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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Serabi Gold Plc | TSX:SBI | Toronto | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.13 | -6.07% | 2.01 | 2.01 | 2.03 | 2.08 | 2.01 | 2.05 | 36,368 | 20:09:00 |
From Dec 2019 to Dec 2024
Corporate and Operational Highlights
Financial Highlights
Hot Features
Premium
3 months 3 months 9 months 9 months
ended 30 ended 30 ended 30 ended 30
September September September September
2012 2011 2012 2011
(unaudited) (unaudited) (unaudited) (unaudited)
US$ US$ US$ US$
----------- ----------- ----------- -----------
Operating Loss for period 715,548 1,739,684 2,884,774 4,044,961
Loss per ordinary share
(basic and diluted) 0.78 cents 2.72 cents 3.24 cents 7.01 cents
9 months 12 months
ended 30 ended 31
September December
2012 2011
(unaudited) (audited)
US$ US$
----------- -----------
Exploration and development
expenditures during the
period 2,863,261 8,663,471
Cash at end of period 408,708 1,406,458
Equity Shareholders funds at
end of period 41,459,600 43,284,480
3 month period ended 30 September 2012 For the three month period ended 30 September 2012 the Company recorded a net loss of US$715,548 (0.78 US cents per share) compared to a net loss of US$1,739,684 (2.72 US cents per share) for the comparative period last year. The decrease in the loss for the period reflects lower depreciation charges of US$223,150 for the quarter compared with US$580,845 for the quarter ended 30 September 2011. This lower level of depreciation arises as assets, particularly those in Brazil, have been subject to depreciation on a straight line basis, and whilst not necessarily in use recently and whilst still being available for use, are reaching the point where the original purchase price of these items has now been fully depreciated.
The company has been incurring expenditures on the maintenance of the current process plant. Up until the issue of the PEA on 28 June 2012, which demonstrated the economic viability of the Palito project, the Company was deemed to be in an evaluation phase and it was considered appropriate that such expenditures should be expensed at the time of being incurred. With the project's economic viability having been demonstrated and the Board having announced the decision to proceed with the project development leading to a start-up of production, costs relating to the refurbishment and maintenance of the process plant will be capitalised as part of the project development costs until such time as commercial production is declared. This change of accounting treatment in accordance with accepted accounting practise has the effect that no costs have been classified in the 3 month period ended 30 September 2012 as being operating costs.
Administration costs as reported have reduced by some US$295,943 from US$745,990 for the three months ended 30 September 2011 to US$450,047 for the same three month period in 2012. There have been two significant variances contributing to this reduction. As noted previously, during the 3 month period ended 30 September 2011 the Company was providing waste rock for road construction. The sales of this material, not being sales of metals, did not fall within the revenue definition adopted by the Company and were treated as other income and classified as part of administrative expenses. For the 3 months to September 2011 this amounted to BrR$122,825 (US$75,432). Also in the 3 months ended 31 September 2011, the Company made a provision of BrR$299,250 (US$183,781) in respect of settlement of employment claims made by former employees in Brazil. The charge recorded in the 3 months ended 30 September 2012 was approximately US$14,800. The net effect of these items accounts for US$93,549.
Excluding the above items administration costs incurred in Brazil were US$161,794 for the three months ended 30 September 2012 compared with US$249,272 for the 3 months ended 30 September 2011.
Administration cost incurred outside of Brazil were US$273,451 for the 3 months ended 30 September 2012 a reduction of US$115,000 compared with the 3 month period ended 30 September 2011. Reductions have been achieved in the area of professional fees and also reflect higher levels of investor relations activity in 2011 including branding and web-site development expenditures.
The Company reported an exchange gain of US$9,434 for the 3 months ended 30 September 2012 (3 months to 30 September 2011; exchange loss of US$168,309). The significant exchange loss incurred during 2011 was in part due to greater volatility in exchange rates over this period but also reflects the exchange element of US$70,500 relating to the adjustment of the rehabilitation provision.
Investment income has reduced from US$18,330 to US$1,265 reflecting the reduced levels of cash held by the Company during the quarter ended 30 September 2012 compared with the corresponding quarter of 2011.
