SEMAFO's CEO Presents at Reserves & Resources Conference (Transcript)

Sep.20.13 | About: SEMAFO Inc. (SEMFF)

SEMAFO Inc. (OTCPK:SEMFF) Reserves & Resources Conference Call September 19, 2013 11:00 AM ET

Executives

Robert LaVallière – Vice President-Investor Relations

Benoit Desormeaux – President and Chief Executive Officer

Martin Milette – Chief Financial Officer

Michel Crevier – Vice-President, Exploration and Mining Geology and Qualified Person

Patrick Moryoussef – Vice-President, Mining Operations

Analysts

Paolo Lostritto – National Bank Financial Brokers

Cosmos Chiu – CIBC World Markets, Inc.

Leily Omoumi – Scotia Capital Markets

Don MacLean – Paradigm Capital, Inc.

Fletcher Tully – Goldman Sachs International

Pierre Vaillancourt – Macquarie Equities Research

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to SEMAFO’s conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time to queue up for questions. (Operator Instructions) Please note that today’s conference is being recorded.

I will now turn the conference over to Mr. Robert LaVallière, SEMAFO’s Vice President, Investor Relations. Please go ahead.

Robert LaVallière

Thank you, Athima. Good morning and welcome to SEMAFO’s conference call to discuss this morning’s press release regarding the updated reserve and resources estimate, initial reserve at our Siou high-grade deposit as well as the Mana mine plant simulation. Members of the senior management team joining me for the call today are Benoit Desormeaux, President and CEO; Martin Milette, Chief Financial Officer; Michel Crevier, Vice-President, Exploration and Mine Geology; and Patrick Moryoussef, Vice-President, Mining Operations.

I would like to remind listeners that some of the matters to be discussed during today’s call may contain forward-looking statements. Forward-looking statements include, but are not limited to items such as our expectations regarding the market price of gold, timetables, mining operation expenses, capital expenditures and resources and reserves estimates.

Such statements are given as at the date of this conference call and involve risks and uncertainties. A number of factors and assumptions were made in preparing such statements as actual results could differ materially. Accordingly, you should not place undue reliance on forward-looking statements.

For additional information with respect for forward-looking statement, risk and assumption, please consult our forward-looking statement in the today press release and our 2012 Annual MD&A as updated in SEMAFO’s First Quarter MD&A and Second Quarter MD&A, and other fillings made with the Canadian Securities Regulatory Authorities and available on SEMAFO website at www.semafo.com.

As stated in today’s press release, the Corporation will file a National Instrument 43-101 Technical Report for the entire Mana property, including Siou and other satellite deposits within 45 days. SEMAFO disclaims any obligation to update or revise any forward-looking statement except as required by law. I made this cautionary statement on behalf of all SEMAFO spokesperson, who may address you during the conference call today.

With that said, I would like to turn the call over to Benoit Desormeaux. Benoit?

Benoit Desormeaux

Thank you, Robert. First of all, we are very proud to announce initial reserves at the high-grade Siou deposit, just a little over one-year after its discovery and in keeping with our plan. Siou is SEMAFO’s most important discovery to-date. Siou is an open-pit deposit that is located approximately 15 kilometer east of the Mana processing plant, therefore within tracking distance. Our exploration focus this year was to complete delineation drilling at a spacing of up to 25x25 meters, interval necessary for inclusion to the reserves estimates. Reserves we’re calculating using a 1,100 gold price, which we believe is relatively conservative in today’s gold price environment.

To-date investments in exploration at Siou totaled approximately $25 million and consist mainly of geochem sampling, geophysics and other RC and diamond drilling. The June 30, 2013 reserves and resources estimation database comprised a total of 6,470 core and reverse-circulation drill holes, totaling more – approximately 900,000 meters and more than 660,000 assays.

We are progressing quickly towards production at Siou with mining activities anticipated in the second half of 2014, almost six months ahead of our initial timetable. Siou brings quality ounces to Mana consolidated reserves by augmenting the average head grade at the processing plant, which will ultimately have a significant impact on the total cash cost per ounce and production growth profile beginning in year two, when Siou is expected to be in full production.

