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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Serabi Gold Plc | LSE:SRB | London | Ordinary Share | GB00BG5NDX91 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.00 | -1.54% | 64.00 | 63.00 | 65.00 | 65.50 | 64.00 | 65.50 | 34,437 | 09:58:37 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 58.71M | -983k | -0.0130 | -49.23 | 48.47M |
Hot Features
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TIDMSRB
For immediate release
14 November 2016
Serabi Gold plc
("Serabi", the "Company" or the "Group")
Unaudited Interim Financial Results for the three and nine month periods
to 30 September 2016 and Management's Discussion and Analysis
Serabi Gold (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and
development company has reported record gold production for the third
quarter of 2016 and Cash Costs of production for the year to date of
US$772 per ounce. Today, the Company releases its unaudited interim
financial results for the three and nine month periods ending 30
September 2016 and, at the same time, has published its Management's
Discussion and Analysis for the same period.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE AND NINE
MONTHSING 30 SEPTEMBER 2016
3 months to 9 months to 3 months to 9 months to
30 Sept 2016 30 Sept 2016 30 Sept 2015(1) 30 Sept 2015(1)
US$ US$ US$ US$
Revenue 16,209,753 42,120,928 8,365,289 27,043,682
Cost of Sales (10,216,119) (25,828,941) (6,302,006) (19,350,056)
Depreciation
and
amortisation
charges (2,907,161) (6,552,101) (871,576) (3,603,810)
Gross profit 3,086,473 9,739,886 1,191,707 4,089,816
Profit before
tax 743,503 2,305,731 114,176 191,073
Profit after
tax 465,480 1,471,662 114,176 191,073
Earnings per
ordinary
share
(basic) 0.11c 0.35c 0.02c 0.03c
Average gold
price
received US$1,256 US$1,156
As at As at
30 Sept 2016 31 Dec 2015
Cash and cash
equivalents 3,116,123 2,191,759
Net assets 60,741,839 46,783,645
Cash Cost and
All-In
Sustaining
Cost
("AISC")
9 months to 9 months to
30 Sept 2016 30 Sept 2015
Gold
production
for cash
cost and
AISC
purposes 29,900(3) 22,720(2)(3)
Total Cash US$772 US$702
Cost of
production
(per ounce)
Total AISC of US$951 US$894
production
(per ounce)
1. The Sao Chico Mine was only declared to be in Commercial Production with
effect from 1 January 2016 and all costs and revenues relating to this
mine were capitalised prior to this date. The Income Statements for 2015
therefore only reflect the revenues and costs arising from the gold
produced from the Palito Mine and the Cash Cost and AISC for the 2015
comparative period therefore also only reflect the activities from the
Palito Mine.
2. Excludes gold production of 1,984 ounces from the Sao Chico Mine which
was not in commercial production during 2015.
3. Gold production figures are subject to amendment pending final agreed
assays of the gold content of the copper/gold concentrate and gold
doré that is delivered to the refineries.
Key Operational Information
SUMMARY PRODUCTION STATISTICS FOR THE THREE QUARTERSING 30 SEPTEMBER 2016
(PALITO AND SAO CHICO)
Quarter Quarter Quarter 3 9 months 9 months
1 2016 2 2016 2016 2016 2015
Horizontal
development Metres 2,925 2,941 2,649 8,515 6,911
Mined ore Tonnes 37,546 33,606 43,133 114,285 101,888
Gold grade
(g/t) 11.02 9.56 9.61 10.06 10.07
Milled ore Tonnes 36,615 39,402 42,464 118,481 96,480
Gold grade
(g/t) 8.58 8.17 8.08 8.27 8.75
Gold
production
(1) (2) Ounces 9,771 9,896 10,233 29,900(1) 24,704
1. Gold production figures are subject to amendment pending final agreed
assays of the gold content of the copper/gold concentrate and gold
doré that is delivered to the refineries.
2. Gold production totals for 2016 include treatment of 13,227 tonnes of
flotation tails
Financial Highlights
-- Cash Cost for the year to date of US$772 per ounce.
-- All-In Sustaining Cost for the year to date of US$951 per ounce.