9 month period ended 30 September 2012 For the nine month period ended 30 September 2012 the Company recorded a net loss of US$2,884,774 (3.24 US cents per share) compared to a net loss of US$4,044,961 (7.01 US cents per share) for the comparative period last year.
The reduction in the loss of approximately US$1,160,000 is in part explained by variations which have also influenced the results for the three months to 30 September 2012 namely the reductions in depreciation charges, the reduction in provisions for employment claims and the effect of sales of waste rock. In addition with the viability of the project to commence gold production at Palito having been demonstrated by the PEA released in June 2012, costs related to the maintenance of the plant are from 1 July 2012 being capitalised as part of the plant development costs. Previously such expenditure was being expensed as incurred.
Administration costs have reduced slightly from US$2,113,195 for the nine months to 30 September 2011 to US$1,834,000, but this has been affected by the lack of waste rock sales in the nine month period of the current year offset by the reduction in labour claim charges. For the nine months to 30 September 2011 the charges established for employment claims brought against the Company in Brazil totalled BrR$999,451 (US$613,800) compared with BrR$414,677 (US$216,440) for the same nine month period in 2012 creating a saving of US$397,360. Waste rock sales for the nine months to 30 September 2011 amounted to BrR$700,949 (US$430,479) whilst there has been no similar sales income in 2012. The net impact of these items is US$33,119 and thus excluding these effects administration costs have reduced by US$312,314 for the period ended 30 September 2012 compared with the period ended 30 September 2011. Of this, US$186,962 is attributable to costs incurred in Brazil and reflects the reduced headcount and lower levels of activity during the nine months ended 30 September 2012 compared with the corresponding period in 2011 with the balance of US$125,352 being reductions in administration cost incurred outside of Brazil, principally related to lower professional fees and reductions in investor relations activities.
During the nine month period ended 30 September 2011 the company benefitted from a one-off income arising from the settlement of a claim with a supplier which contributed a book income derived from the release of a liability that had been established in respect of the claim of U$540,441.
Depreciation charges for plant and equipment which have reduced by US$933,986 from US$1,741,977 for the nine month period ended 30 September 2011 to US$807,991 for the nine month period to 30 September 2012.
The charges made in respect of the amortisation of share option awards has reduced by approximately US$91,000 from US$186,710 in the nine month period ended 30 September 2011 to US$95,638 in the corresponding period in 2012. This reflects the completion of the amortisation of older option awards during 2011 and the lower level of awards made during the nine month period to 30 September 2011 compared with preceding years.
The Company has realised foreign exchange gains of US$73,940 in the nine month period ended 30 September 2012 compared with a loss for the same period in 2011 of US$26,000. The loss in 2011 included a charge of US$70,500 relating to the foreign exchange element of the increase in the rehabilitation reserve and excluding this one-off exchange loss the exchange gain for the comparable nine month period in 2011 was US$44,500.
Reduced levels of cash holdings explain the reduced level of interest income derived in the nine months ended 30 September 2012 compared with the corresponding period of 2011 falling from US$52,107 to US$6,129.
Exchange differences on the currency translation of foreign operations reflect the revaluation of the assets and liabilities of those foreign operations. The Brazilian Real has fallen in value relative to the United States Dollar over the nine month period ended 30 September 2012. The rate as at 30 September 2012 was 2.0306 Brazilian Real to one United States Dollar compared with a rate as at 31 December 2011 of 1.8758. This decline has resulted in a reduction in US Dollar terms of the book value of the assets of the Company's Brazilian subsidiary in particular the values attributable to the Palito Mine and the deferred exploration interests. Any appreciation in the Brazilian Real will result in a reversal of this exchange loss.
