SEMAFO and Savary Announce Non-Binding Letter of Intent for Acquisition of Savary by SEMAFO

- February 11th, 2019

SEMAFO and Savary Gold are pleased to announce that they have entered into a non-binding letter of intent contemplating the acquisition by SEMAFO of all of the outstanding common shares of Savary not already owned by SEMAFO.

SEMAFO (TSX:SMF,OMX:SMF,OTCMKTS:SEMFF) and Savary Gold (TSXV:SCA,OTCMKTS:SVVYF) are pleased to announce that they have entered into a non-binding letter of intent contemplating the acquisition by SEMAFO of all of the outstanding common shares of Savary not already owned by SEMAFO.

As quoted in the press release:

Benoit Desormeaux, president and CEO of SEMAFO, stated: “Our contemplated acquisition of the Karankasso property reflects our core strategy of creating long-term value through developing and operating high quality assets. The transaction would provide a consolidated district-scale land package in a country we know well and on the prolific Houndé Greenstone Belt, which we also know very well. We see excellent potential for resource growth on the combined 1,250 km², and if this transaction is consummated we anticipate the combined property will head up our development pipeline.”

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