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SRB Serabi Gold Plc

67.50
3.00 (4.65%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  3.00 4.65% 67.50 67.00 68.00 67.50 64.50 64.50 153,855 12:35:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 58.71M -983k -0.0130 -51.92 51.12M

Serabi Gold plc Serabi Gold Plc : Conditional Acquisition Of The Coringa Gold Project, Brazil

14/11/2017 7:00am

UK Regulatory


 
TIDMSRB 
 
   For immediate release 
 
   14 November 2017 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   Conditional acquisition of the Coringa gold project, Brazil 
 
   Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining 
and development company, is pleased to report that, on 13 November 2017, 
it signed a conditional acquisition agreement to acquire 100 per cent. 
of the issued share capital and inter-company debt of Chapleau Resources 
Ltd ("Chapleau"), a Canadian registered company wholly-owned by Anfield 
Gold Corp ("Anfield"), which holds the Coringa gold project ("Coringa") 
located in the Tapajos gold province in Para, Brazil. 
 
   Coringa hosts a mineral resource estimate of 376,000 ounces of gold, 
including an Indicated Resource of 195,000 ounces of gold with an 
average grade of 8.4 grammes per tonne ("g/t"), which has been prepared 
in accordance with the reporting requirements of the standards of NI 43 
101.  Estimated mineral reserves included with the mineral resource are 
160,000 ounces of gold with an average grade of 8.4g/t. Coringa is 
located some 70 kilometres to the south-east of the town of Novo 
Progresso which is approximately 130 kilometres by road to the south of 
Serabi's current mining operations at Palito. 
 
   Serabi will acquire the entire issued share capital of Chapleau together 
with its outstanding inter-company debts owed to Anfield. Serabi will 
make an initial payment to Anfield on closing of the transaction 
("Closing") of US$5 million in cash ("Initial Consideration"). A further 
US$5 million in cash is payable within three months of Closing and a 
final payment of US$12 million in cash will be due upon the earlier of 
either the first gold being produced or 24 months from the date of 
Closing (both payments together being the "Deferred Consideration"). The 
total proposed consideration for the acquisition amounts to US$22 
million in aggregate. The Board of Serabi considers that the Initial 
Consideration and the first instalment of the Deferred Consideration can 
be settled from an extension of its existing loan facilities and current 
cash holdings (which, as at 30 September 2017, were US$9.75 million) and 
is evaluating its options for the longer term development finance 
requirements of the Coringa project and the Company's existing organic 
growth prospects. 
 
   Significant Benefits of the transaction 
 
   The Board of Serabi believes that the acquisition of the Coringa gold 
project has a number of key benefits including: 
 
 
   -- Coringa hosts an Indicated Mineral Resource of 195,000 ounces of gold at 
      8.36g/t and an Inferred Mineral Resource of 181,000 ounces gold at 4.32 
      g/t (the "Coringa Mineral Resource Estimate") prepared in accordance with 
      the reporting requirements of the standards of NI 43 101. 
 
   -- Coringa is located only 200 kilometres from Serabi's current Palito 
      mining operation and process plant, allowing synergies for management and 
      infrastructure and potential reduction of unit operating costs. 
 
   -- The Coringa project is a near 'carbon-copy' of Serabi's current operation, 
      which has been in production since 2014.  The similarities mean Serabi is 
      very well placed to expedite the successful development and future 
      production potential of the project. 
 
   -- Past gold discoveries at Coringa including the Mae de Leite, Come Quieto, 
      Demetrio and Valdette veins, have not been included in the current 
      Coringa Mineral Resource Estimate and provide scope for growing the 
      resources and expanding the life of the project. 
 
   -- A feasibility report on Coringa issued by Anfield in September 2017 (the 
      "Coringa Feasibility Study"), prepared in accordance with the reporting 
      requirements of the standards  of NI 43-101, estimated: 
 
          -- an average production rate of 32,000 ounces per annum and a total 
             mineable reserve of approximately 160,000 ounces of gold; 
 
          -- average all-in sustaining costs of US$783 per oz; and 
 
          -- a post-tax IRR of 30.8 per cent. 
 
   -- Serabi considers that scope exists to reduce capital and operating costs 
      at Coringa by utilising Serabi's existing gold processing facilities at 
      Palito. 
 
   -- Book value attributed by Anfield to property, plant and equipment being 
      acquired, including a 750 tonnes per day crushing, milling and CIP 
      process plant, is C$20.8 million. 
 
 
   Michael Hodgson, CEO of Serabi commented. 
 