-- Gross profit from operations of US$9.74 million for the first nine months
of 2016 which represents an improvement of 138 per cent compared to the
same period in 2015.
-- Post tax profit of US$1.47 million compared with US$0.19 million for the
same nine month period in 2015.
-- Earnings per share of 0.35 cents for the first nine months of 2016.
-- Cash holdings of US$3.12 million at 30 September 2016.
-- Average gold price of US$1,256 received on gold sales in the first nine
months of 2016.
-- Negligible borrowings with secured debt facilities outstanding at 30
September of only US$1.4 million (30 June 2016: US$4.7 million)
2016 Guidance
-- Forecast gold production for 2016 expected to be approximately 39,000
ounces.
-- The Company maintains its cost guidance for the full year of an All-In
Sustaining Cost of US$950 to US$985 per ounce reflecting the continued
strength of the Brazilian Real with has appreciated by 19 per cent since
March 2016.
Operational Highlights
-- Record quarterly gold production of 10,233 ounces for the third quarter
of 2016 (Q2 2016 - 9,896 ounces).
-- Mine production totalled 43,133 tonnes, a 28 per cent increase over the
preceding quarter.
-- 31,916 tonnes at a grade of 9.52 grammes per tonne ("g/t") of
gold from Palito.
-- 11,217 tonnes at 9.88 g/t of gold from Sao Chico.
-- 42,464 tonnes of ore processed through the plant for the combined mining
operations at an average grade of 8.27 g/t including the processing of
low grade stockpiles.
-- 2,649 metres of horizontal mine development completed in the quarter with
1,607 metres completed at Palito and 1,042 metres at Sao Chico.
-- With the third ball mill operational from the end of the second quarter,
along with a second flotation line and enhancements in the carbon in pulp
("CIP"),
-- These plant enhancements have increased plant capacity from 380-400
tonnes per day ("tpd") to over 500 tpd. This additional capacity of
approximately 100 tpd is being used to consume the surface stockpile as
much as practicably possible.
-- Work has commenced on the installation of a new carbon regeneration kiln
which should be completed in the early part of the fourth quarter. The
kiln will regenerate 'fouled' carbon and enhance gold recoveries.
-- Sao Chico has now been deepened to the 86m level, some 150 vertical
metres below surface. The ramp is continuing at a slower rate to the 71m
level.
-- During the third quarter, underground exploration drilling continued at
both sites. At Sao Chico the first 17 holes of a 6,000 metre programme
were completed. The programme is testing the continuity of the central
ore-zone below the current deepest workings at 86m down to level -20m.
-- At the end of the third quarter, the combined surface ore stockpiles at
Palito and Sao Chico totalled 11,000 tonnes at an average grade of 3.3
g/t of gold.
Clive Line, CFO of Serabi, commented,
"The third quarter has produced another satisfying result, both
operationally and financially. Gold production of 10,233 ounces was
another successive record quarter being a three per cent improvement on
the preceding quarter. Record levels of mined and milled tonnages were
also achieved in the quarter. Gross profit from operations has improved
quarter on quarter and the pre-tax profit of US$743,000 is a significant
improvement over the preceding quarter. At the same time, we continue
to strengthen the balance sheet and pay down debt reflected in the
improvement in the current asset position of the Company.
"During the third quarter we have changed customer for our copper/gold
concentrate production. This change has brought with it improved
payment terms but under IFRS, it has also accelerated the date on which
the sale of a consignment copper/gold concentrate occurs. As a result,
the third quarter results have benefitted from the recognition of a
one-off additional sale, together with the associated production costs,
of 160 tonnes of concentrate being recognised in the quarter. This also
reflected in the balance sheet as the production costs of this 160 tonne
shipment are no longer carried as inventory (valued at the cost of
production) as they would have been in preceding periods, but as a
receivable for the sales value of the shipment.
"The balance sheet has also been strengthened by the retirement in the
quarter of approximately US$3.33 million of debt. We continue to repay
the US$8 million debt facility from Sprott Resource Lending Partnership
which as at the end of October 2016 has been reduced to approximately
US$1.0 million. In addition, the financial position has been improved
through the conversion, by Fratelli Investment Limited, of its US$2
million convertible loan which occurred during August 2016.