I would like to note some of the highlights from today’s press release. Siou’s proven and probable mineral reserves, to a depth of approximately 180 meters, total 769,000 ounces at 4.94 gram per tonne. Siou’s inferred mineral resource totaled 795,000 ounces at 3.97 gram per tonne. Mana’s proven and probable reserves totaled 2,389,000 ounces, up 28% from the end of December 2012. Mana’s measured and indicated resource totaled 2,446,000 ounces, a 20% increase in the average mineral reserve grade at Mana to 2.77 gram per tonne. And of course, the fact that mining and production activities at Siou are now expected to begin in the second half of 2014.

Siou continues to demonstrate its potential with inferred resources of 6.3 million tonnes at 3.97 gram per tonne for 795,000 ounces of gold as at the end of June 2013. It is also important to note that the Siou mineralization remains open laterally and at-depth. Measured and indicated and inferred resource, have been calculated using a price of gold of $1,400.

The life-of-mine production simulation payable included in today’s press release is based on a technical report to be prepared in accordance with National Instrument 43-101. The first three years of production from Siou are estimated to be 27,000 ounces in year one, as it is only scheduled to be in production during the second half of the year; 163,000 ounces in year two and 161,000 ounces in year three. Total cash cost per ounce is estimated at a very low $364 an ounce in year one, $282 in year two and $383 in year three. The average strip ratio over the life-of-mine is 18.8 to 1, lower than the 20 to 1, we have an ounce in the initial inferred resources.

Gold recovery as shown through various Siou tests indicates a 96% recovery rate, as the gold is fine visible disseminated in quartz vein and easy to liberate using conventional Siou processing methods. We anticipate a significant increase in Mana’s consolidated production, when Siou will be fully operational in year two, owing to the high-grade of deposit. Accordingly, Mana’s annual production should rise to close to 250,000 ounces at an estimated total cash cost of $490 per ounce.

Taking into consideration, pre-stripping cost and sustaining capital at Mana, the year two all-in sustaining cost should be $649 an ounce. For the life-of-mine, Mana’s consolidated production from year one to 10 should be above 2 million ounces recovered at a total cash cost of $621 an ounce and an all-in sustaining cost of $765 an ounce. Production from the Fofina deposit with a grade of 2.68 gram per tonne is expected to begin in year three. Again, we’re focusing on quality ounces and optimal cash flow per ounce. For the next two years, our priority will be to focus on maximizing the throughput feed from Siou and on rebalancing the ore mix from Wona-Kona, Siou and Fofina in order to maximize cash flow.

It is expected that the feed mix from the Siou deposit for year two will account will 32% of Mana’s 7,200 tonne per day hard rock feed plant capacity. Due to Siou’s high-grade, this will represent approximately two-third of the ounces recovered in year two. Owing to Siou’s proximity to the Mana processing plant, capital expenditures will be minimal as there is no feed – no need for the construction of a new plant, tailings dam, camp and other significant ancillaries. Siou’s estimated capital expenditures of $25 million include minor infrastructure, mining and auxiliary equipment, crop compensation and road construction costs. Production simulation also take into consideration the use of local contractors for the transportation of ore from Siou and Fofina to the Mana processing plant over distances of approximately 15 and 17 kilometers, respectively.

Next week, we are scheduled to file the Mining Plan with the Burkina Faso authorities as a requirement of the EI. On-site, a full team of professionals have been assigned to work on the permitting process and are collaborating with government officials in this regard. During the fourth quarter of 2013, four to five auger drills are scheduled to continue exploration activities in the Siou vicinity. As well, our cost management and optimization efforts are ongoing throughout the organization.

This concludes our presentation portion of this call. I would now like to open up the lines for the question-and-answer session. Operator?

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) And our first question comes from the line of Paolo Lostritto from the National Bank Financial. Please proceed with your question.

Paolo Lostritto – National Bank Financial Brokers

Good morning, gentlemen.

Benoit Desormeaux

Good morning.

Paolo Lostritto – National Bank Financial Brokers

Just you mentioned that you’d – that the reserve was down to 180 meters. If I remember correctly, the section has started to show that you actually started getting several bands of mineralization at-depth, which are – meant that you are getting more tonnage per vertical meter. Are you still drilling to depths?

Benoit Desormeaux

So far, we’re not continuing drilling, this might – we might start back on this area later, probably next year, but even for the remaining of the year, that’s not what we’re aiming for.

Paolo Lostritto – National Bank Financial Brokers

Okay.

Benoit Desormeaux

We’re – our exploration focus is more on the same trend as Siou, but elsewhere to find other targets like that.

Paolo Lostritto – National Bank Financial Brokers

Okay.