   "Coringa is an advanced gold project that we have been interested to 
acquire for some time and know well. It always appeared to us to be an 
excellent bolt-on opportunity to expand Serabi's production and leverage 
our existing infrastructure and management.  Anfield's recent NI 43-101 
compliant feasibility study for Coringa shows robust economics as a 
stand-alone project and I am sure that, with our experience and 
resources, we can both reduce the upfront construction and development 
costs as well as generate operating costs synergies with our existing 
operations. 
 
   "Last year Anfield undertook a 26,400 metre infill drilling programme at 
Coringa, including 183 exploration holes over the principal Meio, Serra 
and Galena veins. Anfield also completed the acquisition of a 750 
tonnes-per-day crushing, milling and CIP process plant for Coringa and 
invested in essential initial infrastructure including a 200 person 
accommodation facility, offices and laboratory facilities. 
 
   "Anfield's feasibility study projects that Coringa will produce an 
average of 32,000 ounces over the life of the mineable reserves. This 
incremental production, over and above our current levels, makes this 
project work very well for us.  As well as this near-term gold 
production growth, the feasibility study highlights a number of other 
areas of geological interest within the tenement holdings of over 13,000 
hectares. As we are finding with our Sao Chico and Palito orebodies, I 
feel there is significant opportunity to expand the resource and extend 
the life of the operation well into the future. 
 
   "With Anfield now involved in a merger with Trek Mining and Newcastle 
Gold, we have taken the opportunity to acquire the Coringa project which, 
whilst no longer core for this enlarged entity, makes clear sense for 
Serabi offering an obvious opportunity to grow." 
 
   An interview with Michael Hodgson of Serabi, discussing the acquisition 
of Coringa, can be accessed by using the following link: 
 
   https://www.brrmedia.co.uk/broadcasts-embed/5a09a55a2acfc74f9342e870/event/?popup=true 
 
 
   Acquisition Agreement 
 
   Serabi has today signed a conditional acquisition agreement to acquire 
100 per cent. of the issued share capital of Chapleau together with 
Chapleau's outstanding inter-company debts owed to Anfield and other 
Anfield group companies (the "Agreement").  Chapleau owns 100 per cent. 
of the shares of Chapleau Exploração Mineral Ltda ("Chapleau 
Brazil"). Chapleau Brazil holds mineral rights consisting of seven 
concessions totalling 13,648 hectares, including Coringa. Chapleau also 
owns 100 per cent. of the shares of Chapleau Resources (USA) Limited 
("Chapleau USA") which holds a 10 per cent. interest in the Patty JV 
covering 616 mining claims in Nevada, USA.   The other JV participants 
are Barrick Gold US Inc. and McEwen Mining Inc.  The projected costs to 
Chapleau USA for 2018, in respect of the JV, are approximately 
US$20,000. 
 
   Serabi expects to make the payment of the Initial Consideration from 
existing resources. Immediately following Closing a completion balance 
sheet will be prepared and the Initial Consideration will be adjusted 
dollar-for-dollar for the amount, if any, by which the working capital 
on Closing exceeds or is less than US$nil. All outstanding intercompany 
loans between Chapleau and Anfield will be assigned to Serabi on 
Closing. 
 
   A further US$17 million is the Deferred Consideration,  of which an 
initial payment of US$5 million in cash is payable within three months 
of Closing and a final payment of US$12 million in cash will be due upon 
the earlier of either the first gold being produced or 24 months from 
the date of Closing. The total consideration for the acquisition amounts 
to US$22 million in aggregate (before any working capital adjustments). 
 
   The Agreement is conditional on a number of items including: 
 
 
   -- Completion by Serabi of its due diligence, including the receipt of 
      satisfactory legal opinions as to mining title, labour, environmental 
      and tax matters; 
 
   -- Approval of the shareholders of Anfield and approval of the TSX-V; and 
 
   -- Approval of Serabi's secured lender (Sprott). 
 
 
   Pursuant to the Agreement, Anfield has provided Serabi with certain 
indemnities in respect of future claims relating to activities prior to 
Closing, including labour and tax liabilities. In addition, the 
Agreement includes representations and warranties from Anfield in favour 
of Serabi as would be customary for a transaction of this nature both on 
execution of the Agreement and at Closing. 
 
   Serabi has agreed, on Closing, to grant to Anfield, subject to the 
approval of Serabi's secured lender and, if required, sub-ordinated to 
any security granted by Serabi to its secured lender, a pledge over the 
shares of Chapleau as security for the full and irrevocable payment of 
the Deferred Consideration. 
 
   Anfield proposes to hold its shareholder meeting to approve the proposed 
transaction on 19 December 2017, and Closing is anticipated to occur 
shortly thereafter. 
 