Outlook
Exploration and development activities will continue to be limited. The proceeds of the funding announced on 1 October 2012 will be allocated to the development programme for the start-up of gold production at Palito. The directors expect that future exploration activity will be financed from the cash flow from gold production at Palito and may therefore not be undertaken until such time as sufficient and sustainable levels of cash flow are achieved. With a positive PEA and the financing required for the capital development of Palito now underwritten, the development plan outlined in the PEA can be set in motion. Key elements of this development plan are as follows:
SERABI GOLD PLC
Condensed Consolidated Statements of Comprehensive Income
------------------------ ------------------------
For the three months For the nine months
ended 30 September ended 30 September
2012 2011 2012 2011
(expressed in US$) (unaudited) (unaudited) (unaudited) (audited)
----------- ----------- ----------- -----------
CONTINUING OPERATIONS
Revenue -- 2,843 -- 3,906
Operating expenses -- (152,001) (178,119) (468,083)
----------- ----------- ----------- -----------
Gross (loss)/profit -- (149,158) (178,119) (464,177)
Administration expenses (450,047) (745,990) (1,834,000) (2,113,195)
Settlement of supplier
claim -- -- -- 540,441
Option costs (33,244) (92,399) (95,638) (186,710)
(Loss)/gain on asset
disposals -- (5,204) 8,355 (7,541)
Depreciation of plant
and equipment (223,150) (580,845) (807,991) (1,741,977)
----------- ----------- ----------- -----------
Operating loss (706,441) (1,573,596) (2,907,393) (3,973,159)
Foreign exchange
gain/(loss) 9,434 (168,309) 73,940 (26,000)
Finance costs (19,806) (16,109) (57,450) (97,909)
Investment income 1,265 18,330 6,129 52,107
----------- ----------- ----------- -----------
Loss before taxation (715,548) (1,739,684) (2,884,774) (4,044,961)
Income tax expense -- -- -- --
----------- ----------- ----------- -----------
Loss for the period from
continuing operations
(1) (2) (715,548) (1,739,684) (2,884,774) (4,044,961)
----------- ----------- ----------- -----------
Other comprehensive
income (net of tax)
Exchange differences on
translating foreign
operations (199,904) (7,489,207) (3,268,882) (4,699,101)
----------- ----------- ----------- -----------
Total comprehensive
(loss) for the period
(2) (915,452) (9,228,891) (6,153,656) (8,744,062)
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Loss per ordinary share
(basic and diluted) (1) (0.78c) (2.72c) (3.24c) (7.01c)
----------- ----------- ----------- -----------
(1) All revenue and expenses arise from continuing operations. (2) The Group has no non-controlling interests and all income / (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
2012 2011 2011
(expressed in US$) (unaudited) (unaudited) (audited)
------------ ------------ ------------
Non-current assets
Development and deferred
exploration costs 18,249,489 15,122,184 16,648,884
Property, plant and equipment 25,514,742 29,132,327 28,266,092
------------ ------------ ------------
Total non-current assets 43,764,231 44,254,511 44,914,976
------------ ------------ ------------
Current assets
Inventories 980,832 1,242,439 1,114,255
Trade and other receivables 87,449 97,539 87,440
Prepayments and accrued income 577,310 1,003,371 701,669
Cash at bank and cash equivalents 408,708 4,033,410 1,406,458
------------ ------------ ------------
Total current assets 2,054,299 6,376,759 3,309,822
------------ ------------ ------------
Current liabilities
Trade and other payables 2,114,143 3,110,201 2,538,055
Accruals 114,659 300,732 146,165
------------ ------------ ------------
Total current liabilities 2,228,802 3,410,933 2,684,220
------------ ------------ ------------
Net current (liabilities)/ assets (174,503) 2,965,826 625,602
------------ ------------ ------------
Total assets less current
liabilities 43,589,728 47,220,337 45,540,578
------------ ------------ ------------
Non-current liabilities
Trade and other payables 233,825 163,167 508,680
Provisions 1,546,176 1,454,715 1,451,296
Interest bearing liabilities 350,127 273,766 296,122
------------ ------------ ------------
Total non-current liabilities 2,130,128 1,891,648 2,256,098
------------ ------------ ------------
Net assets 41,459,600 45,328,689 43,284,480
------------ ------------ ------------
Equity
Share capital 31,416,993 29,291,551 29,291,551
Share premium 50,306,920 48,278,626 48,292,057
Option reserve 1,979,610 1,864,893 1,956,349
Other reserves 780,028 702,095 702,095
Translation reserve (4,344,049) (816,933) (1,075,167)
Accumulated loss (38,679,902) (33,991,543) (35,882,405)
------------ ------------ ------------
Equity shareholders' funds 41,459,600 45,328,689 43,284,480
------------ ------------ ------------
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 2011 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 last 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 and the future availability of project finance. The auditor's report did not contain a statement under Section 498 (2) or 498 (3) of the Companies Act 2006.