Benoit Desormeaux

But to define, let’s say, better define resource or reserves deeper than 180 meters, this will be done probably next year, but it’s not a priority for now.

Paolo Lostritto – National Bank Financial Brokers

I understand you’re probably going to get more bang for your buck finding another near surface satellite versus…

Benoit Desormeaux

Exactly, exactly. Defining reserves that that will be mined in the year five, six, seven, it’s not an emergency to spend capital on it.

Paolo Lostritto – National Bank Financial Brokers

Okay. Thank you.

Operator

Thank you for your question. Continuing on, our next question comes from the line of Cosmos Chiu from CIBC World Markets. Please proceed with your question.

Cosmos Chiu – CIBC World Markets, Inc.

Good morning, guys and congrats.

Benoit Desormeaux

Thank you.

Cosmos Chiu – CIBC World Markets, Inc.

I’ve got a few questions here. Maybe first off, as you mentioned Benoit, this is about six months ahead of what we had expected in terms of first production. Can you maybe run through the permits? Do you have the full permits? can you remind me?

Benoit Desormeaux

We have to get the mining permit for that new Siou area. The environmental impact assessment has been completed and filed. So to get the permit, we need to have the reserves. That’s the reason why we put more focus on it. Now that we have the reserves, it will be filed with the authorities. So we think that may be end of Q2, so nine months from now, we should have the mining permit.

Cosmos Chiu – CIBC World Markets, Inc.

Okay.

Benoit Desormeaux

If we can do better, we always said – we always said that we would do our maximum to accelerate that. If we can do better, we will, but we are confident that we can have that to start stripping in July.

Cosmos Chiu – CIBC World Markets, Inc.

Okay. So you don’t foresee any kind of issue given that this is really within the same footprint and it’s a supplementary more so of a permit than a new permit?

Benoit Desormeaux

No, exactly, because it’s only a pit that we want to do. We don’t want to build the tailings dam, water dam and stuff like that. It should be quicker. And we have a very good support from local authorities. They’ve seen that kind of discovery from high-grade. With the declining gold price, they see lots of declining production as well in other mines in Burkina Faso. So they were more than happy to see an high-grade discovery like that.

Cosmos Chiu – CIBC World Markets, Inc.

Yes, for sure. Maybe Benoit, switching gears a little bit, as you have mentioned, I’m pretty sure, you are pretty confident about the recovery level or assumption that you factored into for the Siou deposit. But maybe if you can comment a little bit more on your decision, you’ve – the recovery assumption right now is 96%, it’s certainly higher than what we’ve seen even in the past for the Wona-Kona main pit. So how should we look at it? How confident are you in terms of that assumption? And could you maybe remind me once again, in terms of Siou, what percentage of the deposit would be oxide versus sulfides?

Benoit Desormeaux

Okay. The reason, we did metallurgical test on the ore body. Yes, it’s much higher than what we had at the Wona-Kona. I think in the oxide, it was 92%, 93%. So it’s even a bit higher. It’s a different type of geology. It’s in a quartz vein. There is visible gold, almost free gold there. So we don’t have any challenge to liberate the gold. So that’s the reason why we are confident that the – with the 96% recovery. Even before we were doing the test, we were confident that that we would have very good results, because of the type of geology in the quartz vein. So that for us, it’s really, we are confident with that figure. I don’t know if Michel, you want to comment more on the type of geology?

Michel Crevier

You are right on what you’re saying, Benoit. And over that, I mean, you mentioned that that free gold is quite fine its way. It’s not big issue regarding the time that is needed for the CIL, because yes, we often see gold when we look at the core, but it’s really rare that it reach half a millimeter. So regarding the dissolution, it’s an easy one.

Benoit Desormeaux

And you know it’s not giving us any problem with the fine ore. We are looking also – we may run other studies to see whether we could increase it with gravity circuit. That’s something that we’ve looked initially and we maybe continuing having a closer look. If we can increase recovery with a gravity circuit, we will probably consider it.

Cosmos Chiu – CIBC World Markets, Inc.

Okay.

Benoit Desormeaux

In terms of saprolite and oxide, and it’s a quartz vein, so it doesn’t change much when we are changing from oxide to transition to sulfide. We will be mining the waste – the first couple of years will be mined in oxide while mining the waste, but for ore, it’s still going to be a quartz vein. And the quartz vein hardness is similar to the bedrock we have in Wona-Kona.

Cosmos Chiu – CIBC World Markets, Inc.