   The Board of Serabi considers that the Initial Consideration and the 
first instalment of the Deferred Consideration can be settled from an 
extension of its existing loan facilities and current cash holdings and 
is evaluating a number of options for the longer term development 
finance requirements of the Coringa project and the Company's existing 
organic growth prospects. 
 
   Further information on Coringa 
 
   Coringa is located in north-central Brazil, in the State of Pará, 
70 kilometres southeast of the city of Novo Progresso.  Access to the 
property is provided by paved (National Highway BR-163) and gravel 
roads.  Coringa is in the south eastern part of the Tapajós gold 
district, Brazil's main source of gold from the late 1970s to the late 
1990s. Artisanal mining at Coringa produced an estimated 10 tonnes of 
gold (322,600 oz) from alluvial and primary sources within the deep 
saprolite or oxidized parts of shear zones being mined using 
high-pressure water hoses or hand-cobbing to depths of 15 metres. Other 
than the artisanal workings, no other production has occurred at 
Coringa. Artisanal mining activity ceased in 1991 and a local Brazilian 
company (Tamin Mineração Ltda.) staked the area in 1990. 
Subsequently, the concessions were optioned to Chapleau (via its then 
subsidiary, Chapleau Brazil) in August 2006. On 1 September 2009, 
Magellan Minerals Ltd. ("Magellan Minerals") acquired Chapleau.  Between 
2007 and 2013, extensive exploration programmes were completed on the 
property, including airborne magnetic, radiometric and electro-magnetic 
surveys; surface IP surveys; stream, soil, and rock sampling; and 
trenching and diamond drilling (179 holes for a total length of 28,437 
meters).  On 9 May 2016, Anfield acquired Magellan Minerals. Anfield 
subsequently completed an infill drill programme (183 holes for a total 
length of 26,413 meters) for the Serra and Meio veins in 2016 and 2017. 
 
 
   Coringa is an advanced project currently at the resource development 
stage. 
 
   Following completion of the drilling programme undertaken by Anfield and 
the Coringa Feasibility Study, activity has been significantly reduced 
whilst Anfield has progressed the licencing and permitting process. 
There are currently approximately 70 personnel employed by Chapleau 
Brazil, but this is expected to be reduced prior to Closing. 
 
   The Coringa Feasibility Study has an effective date of 1 July 2017 and 
it incorporates all expenditures prior to that date. The base case 
economics are based on a gold price of US$1,250 per ounce ("oz"), silver 
price of US$18 per oz and an exchange rate of 3.2 (US$ to Brazilian 
Real). The Coringa Feasibility Study highlights included the following 
estimates: 
 
   --       Gold production of approximately 32,000 oz per year averaged 
over a 4.8 year mine life; 
 
   --       Average life of mine process fully-diluted gold grade of 6.5 
g/t; 
 
   --       Post-tax internal rate of return of 30.8 per cent.; 
 
   --       Post-tax net present value of US$31.0 million at a 5 per cent. 
discount rate; 
 
   --       Remaining capital costs of US$28.8 million; 
 
   --       Average net cash operating costs of US$585/oz and all-in 
sustaining costs of US$783/oz; and 
 
   --       Probable mineral reserves of 161,000 oz of gold and 324,000 oz 
of silver. 
 
   The total fully-diluted estimate of mineral resources for Coringa, 
prepared in accordance with the reporting requirements of the standards 
of NI 43-101, included in the Coringa Feasibility Study were reported as 
follows: 
 
 
 
 
                             Au      Ag    Contained  Contained 
                  Tonnes   grade   grade     gold      Silver    Cut-off grade 
Classification   ('000's)  (g/t)   (g/t)     (oz)       (oz)        (g/t Au) 
Serra Probable 
 Reserves             498     6.0    12.8     97,000    204,000           2.50 
Meio Probable 
 Reserves             196     7.4    14.6     46,000     92,000           2.38 
Galena Probable 
 Reserves              74     7.1    11.2     17,000     27,000           2.50 
Total Probable 
 Reserves             769     6.5    13.1    161,000    324,000 
 
Indicated 
 Resource             726     8.4    17.0    195,000    396,000           2.00 
Inferred 
 Resource           1,301     4.3     5.1    181,000    215,000           2.00 
 
 
   Notes: 
 
 
   1. Additional information, including with respect to the mineral resource 
      estimate, metallurgy, data verification and quality control measures, can 
      be found in Anfield's technical report titled "Coringa Gold Project, 
      Brazil, Feasibility Study NI 43-101 Technical Report" with an effective 
      date of 1 July 2017, which is filed on SEDAR at www.sedar.com The mineral 
      resource estimate was prepared in accordance with the standard of CIM and 
      NI 43-101. 
 
