. is pleased to announce positive results from the exploration program carried out during the first two quarters of 1999 on its Anwia property in Ghana by Ashanti Goldfields Company Ltd (Ashanti).

To the end of June 1999, the program comprised 51 RC holes totaling 3 028 metres carefully located to assist in resolving the Anwia resource geometry. Following modeling of the results by Ashanti using a 1 gram per tonne cut-off, an inferred resource of 190,000 oz (2 million tonnes grading 3.0 grams per tonne) has been outlined on the Anwia prospect. Model depth below surface was a nominal 130 metres.

A follow-up programme of 127 additional RC holes totaling 7 500 metres is planned for completion during the third and fourth quarters to enhance the confidence in and expand the dimensions of that resource. In addition, a programme of 6 strategically placed PQ diamond drilled holes for use in metallurgical characterization will be completed.

Ashanti is also planning to continue investigating other strong gold in soil anomalies known to occur elsewhere on the property.

The Anwia Project has the potential of providing additional feed for Ashanti’s Iduapriem CIP plant, located near Tarkwa, a distance of 56 km. On that basis, Ashanti have commenced a Scoping Study including an Environmental Impact Study.

As previously announced (January 6, 1999), a Joint Venture agreement was signed with Ashanti to develop Semafo’s 69,6 sq. km Ebi/Teleku-Bokazo property, known as the Anwia Project, in the south-western region of Ghana.

Ashanti is the biggest gold mining company in Ghana. The exploration program is under the direct professional supervision of qualified Ashanti geologists. Assaying quality control criteria were set in such a way to include internal duplicates, blanks and external check assays at an independent laboratory. All assays were performed at the ISO-qualified SGS laboratory in Tarkwa and used standard 24-hr bottle rolls on 2kg-samples.

In return for the delivery of a Bankable Feasibility Study and/or the expenditure of US$2,6 M achieved before December 31, 2001, Ashanti will earn a 75% interest in the property. If warranted by the study, Ashanti will bring this deposit into production. Once the mine is in production, Semafo and Ashanti will reimburse themselves for all exploration expenses on a 50/50 basis. Continued operations will be under the management of Ashanti with a 25% participation of Semafo"


However, the nummmas change in this more recent announcement annoucement (Dec last year) viz. grade of 1.97g/t for the resource.



SEMAFO INC.
TSE-SMF

02.12.03 FOR IMMEDIATE RELEASE

Semafo Announces the Sale of its EBI Teleku Property in Ghana

Montreal, Quebec, December 2nd, 2003 - SEMAFO (TSX - SMF) Semafo is pleased to announce the sale of its Ebi Teleku property (Anwia project) in Ghana to Adamus Resources Limited, an Australian company.

The Anwia project resources are estimated at 220,000 oz (3,500,000 tonnes at a grade of 1,97 g/t). The total consideration for this transaction is US$2,5 million. At closing, Semafo will receive US$300,000 in cash and US$1,000,000 in Adamus shares. The number of Adamus shares to be received by Semafo will be determined at closing and shall be of a minimum of 4,000,000 shares and of a maximum of 5,000,000 shares.

The remaining cash payments are scheduled to be made six months after the closing date, for US$200,000, one year after the closing date, for US$500,000, and two years after the closing date, for US$500,000.




Anyway thanks for the additional info.

However I still think they are a bit overheated and have a long way to get to a million ounce reserve. Then again I am a bit too much on the fundamentals and often miss out on froth powered moon rides.