Okay, that’s great. Maybe if we can talk about throughput a little bit. I see that in your next kind of three year life-of-mine and also the life-of-mine plan, the annual throughput, I see, will be about 2.5 million tonne per annum. That’s certainly a little bit less than the 2.7 million, 2.8 million tonne that you’ve realized in each of the last two years. Is that just a function of maybe the oxide versus sulfide mix and what – what’s the possibility of, I guess, pushing it harder in terms of getting it back up to 2.7 million, 2.8 million tonne per annum?

Benoit Desormeaux

Yeah, the reason why it’s lower than the 2.7 million, 2.8 million tonne, we’re reaching this year and last year, it’s because of the mix. So as we are going deeper in the Wona-Kona pit and considering the quartz vein in Siou, we will be more feeding at, let’s say, 100% bedrock equivalent, therefore reaching 7,200 per day. So if we have oxides coming from other zones, we never know that we might do better than that, but for a conservative figure, we assume that we would be at that level.

Cosmos Chiu – CIBC World Markets, Inc.

Great, thank you. That’s all I have. Congrats once again.

Benoit Desormeaux

Thank you.

Operator

Thank you. Thank you. Continuing on, our next question comes from the line of Leily Omoumi from Scotiabank. Please proceed with your question.

Leily Omoumi – Scotia Capital Markets

Thank you. Congrats, guys. These are really good numbers obviously. I guess most of my questions with regards to recovery rates at Siou were addressed. I just wanted to know what incremental test did you guys carryout that you now have a 96%, a higher kind of recovery estimate than before.

Benoit Desormeaux

Even when we announced the first recovery at Siou, we said it was above 95%. We stayed a bit conservative. So there was – almost all the results were above 95%. So now we’re more than average of 96%. And like I said, it’s because different geology, the quartz vein, size of the grain, how it’s – the geology is totally different.

Leily Omoumi – Scotia Capital Markets

Okay.

Benoit Desormeaux

And this figure is really with the standard Siou as we have on-site, low gravity circuit.

Leily Omoumi – Scotia Capital Markets

I see. Okay, great. And then also with regards to the operating cost per tonne of about 46%, 47% in the first couple of years, could you maybe break that down for us?

Benoit Desormeaux

On the cost per tonne basis, you have – on the press release you have all the parameters at the end. So I don’t have the mining cost per tonne of ore calculated using stripping, but if you have all the parameters, you have the – cost at the plant is, I think, $17 – $17.52 and you have the cost per tonne of ore, per tonne of waste. So I don’t have the exact split, but you can probably do with. Where I can probably run…

Leily Omoumi – Scotia Capital Markets

Okay, that’s fine.

Benoit Desormeaux

Good.

Leily Omoumi – Scotia Capital Markets

Okay.

Benoit Desormeaux

Thank you.

Leily Omoumi – Scotia Capital Markets

That’s okay. I came back into it.

Benoit Desormeaux

Yes.

Leily Omoumi – Scotia Capital Markets

I just thought, can you just maybe comment on the dilution factor and how comfortable you are with the factor that you’ve used?

Benoit Desormeaux

Okay. For Siou, we are using a 10% dilution, but compared to the previous modeling, we go a bit wider at the first stage, because we noticed that the goal in the quartz vein is sometime on the side and central or other side. So we decided to model the full thing and that allow us to have less dilution in a question of number over the model, but with the sampling, we’ll do, we’ll try to select. So there’s still a room for improvement.

Leily Omoumi – Scotia Capital Markets

Okay. Okay, that’s great, guys. Thank you very much.

Benoit Desormeaux

Thank you, Leily.

Operator

Thank you for your question. and continuing on, our next question comes from the line of Don MacLean from Paradigm. Please proceed with your question.

Don MacLean – Paradigm Capital, Inc.

Good morning, guys. Well done. I guess, one of the things we see, like 2016 is a banner year clearly. And what we often see with companies once they spent time working through their model and add other resources that these peaks tend to get smooth out. So I guess, the question is how well defined is the mine plan for 2015 and 2016, and could it be subject to smoothing out based on other resources, for example, if you find more of soft oxide lower grade?

Benoit Desormeaux

Yes, the mine plan has been well defined for the first three years using what we have in reserve. That doesn’t mean that it cannot be improved. It’s part of the report that we have to issue, but of course, we will continue working on improving it. There is probably room for improvement. If we also find other zones, we will focus on what brings the best cash flow. If we find oxide ore that can boost the throughput and brings better cash flow, of course, we will do it, but with the mix of what we had in them in the reserve report, this is what we came up with.