   2. Totals in the above table may not add due to rounding. 
 
   3. Grades are reported on a fully-diluted basis. 
 
   4. Chapleau Brazil is the Operator and owns 100% of Coringa such that gross 
      and net attributable resources are the same. 
 
   5. Serabi has not independently verified the information. 
 
 
   There are approximately 40,000 ounces of estimated inferred mineral 
resource, which are not included in the Feasibility Study's mine plan, 
that are adjacent to areas mined as part of the Feasibility Study. In 
addition, Chapleau Brazil controls a twenty kilometre area in the 
district with delineated gold soil anomalies, of which, the 
drill-defined mineral resource strike length is approximately two 
kilometres. 
 
   On 14 August 2017, Anfield announced that it had received key permits 
required to commence construction of the Coringa project, being (1) the 
license of operation for exploration and trial mining, (2) the 
vegetation suppression permit and (3) fauna capture permit, all issued 
by the Secretaria de Estado de Meio Ambiente e Sustentabilidade 
("SEMAS"). The SEMAS permits contain a list of conditions for the 
conservation and protection of fauna and flora. In addition, Chapleau 
Brazil is required to comply with requirements related to: fuel storage; 
waste storage; transportation, storage and use of explosives; surface 
water drainage; archaeology; and worker health and safety programmes. 
The Company is also required to submit regular reports on operational, 
environmental, and social performance. These conditions and requirements 
will be met as part of normal course operations. 
 
   The next step in the permitting process will be for a formal trial 
mining licence to be issued by the Departamento Nacional de 
Produção Mineral ("DNPM").  The trial mining licence will 
authorise the Company to commence mine development and production from 
Coringa.   The trial mining license will authorise mining and processing 
of up to 50,000 tonnes of ore per year at Coringa. Under applicable 
regulations, once the mine is operational, Chapleau Brazil may apply to 
the DNPM to increase the processing limit. 
 
   On 27 September 2017, Anfield announced that it understood the Brazilian 
Ministério Público Federal ("MPF") was bringing an action 
against SEMAS, the DNPM and Chapleau Brazil. The action seeks to nullify 
the operating license previously granted to Chapleau Brazil by SEMAS and 
states that SEMAS should not have granted the license without requiring 
Chapleau Brazil to prepare a full socio-economic analysis and 
Environmental Impact Study ("EIS") for Coringa. Anfield and its legal 
counsel believe that Chapleau Brazil has complied with all applicable 
regulations.  At an initial hearing the court denied a request from the 
MPF to cancel the operating licence and requested submissions from SEMAS, 
DNPM and Chapleau Brazil.  A further hearing has not yet been scheduled. 
Anfield and Chapleau Brazil have in the meantime continued to progress 
the completion of a full EIS, which is anticipated to be completed 
before the end of 2017 and prior to Closing. 
 
   Serabi and its legal advisers have considered the position adopted by 
the MPF, and believe that the completion of the EIS should significantly 
address the main concerns of the MPF and have concluded, based on the 
current available information, that there is a low risk of significant 
delay to the licencing and permitting process.  Serabi will continue to 
monitor this position up until Closing. 
 
   Progress has also been made in several other areas relating to the 
development of Coringa. Applications for required camp and start-up 
water have been submitted and the tailings storage permit request is 
nearing completion. Discussions for long-term land access agreements are 
underway with the Instituto Nacional de Colonização e Reforma 
Agrária ("INCRA"), a government agency which claims ownership of 
the surface rights where the project is situated. 
 
   Serabi's plans for Coringa following Closing of the Acquisition 
 
   Serabi intends to continue the work started by Anfield on the permitting 
and licencing process and will, to any extent necessary, complete the 
EIS and any supplementary work requested following its initial 
submission to the relevant Brazilian government departments for 
approval.  Serabi will review the cost estimates contained in the 
Feasibility Study and optimise these, prepare its own development plan 
and evaluate alternative construction development and processing options 
that Serabi's management could enhance the economics of the project. 
 
   Following Closing, development and construction at Coringa will be 
placed on care and maintenance whilst the permitting process is 
completed. 
 