"The cash position is slightly lower than at the end of June 2016, but
this reflects the settlement for this 160 tonnes shipment of concentrate
that left Brazil at the end of September for which payment only occurred
in the first few days of the following month. The change in customer
has eliminated the need for the US$7.5 million short term trade finance
arrangements that the Company has had in place for some three years
which financed the concentrate sales for approximately four months prior
to any initial settlement being received from the smelter. This change
is therefore expected to bring significant savings in finance costs in
the future.
"Whilst our costs, in local currency terms, continue to be relatively
steady, the Brazilian economy and therefore the Brazilian Real have
continued to benefit from high inward investment flows, supplemented by
tax inflows from previously undeclared foreign income and investment
holdings that have been stimulated by a short-term amnesty. These
inward flows have continued to support the currency, though with the
amnesty coming to an end, there has been some recent weakening. We
continue to evaluate all opportunities to improve our cost base and
improve gold recovery to maintain and improve margins."
SERABI GOLD PLC
Condensed Consolidated Statements of Comprehensive Income
For the three months ended For the nine months ended
30 September 30 September
2016 2015 2016 2015
(expressed in US$) Notes (unaudited) (unaudited) (unaudited) (unaudited)
CONTINUING OPERATIONS
Revenue 16,209,753 8,365,289 42,120,928 27,043,682
Operating expenses (10,216,119) (6,302,006) (25,828,941) (19,350,056)
Depreciation of plant and equipment (2,907,161) (871,576) (6,552,101) (3,603,810)
Gross profit 3,086,473 1,191,707 9,739,886 4,089,816
Administration expenses (1,267,898) (871,153) (3,812,218) (3,024,671)
Share based payments (101,072) (101,019) (249,828) (303,056)
Gain on disposal of assets 2,070 - 29,039 -
Operating profit 1,719,573 219,535 5,706,879 762,089
Foreign exchange loss (28,860) (364,869) (101,268) (171,238)
Finance expense 3 (947,250) (388,074) (3,299,989) (1,206,276)
Investment income 3 40 647,584 109 806,498
Profit before taxation 743,503 114,176 2,305,731 191,073
Income tax expense (278,023) - (834,069) -
Profit for the period from continuing operations (1)
(2) 465,480 114,176 1,471,662 191,073
Other comprehensive income
Items that may be reclassified subsequently to profit
or loss
Exchange differences on translating foreign
operations (588,314) (11,995,969) 9,041,254 (21,183,302)
Total comprehensive loss for the period (2) (122,834) (11,881,793) 10,512,916 (20,992,229)
Profit / (loss) per ordinary share (basic) (1) 4 0.11c 0.02c 0.35c 0.03c
Profit / (loss) per ordinary share (diluted) (1) 4 0.10c 0.01c 0.32c 0.02c
(1) All revenue and expenses arise from continuing operations.
(2) The Group has no non-controlling interests and all losses are
attributable to the equity holders of the parent company.