SERABI GOLD PLC
Condensed Consolidated Statements of Changes in Shareholders' Equity
---------------------------------------------
Share
(expressed in US$) Share Share option Other
(unaudited) capital premium reserve reserves
---------- ---------- ---------- ----------
Equity shareholders' funds at
31 December 2010 27,752,834 40,754,032 1,648,484 260,882
---------- ---------- ---------- ----------
Foreign currency adjustments -- -- -- --
Loss for the period -- -- -- --
---------- ---------- ---------- ----------
Total comprehensive income for
the period -- -- -- --
Issue of new ordinary shares
for cash 731,412 4,229,767 -- 208,229
Issue of new ordinary shares
on exercise of special
warrants 807,305 4,004,807 -- 232,984
Costs associated with issue of
new ordinary shares for cash -- (709,980) -- --
Share option expense -- -- 216,409 --
---------- ---------- ---------- ----------
Equity shareholders' funds at
30 September 2011 29,291,551 48,278,626 1,864,893 702,095
---------- ---------- ---------- ----------
Foreign currency adjustments -- -- -- --
Loss for the period -- -- -- --
---------- ---------- ---------- ----------
Total comprehensive income for
the period -- -- -- --
Costs associated with issue of
new ordinary shares for cash -- 13,431 -- --
Share option expense -- -- 91,456 --
---------- ---------- ---------- ----------
Equity shareholders' funds at
31 December 2011 29,291,551 48,292,057 1,956,349 702,095
---------- ---------- ---------- ----------
Foreign currency adjustments -- -- -- --
Loss for the period -- -- -- --
---------- ---------- ---------- ----------
Total comprehensive income for
the period -- -- -- --
Issue of new ordinary shares
for cash 2,125,442 2,047,508 -- 77,933
Costs associated with issue of
new ordinary shares for cash -- (32,645) -- --
Share option expense -- -- 23,261 --
---------- ---------- ---------- ----------
Equity shareholders' funds at
30 September 2012 31,416,993 50,306,920 1,979,610 780,028
---------- ---------- ---------- ----------
----------------------------------------
(expressed in US$) Translation Accumulated
(unaudited) reserve loss Total equity
------------ ------------ ------------
Equity shareholders' funds at
31 December 2010 3,882,168 (29,946,582) 44,351,818
------------ ------------ ------------
Foreign currency adjustments (4,699,101) -- (4,688,101)
Loss for the period -- (4,044,961) (4,044,961)
------------ ------------ ------------
Total comprehensive income for
the period (4,699,101) (4,044,961) (8,744,062)
Issue of new ordinary shares
for cash -- -- 5,169,408
Issue of new ordinary shares
on exercise of special
warrants -- -- 5,045,096
Costs associated with issue of
new ordinary shares for cash -- -- (709,980)
Share option expense -- -- 216,409
------------ ------------ ------------
Equity shareholders' funds at
30 September 2011 (816,933) (33,991,543) 45,328,689
------------ ------------ ------------
Foreign currency adjustments (258,234) -- (258,234)
Loss for the period -- (1,890,862) (1.890,862)
------------ ------------ ------------
Total comprehensive income for
the period (258,234) (1,890,862) (2,149,096)
Costs associated with issue of
new ordinary shares for cash -- -- 13,431
Share option expense -- -- 198,159
------------ ------------ ------------
Equity shareholders' funds at
31 December 2011 (1,075,167) (35,882,405) 43,284,480
------------ ------------ ------------
Foreign currency adjustments (3,268,882) -- (3,268,882)
Loss for the period -- (2,884,774) (2,884,774)
------------ ------------ ------------
Total comprehensive income for
the period (3,268,882) (2,884,774) (6,153,656)
Issue of new ordinary shares
for cash -- -- 4,250,883
Costs associated with issue of
new ordinary shares for cash -- -- (32,645)
Share option expense -- 87,277 110,538
------------ ------------ ------------
Equity shareholders' funds at
30 September 2012 (4,344,049) (38,679,902) 41,459,600
------------ ------------ ------------
SERABI GOLD PLC
Condensed Consolidated Cash Flow Statements
For the three months For the nine months
ended 30 September ended 30 September
2012 2011 2012 2011
(expressed in US$) (unaudited) (unaudited) (unaudited) (unaudited)
----------- ----------- ----------- -----------
Operating activities
Operating loss (706,441) (1,573,596) (2,907,393) (3,973,159)
Depreciation - plant,
equipment and mining
properties 223,150 580,845 807,991 1,741,977
Gain/(loss) on asset
disposals -- 5,204 (8,355) 7,541
Option costs 33,244 92,399 95,638 186,710
Interest paid (4,954) (5,255) (15,277) (33,941)