   Additional disclosures pursuant to the AIM Rules 
 
   Chapleau is not required to prepare audited financial statements.  Based 
on information provided by Anfield and extracted from the unaudited 
consolidated financial statements of Anfield to 31 December 2016, 
Chapleau on a consolidated basis, reported a loss before taxation of 
C$22.3 million for the 12 month period ended 31 December 2016 after (i) 
expensing exploration and evaluation expenditure of C$7.9 million, (ii) 
recognising a foreign exchange loss of the capitalisation of intergroup 
loans into shares of Chapleau Brazil of C$13.7 million, and (iii) other 
one-off costs estimated at C$1.3 million. Chapleau had no revenues. As 
at 30 June 2017 total assets and shareholders' equity amounted to C$19.6 
million and C$(20.3 million) respectively with shareholder loans 
totalling C$38.6 million. The balance sheet carrying value of property, 
plant and equipment associated with the Coringa project as at 30 June 
2017 amounted to C$16.6 million which excludes past exploration costs as 
these have been expensed.   As at 30 June 2017 Chapleau had net cash and 
cash equivalents of C$2.5 million and except for intercompany loans 
(amounting to C$38.6 million), which will be assigned to Serabi on 
Closing, had no borrowings. 
 
   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 
 
   Ross Allister                        Tel: +44 (0)20 7418 9000 
 
   Chris Burrows                    Tel: +44 (0)20 7418 9000 
 
   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. 
 
   This announcement is inside information for the purposes of Article 7 of 
Regulation 596/2014. 
 
   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. 
 
   "CIM" is the Canadian Institute of Mining, Metallurgy and Petroleum. 
 
   "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 grams per tonne. 
 
   "granodiorite" is an igneous intrusive rock similar to granite. 
 
   "igneous" is a rock that has solidified from molten material or magma. 
 
   "Indicated Mineral Resource" is that part of a Mineral Resource for 
which quantity, grade or quality, densities, shape and physical 
characteristics, can be estimated with a level of confidence sufficient 
to allow the appropriate application of technical and economic 
parameters, to support mine planning and evaluation of the economic 
viability of the deposit. The estimate is based on detailed and reliable 
exploration and testing information gathered through appropriate 
techniques from locations such as outcrops, trenches, pits, workings and 
drill holes that are spaced closely enough for geological and grade 
continuity to be reasonably assumed. 
 
   "Inferred Mineral Resource" is that part of a Mineral Resource for which 
quantity and grade or quality can be estimated on the basis of 
geological evidence and limited sampling and reasonably assumed, but not 
verified, geological and grade continuity. The estimate is based on 
limited information and sampling gathered through appropriate techniques 
from locations such as outcrops, trenches, pits, workings and drill 
holes. 
 
   "Intrusive" is a body of igneous rock that invades older rocks. 
 
   "Induced polarization" or "IP" is a geophysical imaging technique used 
to identify the electrical chargeability of subsurface materials, such 
as ore. 
 
   "Measured Mineral Resource" is that part of a Mineral Resource for which 
quantity, grade or quality, densities, shape, and physical 
characteristics are so well established that they can be estimated with 
confidence sufficient to allow the appropriate application of technical 
and economic parameters, to support production planning and evaluation 
of the economic viability of the deposit. The estimate is based on 
detailed and reliable exploration, sampling and testing information 
gathered through appropriate techniques from locations such as outcrops, 
trenches, pits, workings and drill holes that are spaced closely enough 
to confirm both geological and grade continuity. 
 
   "Mineral Resource" is a concentration or occurrence of diamonds, natural 
solid inorganic material, or natural solid fossilized organic material 
including base and precious metals, coal, and industrial minerals in or 
on the Earth's crust in such form and quantity and of such a grade or 
quality that it has reasonable prospects for economic extraction. The 
location, quantity, grade, geological characteristics and continuity of 
a Mineral Resource are known, estimated or interpreted from specific 
geological evidence and knowledge. 
 
   "Mineral Reserve" is the economically mineable part of a Measured or 
Indicated Mineral Resource demonstrated by at least a Preliminary 
Feasibility Study. This Study must include adequate information on 
mining, processing, metallurgical, economic and other relevant factors 
that demonstrate, at the time of reporting, that economic extraction can 
be justified. A Mineral Reserve includes diluting materials and 
allowances for losses that may occur when the material is mined. 
 
   "Probable Mineral Reserve" is the economically mineable part of an 
Indicated and, in some circumstances, a Measured Mineral Resource 
demonstrated by at least a Preliminary Feasibility Study. This Study 
must include adequate information on mining, processing, metallurgical, 
economic, and other relevant factors that demonstrate, at the time of 
reporting, that economic extraction can be justified. 
 
   "saprolite" is a weathered or decomposed clay-rich rock. 
 
   "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 30 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, 2017 02:00 ET (07:00 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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