SERABI GOLD PLC
Condensed Consolidated Balance Sheets
As at As at As at
30 September 30 September 31 December
2016 2015 2015
(expressed in US$) (unaudited) (unaudited) (audited)
Non-current assets
Deferred exploration costs 9,731,144 9,018,777 8,679,246
Property, plant and equipment 44,860,837 39,181,535 40,150,484
Total non-current assets 54,591,981 48,200,312 48,829,730
Current assets
Inventories 7,865,290 7,677,056 6,908,790
Trade and other receivables 9,165,344 6,683,465 6,133,284
Prepayments and accrued income 2,652,081 2,248,960 2,429,506
Cash and cash equivalents 3,116,123 3,814,439 2,191,759
Total current assets 22,798,838 20,423,920 17,663,339
Current liabilities
Trade and other payables 6,564,033 4,788,850 4,212,803
Interest bearing liabilities 1,425,058 4,928,000 4,000,000
Trade and asset finance facilities 3,260,272 7,892,830 7,385,155
Derivative financial liabilities 262,000 70,038 -
Accruals 367,646 167,237 226,197
Total current liabilities 11,879,009 17,846,954 15,824,155
Net current assets 10,919,829 2,576,966 1,839,184
Total assets less current
liabilities 65,511,810 50,777,278 50,668,914
Non-current liabilities
Trade and other payables 2,275,312 2,226,238 1,857,914
Provisions 2,284,002 2,075,105 1,898,714
Interest bearing liabilities 210,657 246,557 128,641
Total non-current liabilities 4,769,971 4,547,900 3,885,269
Net assets 60,741,839 46,229,378 46,783,645
Equity
Share capital 5,540,960 5,263,182 5,263,182
Share premium 1,722,222 - -
Option reserve 1,237,581 2,646,397 2,747,415
Other reserves 361,461 450,262 450,262
Translation reserve (30,185,281) (39,919,594) (39,226,535)
Distributable surplus 82,064,896 77,789,131 77,549,321
Equity shareholders' funds 60,741,839 46,229,378 46,783,645
The interim financial information has not been audited and does not
constitute statutory accounts as defined in Section 434 of the Companies
Act 2006. Whilst the financial information included in this announcement
has been compiled in accordance with International Financial Reporting
Standards ("IFRS") this announcement itself does not contain sufficient
financial information to comply with IFRS. The Group statutory accounts
for the year ended 31 December 2015 prepared under IFRS as adopted in
the EU and with IFRS and their interpretations adopted by the
International Accounting Standards Board have been filed with the
Registrar of Companies following their adoption by shareholders at the
Annual General Meeting. The auditor's report on these accounts was
unqualified but did contain an Emphasis of Matter with respect to the
Company and the Group regarding Going Concern. The auditor's report did
not contain a statement under Section 498 (2) or 498 (3) of the
Companies Act 2006.
SERABI GOLD PLC
Share
(expressed in US$) Share Share option Other Translation Accumulated
reserves
capital premium reserve (1) reserve loss Total equity
Equity shareholders' funds at 31 December 2014
(audited) 61,668,212 67,656,848 2,400,080 450,262 (18,736,292) (46,520,559) 66,918,551
Foreign currency adjustments - - - - (9,187,333) - (9,187,333)
Profit for the period - - - - - 76,897 76,897
Total comprehensive income for the period - - - - (9,187,333) 76,897 (9,110,436)
Share options lapsed in period - - (56,739) - - 56,739 -
Share option expense - - 202,037 - - - 202,037
Equity shareholders' funds at 30 June 2015
(unaudited) 61,668,212 67,656,848 2,545,378 450,262 (27,923,625) (46,386,923) 58,010,152
Foreign currency adjustments - - - - (11,302,910) - (11,302,910)
Loss for the period - - - - - (125,634) (125,634)
Total comprehensive income for the period - - - - (11,302,910) (125,634) (11,428,544)
Cancellation of share premium - (67,656,848) - - - 67,656,848 -
Cancellation of deferred shares (56,405,030) - - - - 56,405,030 -
Share option expense - - 202,037 - - - 202,037
Equity shareholders' funds at 31 December 2015
(audited) 5,263,182 - 2,747,415 450,262 (39,226,535) 77,549,321 46,783,645
Foreign currency adjustments - - - - 9,041,254 - 9,041,254
Profit for the period - - - - - 1,471,662 1,471,662
Total comprehensive income for the period - - - - 9,041,254 1,471,662 10,512,916
Shares issued in period 277,778 1,722,222 - - - - 2,000,000
Release of Fair Value provision on convertible
loan - - - - - 1,195,450 1,195,450
Warrants lapsed - - - (88,801) - 88,801 -
Share options lapsed in period - - (1,759,662) - - 1,759,662 -
Share option expense - - 249,828 - - - 249,828
