Mr. Robert LaValliere reports

SEMAFO REPORTS INDICATED RESOURCES AT NATOUGOU OF 1.1 MILLION OUNCES

Snowden Mining Industry Consultants Pty. Ltd. has completed a National Instrument 43-101-compliant mineral resource estimate for Semafo Inc.'s advanced Natougou gold deposit in the Tapoa permit group in Burkina Faso. As at March 30, 2015, indicated mineral resources totalled 5.79 million tonnes at a grade of 5.87 grams per tonne gold for 1.1 million ounces of contained gold. Inferred resources on the Natougou deposit stand at 3.93 million tonnes at a grade of 3.49 g/t Au for 440,000 ounces of contained gold.

                     TAPOA'S NATOUGOU MINERAL RESOURCE
                (Reported above a 0.77 g/t Au cut-off grade)

                                Tonnes           Grade      Contained ounces
Classification                     (Mt)           (g/t)                 (koz)

Indicated (1)                     5.79            5.87                 1,092
Inferred (2)                      3.93            3.49                   442

(1) All indicated resources are contained in fresh rock.
(2) Eighty-three per cent of the inferred resources are contained in fresh
rock.

The mineral resource has been limited to within a pit shell, based on a gold price of $1,300 (U.S.) per ounce. Metallurgical testwork was completed in 2013 by Lycopodium Minerals QLD Pty. Ltd.

Key assumptions and parameters used in the mineral resource estimate are:

• The database includes a total of 714 reverse circulation and diamond drill holes.
• Dominant drill hole spacing is 40 metres along strike (315 degrees) by 40 m across strike (45 degrees).
• Drill spacing in the central area is up to 160 m along strike and 80 m across strike.

                          PIT OPTIMIZATION PARAMETERS
                                (In U.S. dollars)

Parameter                                                              Value

Mining dilution                                                          20%
Mining recovery                                                          95%
Mining slopes (over all)                                          60 degrees
Processing recovery                                                      94%
Gold price                                                         $1,300/oz
Mining price (waste)                                                 $2.95/t
Mining cost (ore)                                                    $3.08/t
Rehabilitation                                                       $0.10/t
Processing cost                                                     $23.87/t
General and administration costs                                     $5.25/t
Selling cost                                                        $2.18/oz
Royalties (4%)                                                        $52/oz

Minerlization

Minerlization at the Natougou deposit is hosted within a flat-lying shear zone that has a subtle anticlinal geometry. The apparent axis of the anticline strikes approximately 315 degrees and each limb dips approximately 15 degrees.

The mineralization is characterized by sheared amphibolite, quartz boudinage veining, biotite-plagioclase alteration and an increase in sulphide content. Sulphide assemblage comprises pyrite, pyrrhotite, and minor chalcopyrite and arsenopyrite. Visible gold has been observed in core samples. The host lithology consists of mafic to intermediate volcanic/intrusive stratigraphy.

Next steps

An initial $2.5-million (U.S.) RC precollar and core tail drill program has already commenced on the Natougou property. The goal of the 22,000 m infill drilling campaign is to convert Natougou's inferred resources to indicated resources. In the second quarter, additional drill rigs will be mobilized for a 10,000 m drilling program on Natougou's related structures in addition to condemnation drilling on Natougou. Later in the year, the company will initiate an infill drilling program on Natougou that is designed to convert a portion of the indicated resources to the measured category.

Qualified person statement

The mineral resource estimate for the Natougou gold deposit, Tapoa permit group, was completed by John Graindorge of Snowden Mining Industry Consultants, with the metallurgical portion of the technical report compiled by Harald Muller of Snowden Mining Industry Consultants. The mineral resource was estimated as at March 30, 2015, in compliance with NI 43-101. Mineral resources that are not mineral reserves have not demonstrated economic viability. Mr. Graindorge is an independent qualified person as defined under NI 43-101 and is responsible for the mineral resource estimate. Michel Crevier, PGeo, MscA, vice-president of exploration and mine geology, Semafo's qualified person, supervised the mineral resource estimate and consents to the inclusion in this press release of technical information relating to the Natougou gold deposit in the Tapoa permit group in the form and context in which it appears. The full quality assurance/quality control procedures are disclosed in the NI 43-101 Natougou technical report filed on SEDAR.

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