Don MacLean – Paradigm Capital, Inc.

So if we look at say, the year three, which I presume, that’s 2016 and compare to the life-of-mine for total cash cost that hits $476 and life-of-mine $621. So there is a big spread in there.

Benoit Desormeaux

Yes.

Don MacLean – Paradigm Capital, Inc.

And I guess the question was that this – is this a well defined higher grade zone, I guess, including Fofina for 2016 that – and 2015 that really gives…

Benoit Desormeaux

Yes, this is…

Don MacLean – Paradigm Capital, Inc.

Proven and probable driven from them, presumably?

Benoit Desormeaux

Yes, this is – in year three, yes, when we have included Fofina and what gives us the total cash cost of $476, yes, this is a well defined mine plan. Can we accelerate it, can we bring Fofina, that’s something we will have to look. And when you’re comparing, of course, this to the remaining life-of-mine, of course, if you go from year four to 10, there will be less Siou and probably no Siou at the end. Fofina will last from year four to 10, so that’s the reason why the total cost per ounce for the remaining life-of-mine is a bit higher. But it’s a well defined mine plan for Fofina, what is included in year three.

Don MacLean – Paradigm Capital, Inc.

Terrific and just on the Fofina, what’s required in terms of permitting or anything else to – that gives you that projected timeframe of 2016?

Benoit Desormeaux

Yes, the mining permit requirements are the same. We need the EI and the reserves. The EI has been completed and filed at the same time as the Siou study. And since we have the reserves, we are in the same process of getting the Fofina permit. But in terms of bringing these in production, of course, the priority is to bring Siou, because it’s high-grade and of course, better cash flow. And then, it’s a question of the mix at the plant, taking into consideration that we will have to track it even from Fofina over 17 kilometers. So it’s a question of having – of developing the zones and having the proper mix at the plant taking into consideration the distances.

So of course, this – I cannot – I don’t want to say that this mine plan is really the optimal one. If we can do better, we will do as we always – always do, and if we can do – bring part of the Fofina in year two, yes, we will do, but we need more work than what we’ve done with the reserves in that mine plan to really determine if we can mine Fofina at the same line with Siou considering 15 and 17 kilometers.

Don MacLean – Paradigm Capital, Inc.

So do I take from this, Benoit, that this is a – you consider this a reasonably conservative forecast and that could be bettered?

Benoit Desormeaux

Yes. That is what I would say, yes. We will definitely work to beat that.

Don MacLean – Paradigm Capital, Inc.

We’ll look forward to 2015-2016. Thank you.

Benoit Desormeaux

Yes, definitely.

Operator

Thank you Mr. MacLean. Continuing on, our next question comes from the line of Fletcher Tully from Goldman Sachs. Please proceed with your question.

Fletcher Tully – Goldman Sachs International

Hi, guys. Congratulations on the results. Just quickly, if my notes are correct, you’ve lost about 240,000 ounces in reserves, excluding Siou. I was just wondering whether you could talk a little bit about that and why that if the case?

Benoit Desormeaux

Yes, we’ve lost a bit of ounces, probably 100,000, because it’s been mined in the first six months of the year, and the other 140,000 ounces that we’ve lost in the Wona-Kona super pit, it’s because we’ve used a lower gold price. We’ve used $1,100, and in our previous reserve, we were using $1,300. So it’s really…

Fletcher Tully – Goldman Sachs International

Okay. So it’s purely price?

Benoit Desormeaux

Yes. Yes, exactly. Pricing and then…

Fletcher Tully – Goldman Sachs International

Okay…

Benoit Desormeaux

And we have also decreased the pit slope in the super pit. So it has affected a bit the ounces.

Fletcher Tully – Goldman Sachs International

Okay, wonderful. Thanks very much.

Operator

Thank you. (Operator Instructions) Our next question comes from the line of Pierre Vaillancourt from Macquarie. Please proceed with your question.

Pierre Vaillancourt – Macquarie Equities Research

Hi, guys. Just a point of clarification. The pre-stripping costs, are those capitalized or are they part of the operating cost?

Benoit Desormeaux

No, they are capitalized.

Pierre Vaillancourt – Macquarie Equities Research

They are capitalized.

Benoit Desormeaux

They are included in the all-in sustaining costs that were…

Pierre Vaillancourt – Macquarie Equities Research

They’re all-in, okay…

Benoit Desormeaux

Yes.