Foreign exchange (loss)
/ gain (17,210) 78,789 (111,113) (159,159)
Changes in working
capital
(Increase) / decrease
in inventories (937) 100,315 51,383 35,862
(Increase) / decrease
/ in receivables,
prepayments and
accrued income (50,205) 166,121 78,217 (54,013)
Increase/(decrease) in
payables, accruals
and provisions 136,710 (119,697) (321,751) 152,475
----------- ----------- ----------- -----------
Net cash flow from
operations (386,643) (674,875) (2,330,660) (2,095,707)
----------- ----------- ----------- -----------
Investing activities
Proceeds from sale of
fixed assets -- 14,302 9,647 129,457
Purchase of property,
plant and equipment (5,425) (92,761) (57,377) (138,397)
Exploration and
development expenditure (914,305) (2,854,925) (2,863,261) (6,969,901)
Interest received 1,265 18,330 6,129 52,107
----------- ----------- ----------- -----------
Net cash outflow on
investing activities (918,465) (2,915,054) (2,904,862) (6,926,734)
----------- ----------- ----------- -----------
Financing activities
Issue of ordinary share
capital -- -- 4,250,883 4,961,180
Issue of warrants -- -- -- 208,229
Capital element of
finance lease payments -- -- -- --
Payment of share issue
costs -- -- (32,645) (709,980)
Payment of special
warrant issue costs -- -- -- (14,900)
----------- ----------- ----------- -----------
Net cash inflow from
financing activities -- -- 4,218,238 4,444,529
----------- ----------- ----------- -----------
Net (decrease) in cash
and cash equivalents (1,305,108) (3,589,929) (1,017,284) (4,577,912)
Cash and cash
equivalents at
beginning of period 1,697,434 7,859,831 1,406,458 8,598,754
Exchange difference on
cash 16,382 (236,492) 19,534 12,568
----------- ----------- ----------- -----------
Cash and cash
equivalents at end of
period 408,708 4,033,410 408,708 4,033,410
----------- ----------- ----------- -----------
1. Basis of preparation These interim accounts are for the three and nine month periods ended 30 September 2012. Comparative information has been provided for the unaudited three and nine month periods ended 30 September 2011 and, where applicable, the audited twelve month period from 1 January 2011 to 31 December 2011.
The interim 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 2011 and those envisaged for the financial statements for the year ending 31 December 2012. 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. The Group comprises Serabi Gold plc and its wholly owned subsidiary entities.
(i) Going concern and availability of project finance In common with many companies in the exploration and development stages, the Group raises its finance for exploration and development programmes in discrete tranches. The Group has completed, during the first half of 2012, the preparation of a Preliminary Economic Assessment ("PEA") into the viability of re-commencing mining operations at the Palito Mine. The results of the PEA were announced on 13 June 2012 and indicated a project after tax internal rate of return of 68% based on employing a selective underground mining operation and exploiting only the previously declared mineral resource estimates. The directors believe that the PEA results support a small scale, high grade operation using selective mining techniques and the Board intends, subject to financing, to undertake the necessary mine development and remedial works as soon as possible.
On 2 October 2012, the Company announced that it had entered into a conditional subscription agreement with Fratelli Investments Limited ("Fratelli"), one of its major shareholders, to subscribe for and underwrite a placement of new shares to raise in aggregate UK£ 16.2 million to finance the development and start-up of underground mining operations at its Palito gold mine. In addition, Fratelli has provided an interim secured short term loan facility of US$6 million to the Company ("Loan Agreement") to provide additional working capital to the Company and to enable it to commence the initial works at Palito. In the opinion of the Board this conditional subscription, if completed, will provide sufficient funds to undertake the mine development and plant and infrastructure improvements and rehabilitation required to commence gold production operations at Palito and will provide working capital for the Company during this period. The Directors consider that thereafter the Group will have sufficient funds to finance the Group and its commitments for the foreseeable future. The Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.