Equity shareholders' funds at 30 September 2016
(unaudited) 5,540,960 1,722,222 1,237,581 361,461 (30,185,281) 82,064,896 60,741,839
Condensed Consolidated Statements of Changes in Shareholders' Equity
1. Other reserves comprise a merger reserve of US$361,461 (2015: merger
reserve of US$ 361,461 and warrant reserve of US$88,801)
SERABI GOLD PLC
Condensed Consolidated Cash Flow Statements
For the three months For the nine months
ended ended
30 September 30 September
2016 2015 2016 2015
(expressed in US$) (unaudited) (unaudited) (unaudited) (unaudited)
Operating activities
Profit before taxation 465,480 114,176 1,471,662 191,073
Depreciation - plant, and equipment 2,907,161 871,576 6,552,101 3,603,810
Net financial expense 976,071 105,359 3,401,148 571,016
Taxation 278,023 - 834,069 -
Share-based payments 101,072 101,019 249,828 303,056
Foreign exchange gain 38,109 112,300 207,785 276,788
Changes in working capital
Decrease / (increase) in inventories 1,286,509 (1,103,999) 505,768 (2,552,479)
Decrease / (increase) in receivables, prepayments
and accrued income 330,084 791,116 (2,434,886) (775,400)
(Decrease) / increase in payables, accruals and
provisions (68,421) 1,219,436 1,411,427 2,860,354
Net cash inflow from operations 6,314,088 2,210,983 12,198,902 4,478,218
Investing activities
Sales revenues recognised to date - 1,340,259 - 2,267,350
Capitalised pre-operating costs - (1,724,903) - (2,392,111)
Purchase of property, plant and equipment and projects
in construction (713,069) (997,540) (2,840,740) (4,285,435)
Mine development expenditures (469,608) (150,801) (1,718,759) (948,633)
Exploration and development expenditure (247,479) (108,083) (247,479) (570,318)
Proceeds from sale of assets 2,070 - 29,039 -
Interest received 40 1 109 842
Net cash outflow on investing activities (1,428,046) (1,641,067) (4,777,830) (5,928,305)
Financing activities
Repayment of short-term secured loan (1,333,334) (1,000,000) (2,666,667) (3,000,000)
Drawdown of convertible loan and subsequent conversion
of shares - - 2,000,000 -
Receipts from short-term trade finance 4,454,632 6,435,952 16,355,730 17,123,401
Repayment of short-term trade finance (9,411,663) (6,130,683) (20,921,538) (16,994,618)
Payment of finance lease liabilities (161,210) (303,380) (542,731) (570,445)
Interest paid and other finance charges (125,901) (84,406) (624,233) (854,276)
Net cash (outflow) from financing activities (6,577,476) (1,082,517) (6,399,439) (4,295,938)
Net (decrease) / increase in cash and cash equivalents (1,691,434) (512,601) 1,021,633 (5,746,025)
Cash and cash equivalents at beginning of period 4,774,537 4,481,970 2,191,759 9,813,602
Exchange difference on cash 33,020 (154,930) (97,269) (253,138)
Cash and cash equivalents at end of period 3,116,123 3,814,439 3,116,123 3,814,439
Notes
1. General Information
The financial information set out above does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. Whilst the
financial information included in this announcement has been compiled in
accordance with International Financial Reporting Standards ("IFRS")
this announcement itself does not contain sufficient financial
information to comply with IFRS. A copy of the statutory accounts for
2015 was filed with the Registrar of Companies following their adoption
by shareholders at the next Annual General Meeting. The full audited
financial statements for the years end 31 December 2015 do comply with
IFRS.
2. Basis of Preparation
These interim accounts are for the three and nine month periods ended 30
September 2016. Comparative information has been provided for the
unaudited three and nine month periods ended 30 September 2015 and,
where applicable, the audited twelve month period from 1 January 2015 to
31 December 2015.
The accounts for the periods have been prepared in accordance with
International Accounting Standard 34 "Interim Financial Reporting" and
the accounting policies are consistent with those of the annual
financial statements for the year ended 31 December 2015 and those
envisaged for the financial statements for the year ending 31 December
2016.
The Group has not adopted any standards or interpretation in advance of
the required implementation dates. It is not anticipated that the
adoption in the future of the new or revised standards or
interpretations that have been issued by the International Accounting
Standards Board will have a material impact on the Group's earnings or
shareholders' funds.