Pierre Vaillancourt – Macquarie Equities Research

Okay.

Benoit Desormeaux

Yes, but they are not in the total cash cost per ounce.

Pierre Vaillancourt – Macquarie Equities Research

Okay. So then in terms of capital, there is the, yes, the sustaining and the pre-strip, okay, okay.

Benoit Desormeaux

Exactly.

Pierre Vaillancourt – Macquarie Equities Research

And with respect to Siou, I mean, is it safe to say that, that particular structure is defined and you’re looking for more of the same or does this continue on in the – laterally?

Benoit Desormeaux

It’s still open, both laterally and at-depth. So we may still work just try to extend it, but for the remaining of the year, we will be more active on other targets in the vicinity of Siou than trying to extend it. So we want to generate. We had a couple of good results in the first part of the year identifying new targets. So we want to have a better understanding of that and therefore generating new targets for next year and we will have plenty of time to continue expanding Siou and even expanding Siou at the deeper part. We have more ounces in inferred than what we have announced in reserves. And I can tell you that what we have announced in the inferred is probably 80%, 80% of it is in the pit shell at $1,400. So that’s – that would be ounces that would be easy to define, but it’s not a priority. We want to find something else similar to Siou in the coming months and next year.

Pierre Vaillancourt – Macquarie Equities Research

Are those are the targets that are in the vicinity? How would you characterize them and just geologically, are they different, I mean, are they in the granite? How do you – how do they stack up?

Michel Crevier

Okay, Pierre, I’m going to take over that question. First, it would be early stage target, does not step out like we’ve done up to recently. And it’s still structurally controlled, but since it’s kind of a plug that’s Siou intrusive, it’s kind of an overall form. The trend of those mineralizations may change from side-to-side, east, west, it may be quite parallel, but to the edge of that intrusive, we may have something with different orientation. So we have to look at that. And the first stage of geochem will help us to focus that and then we have to drill it to see the trend of that.

Benoit Desormeaux

So it’s totally controlled, most likely to a thinking of mineralogy, but the extent of the mineralization maybe slightly different.

Pierre Vaillancourt – Macquarie Equities Research

Okay. Are you just still working for quartz veins?

Benoit Desormeaux

Yes.

Pierre Vaillancourt – Macquarie Equities Research

Okay. Okay, thanks.

Operator

And thank you for your question. Our next question comes from the line of [indiscernible]. Please proceed with your question.

Unidentified Analyst

[Foreign Language]

Benoit Desormeaux

[Foreign Language]

Unidentified Analyst

Question is I’m wondering if you can give us an update on the situation with your electrical line and tell us if – that’s if the assumption is that you’ll have the electrical line for these new costs from your mine plan?

Benoit Desormeaux

Okay. The advancement of the power grid is advancing as per the plan. We are expecting to be connected in the second half of 2014, and yes, it has been – we’ve taken into accounts the power grid in our cost parameters. But if you look in the cash flow for year one, it’s not – it hasn’t been included, but in the parameters for the reserve calculation, it’s been incorporated.

Unidentified Analyst

Okay. So you plan on being electrified in 2015 say?

Benoit Desormeaux

Exactly.

Unidentified Analyst

Okay.

Benoit Desormeaux

Probably in 2014 – part of 2014 in the end of – in the second of the year.

Unidentified Analyst

Okay. Thank you.

Benoit Desormeaux

Thank you.

Operator

Thank you, [indiscernible] and Mr. Desormeaux, there are no further questions at this time. I’ll turn the presentation back to you to continue with your concluding remarks.

Robert LaVallière

Thank you, Athima, and once again, I would like to take this opportunity to remind listeners that today’s press release is available on our website and also on the SEDAR website at the sedar.com. The audio webcast of this conference call will also be available for replay on our website for a period of 30 days.

I would like also to advice listeners that Benoit Desormeaux, SEMAFO President and CEO will be presenting at the Denver Gold Forum in Denver next week, Monday at 4:20. This presentation will be webcast by the Denver Gold Group and will also be available through our webpage on the investor section Events. Our 2013 third quarter financial and operating results are currently scheduled for publication on or about November 5, 2013.

Thank you very much and have a good day.

Operator

Thank you, sir. Ladies and gentlemen, that does conclude the conference call for today. We thank you all for your participation and ask that you please disconnect. Thank you once again. Have a wonderful day.

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