Whilst the Directors are confident that the share subscription will be completed there can be no certainty that this will be the case. Whilst Fratelli have provided an interim loan facility were the additional funding not to become available in an appropriate timescale, the Directors would need to consider alternative strategies and an impairment review would be required in respect of the carrying value of the assets relating to the Palito Mine and other deferred exploration costs. 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. No adjustments to asset carrying values that may be necessary should the Group be unsuccessful in raising the required finance have been recognised in these financial statements.
(ii) Impairment The Directors have undertaken a review of the carrying value of the mining and exploration assets of the Group, and considered the implications of the operational difficulties experienced and the current operational status of Palito. Following this review they have assessed the value of the existing assets on the basis of value in use involving a future recommencement of underground mining operations which is dependent on the ability of the Group to raise future finance and to operate the mine in line with the mine plan that forms the basis of the value in use calculation. The carrying values of assets have not been adjusted to reflect a failure to raise sufficient funds, not achieving the projected levels of operation or that, if a sale transaction were undertaken, the proceeds may not realise the value as stated in the accounts.
(iii) Inventories Inventories - are valued at the lower of cost and net realisable value.
(iv) Property, plant and equipment Property, plant and equipment are depreciated over their useful lives.
(v) Mining property The Group commenced commercial production at the Palito mine effective 1 October 2006. Prior to this date all revenues and operating costs were capitalised as part of the development costs of the mine. Effective from 1 October 2006 the accumulated development costs of the mine were re-classified as Mining Property costs and such cost will be amortised over the anticipated life of the mine on a unit of production basis. As the underground mine is currently on care and maintenance and there is no depletion of the reserves and resources attributable to the mine, no amortisation charge has been recorded in the period. The Company announced on 2 October 2012 that it had conditionally secured the funding that the Board considers necessary to undertake the mine development and plant and infrastructure improvements and rehabilitation required to commence gold production operations at Palito. Costs associated with the redevelopment works at the Palito mine will be capitalised until such time as the Group achieves commercial production levels of gold after which time the Group will amortise Mine Property costs on a unit of production basis.
(vi) Revenue Revenue represents amounts receivable in respect of sales of gold and by-products. Revenue represents only sales for which contracts have been agreed and for which the product has been delivered to the purchaser in the manner set out in the contract. Revenue is stated net of any applicable sales taxes. Any unsold production and in particular concentrate are held as inventory and valued at production cost until sold.
(vii) Currencies The condensed financial statements are presented in United States dollars ("US$" or "$"). Other currencies referred to in these condensed financial statements are UK pounds ("UK£ "), Canadian dollars ("C$") and Brazilian Reais ("BrR$").
Transactions in currencies other than the functional currency of a company are recorded at a rate of exchange approximating to that prevailing at the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated at the amounts prevailing at the balance sheet date and any gains or losses arising are recognised in profit or loss.
On consolidation, the assets and liabilities of the Group's overseas operations that do not have a US Dollar functional currency are translated at exchange rates prevailing at the balance sheet date. Income and expense items are translated at the average exchange rate for the period. Exchange differences arising on the net investment in subsidiaries are recognised in other comprehensive income.
Copies of this release are available from the Company's website at www.serabigold.com
Forward-looking statements
This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent annual information form filed with the Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Qualified Persons Statement
The information contained within this announcement has been reviewed and verified by Michael Hodgson, CEO of the Company. Mr Hodgson is an Economic Geologist by training with over 25 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, recognizing 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.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release.
Enquiries: Serabi Gold plc Michael Hodgson Chief Executive Tel: +44 (0)20 7246 6830 Mobile: +44 (0)7799 473621 Clive Line Finance Director Tel: +44 (0)20 7246 6830 Mobile: +44 (0)7710 151692 Email: contact@serabigold.com Website: www.serabigold.com Beaumont Cornish Limited Nominated Adviser Roland Cornish Tel: +44 (0)20 7628 3396 Michael Cornish Tel: +44 (0)20 7628 3396 Fox Davies Capital Ltd UK Broker Simon Leathers Tel: +44 (0)20 3463 5010 Jonathan Evans Tel: +44 (0)20 3463 5010
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