Share Name Share Symbol Market Type Share ISIN Share Description
Serabi Gold 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
  +59.25p +1,823.08% 62.50p 60.00p 65.00p 67.50p 62.50p 67.50p 7,127 10:00:52
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 35.9 -1.3 -0.3 - 624.13

Serabi Gold plc Serabi Gold Plc : Agm Statement

14/06/2018 1:00pm

UK Regulatory (RNS & others)


 
TIDMSRB 
 
 
   14 June 2018 
 
   Serabi Gold Plc 
 
   ("Serabi" or the "Company") 
 
   AGM Statement 
 
   Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian focused gold mining 
and development company, advises that at 3:30 pm today (UK time), it 
will be holding its Annual General Meeting. 
 
   The following is the text of the statement that will be made by Mr. Mike 
Hodgson, the Chief Executive of the Company.  Highlights of the 
statement are: 
 
 
   -- Gold production is on budget and the Company remains on target to 
      achieving its full year guidance of approximately 40,000 ounces of gold. 
 
 
   -- Regional and mine site exploration programmes are underway with drill 
      rigs operating at both Palito and Sao Chico, an airborne electromagnetic 
      geophysical survey planned for July 2018 and crews mobilised to commence 
      surface geophysical and geochemical surveys. 
 
   -- The Company is continuing the work to secure the necessary permits and 
      completion of studies required in advance of the development of the 
      Coringa project. 
 
 
   "It has been a very exciting 12 months for Serabi. We have acquired the 
neighbouring Coringa gold deposit, completed a successful funding and 
commenced a significant mine-site and regional exploration campaign. 
Meanwhile, we have continued to enjoy a successful year of gold 
production. 
 
   "As I noted in the operational update for the first quarter of 2018, 
gold production from our Palito and Sao Chico Mines continues to be 
good. As we approach the middle of the year, we are well positioned to 
be on budget for the period to June 2018, putting us on target to 
achieving our full year guidance of approximately 40,000 ounces of gold. 
 
   "Mining and development on both orebodies continues to progress.  At Sao 
Chico, we have now reached the minus three metre level, some 250 
vertical metres from surface, and the main vein continues to show 
excellent widths and grades.  Deep underground drilling, testing the 
orebody to depths of 350 metres below surface, is now underway. 
 
   "At Palito, six of the 25 veins that comprise the mineral resource and 
reserve are now being worked, which offers optionality in both 
development and production.  The mine is now quite diverse, and we are 
mining depths as low as the minus 50 metre level on the G3 vein, whilst 
still developing the upper levels such as the 250 metre level on the 
Senna vein. 
 
   "Whilst the Senna vein is a regular, wider structure that may offer the 
potential for some mechanisation of the mining process at some time in 
the future, our focus on narrow vein mining continues. We have just 
taken delivery of a new mini scoop and two mini jumbos, that allows us 
to mine the smallest development galleries possible.  I have just 
returned from site and after one month's operation, the quality of 
reducing the gallery widths, and the speed at which we can now advance 
is clear to see.  Whilst we are still in the early days and the 
evaluation stage, the results so far are excellent. 
 
   "The plant continues to perform very well, treating ores from both the 
Palito and Sao Chico orebodies.  The past 12 months has been a year of 
optimisation, with the Company installing a new detoxification plant, 
upgrading the crushing circuit and completing a new on-site laboratory. 
With Palito being a narrow vein, high grade orebody, the focus is always 
on maintaining quality and minimising dilution, which is the rationale 
behind smaller mining equipment.  However, we can go further, and over 
the past 12 months we have been undertaking ore-sorting test-work, which 
can separate out, post crushing, waste rock from ore using either 
optical and/or X-Ray scanning.  This saves on processing costs, but also 
liberates essential capacity in what remains a plant limited operation. 
This is an important development for Serabi as we feel we have 
significant growth opportunities in and around the Palito and Sao Chico 
orebodies.  Liberating plant capacity will allow some of this mine site 
exploration success to be converted to production with minimal plant 
expansion capex. 
 
   "Following the successful funding in early 2018, Serabi commenced a mine 
site and regional exploration programme.  Due to the focus on production, 
very little exploration has been carried out since 2012.  However, we 
now have drill rigs operating at both Palito and Sao Chico.  We will 
soon be mobilising crews to commence surface geophysical and geochemical 
surveys, following up on anomalies and, in July 2018, undertaking an 
airborne electromagnetic geophysical survey over some 20,000 hectares of 
our tenements.  This will no doubt generate a substantial number of new 
targets for follow up exploration work. 
 
   "The other main highlight of 2017 was acquiring Coringa, an asset that 
we have been looking at for many years.  We certainly see it as a Palito 
'look-a-like' and feel we are very well placed to put the project into 
production at the earliest possible moment.  Both of the previous owners 
undertook considerable work at Coringa and we feel we have acquired an 
asset at a great price which we can further enhance and demonstrate to 
the market what a good acquisition this is.  We are currently working 
hard on permitting and concluding necessary studies. 
 
   "The gold price has clearly been favourable over recent months, 
particularly in Brazilian Real terms, and with the majority of our costs 
denominated in Reais we have been enjoying a much better economic 
climate than 12 months ago. 
 
   "With the operation in steady state, our strategy for the rest of the 
year is well set out. We hope to receive approvals to develop Coringa in 
the coming months, as well as beginning to see the exploration campaigns 
in and around Palito and Sao Chico bear fruit.  Our ambitions are to see 
Serabi as a 100,000 ounce per annum producer within two years.  We have 
often been described as a success in Brazil, albeit a modest story with 
modest production.  However, we feel the organic growth and bringing 
Coringa on stream will begin to change this and I believe that Serabi 
will benefit from having greater critical mass and being able to attract 
wider investor support. 
 
   "Before closing I would like to acknowledge, again, the support, long 
term loyalty and commitment of our major shareholder, Fratelli 
Investments.  I would also like to welcome our new cornerstone investor 
Greenstone Resources, who along with Fratelli, look forward to helping 
us build a significant Brazilian focused gold mining company.  Finally, 
and by no means least, I would like to thank our other new and existing 
shareholders, our loyal, experienced management team and our workforce 
in Brazil. People are proud to work for Serabi and that says it all." 
 
   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 
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 
James Bavister                 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 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, that may cause actual results or events to 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 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, 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. 
 
   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

June 14, 2018 08:00 ET (12:00 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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