These financial statements do not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006.
Going concern and availability of project finance
Having commenced initial development activities for the Sao Chico Mine
at the end of 2014, this mine was in development throughout 2015. On 1
February 2016, the Group announced that, with effect from 1 January
2016, the Sao Chico Mine had achieved Commercial Production. The Palito
Mine has been in Commercial Production since 1 July 2014.
The Directors anticipate the Group now has access to sufficient funding
for its immediate projected needs. The Group expects to have sufficient
cash flow from its forecast production to finance its on-going
operational requirements to repay its secured loan facilities and to, at
least in part, fund exploration and development activity on its other
gold properties. The secured loan facility is repayable by 31 December
2016 and at 30 September 2016, the amount outstanding under this
facility was US$1.33 million.
However, the forecasted cash flow projections for the remainder of 2016
include a continuing significant increase in production from the Sao
Chico Mine compared with the preceding calendar year. Whilst the Group
has declared Commercial Production at the Sao Chico Mine, there are
risks associated with the commencement of any new mining operation
whereby unforeseen technical and logistical events result in additional
costs needing to be incurred, giving rise to the possibility that
additional working capital may be required. Additionally, the Group is
exposed to changes in gold price and currency exchange rates. Should
additional working capital be required the Directors consider that
further sources of finance could be secured within the required
timescale.
On this basis, the Directors have therefore concluded that it is
appropriate to prepare the financial statements on a going concern
basis. However, there is no certainty that such additional funds either
for working capital or for future development will be forthcoming and
these conditions indicate the existence of a material uncertainty which
may cast significant doubt over the Group's ability to continue as a
going concern and, therefore, that it may be unable to realise its
assets and discharge its liabilities in the normal course of business.
The financial statements do not include the adjustments that would
result if the Group was unable to continue as a going concern.
3. Finance income and expense
3 months ended 30 September 2016 3 months ended 30 September 2015 9 months ended 30 September 2016 9 months ended 30 September 2015
US$ US$ US$ US$
Finance expense (unaudited) (unaudited) (unaudited) (unaudited)
Interest and fees on loans and finance facilities 146,229 388,074 684,561 1,206,276
Effective interest charge of the fair value, and loss
on revaluation, of derivatives 378,719 - 1,699,175 -
Finance cost on gold trading 422,302 - 916,253 -
947,250 388,074 3,299,989 1,206,276
3 months ended 30 September 2016 3 months ended 30 September 2015 9 months ended 30 September 2016 9 months ended 30 September 2015
Finance US$ US$ US$ US$
income (unaudited) (unaudited) (unaudited) (unaudited)
Gain on
revaluation
of
derivatives - 474,336 - 458,465
Finance
income on
gold
trading - 173,246 - 347,191
Interest
income 40 2 109 842
40 647,584 109 806,498
4. Earnings per share
3 months ended 3 months ended 9 months ended 9 months ended
30 September 30 September 30 September 30 September 12 months ended 31
2016 2015 2016 2015 December 2015
Profit / (loss) attributable to ordinary shareholders
(US$) 743,503 114,176 2,305,731 191,073 (48,738)
Weighted average ordinary shares in issue 678,005,407 656,389,204 663,647,199 656,389,204 656,389,204
Basic profit/(loss) per share (US cents) 0.11 0.02 0.35 0.03 (0.01)
Diluted ordinary shares in issue 727,915,407(1) 792,265,830(1) 713,557,199(1) 792,265,830(1) 656,389,204
Diluted profit /(loss) per share (US cents) 0.10 0.01 0.32 0.02 (0.01)(2)
1. Assumes exercise of all options and warrants outstanding as of that date.
2. As the effect of dilution is to reduce the loss per share, the diluted
loss per share is considered to be the same as the basic loss per share.
5. Post balance sheet events
Between the end of the financial period and the date that the financial
statements were approved by the Board of Directors there has been no
item, transaction or event of a material or unusual nature likely, in
the opinion of the Directors of the Company, to affect significantly the
continuing operations of the company, the results of these operations,
or the state of affairs of the Company in future financial periods.
This announcement is inside information for the purposes of Article 7 of
Regulation 596/2014.
Enquiries:
Serabi Gold plc
Michael Hodgson Tel: +44 (0)20 7246 6830
Chief Executive Mobile: +44 (0)7799 473621
Clive Line Tel: +44 (0)20 7246 6830
Finance Director Mobile: +44 (0)7710 151692
Email: contact@serabigold.com
Website: www.serabigold.com
Beaumont Cornish Limited
Nominated Adviser and Financial Adviser
Roland Cornish Tel: +44 (0)20 7628 3396
Michael Cornish Tel: +44 (0)20 7628 3396
Peel Hunt LLP
UK Broker
Matthew Armitt Tel: +44 (0)20 7418 8900
Ross Allister Tel: +44 (0)20 7418 8900
Blytheweigh
Public Relations
Tim Blythe Tel: +44 (0)20 7138 3204
Camilla Horsfall Tel: +44 (0)20 7138 3224
Copies of this announcement are available from the Company's website at
www.serabigold.com.
Neither the Toronto Stock Exchange, nor any other securities regulatory
authority, has approved or disapproved of the contents of this
announcement.
The Company will, in compliance with Canadian regulatory requirements,
post the Unaudited Interim Financial Statements and the Management
Discussion and Analysis for the three month and the nine month periods
ended 30 September 2016 on SEDAR at www.sedar.com. These documents will
also available from the Company's website - www.serabigold.com.
GLOSSARY OF TERMS
The following is a glossary of technical terms:
"Au" means gold.
"assay" in economic geology, means to analyse the proportions of metal
in a rock or overburden sample; to test an ore or mineral for
composition, purity, weight or other properties of commercial interest.
"development" - excavations used to establish access to the mineralised
rock and other workings
"doré - a semi-pure alloy of gold silver and other metals produced
by the smelting process at a mine that will be subject to further
refining.
"DNPM" is the Departamento Nacional de Produção Mineral.
"grade" is the concentration of mineral within the host rock typically
quoted as grams per tonne (g/t), parts per million (ppm) or parts per
billion (ppb).
"g/t" means grammes per tonne.
"granodiorite" is an igneous intrusive rock similar to granite.
"igneous" is a rock that has solidified from molten material or magma.
"Intrusive" is a body of igneous rock that invades older rocks.
"on-lode development" - Development that is undertaken in and following
the direction of the Vein
"mRL" - depth in metres measured relative to a fixed point - in the case
of Palito and Sao Chico this is sea-level. The mine entrance at Palito
is at 250mRL.
"saprolite" is a weathered or decomposed clay-rich rock.
"stoping blocks" - a discrete area of mineralised rock established for
planning and scheduling purposes that will be mined using one of the
various stoping methods.
"Vein" is a generic term to describe an occurrence of mineralised rock
within an area of non-mineralised rock.
Qualified Persons Statement
The scientific and technical information contained within this
announcement has been reviewed and approved by Michael Hodgson, a
Director of the Company. Mr Hodgson is an Economic Geologist by training
with over 26 years' experience in the mining industry. He holds a BSc
(Hons) Geology, University of London, a MSc Mining Geology, University
of Leicester and is a Fellow of the Institute of Materials, Minerals and
Mining and a Chartered Engineer of the Engineering Council of UK,
recognising him as both a Qualified Person for the purposes of Canadian
National Instrument 43-101 and by the AIM Guidance Note on Mining and
Oil & Gas Companies dated June 2009.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be,
forward looking statements. Forward looking statements are identified by
their use of terms and phrases such as "believe", "could", "should"
"envisage", "estimate", "intend", "may", "plan", "will" or
the negative of those, variations or comparable expressions, including
references to assumptions. These forward looking statements are not
based on historical facts but rather on the Directors' current
expectations and assumptions regarding the Company's future growth,
results of operations, performance, future capital and other
expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, business prospects and opportunities.
Such forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. ENDS This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Serabi Gold plc via Globenewswire http://www.serabigold.com
(END) Dow Jones Newswires
November 14, 2016 02:00 ET (07:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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