Serabi Gold plc Expansion Of Sao Chico Exploration Tenements

 
TIDMSRB 
 
   For immediate release 
 
   25 August 2020 
 
   Serabi Gold Plc 
 
   ("Serabi" or the "Company") 
 
   Expansion of Sao Chico exploration tenements 
 
   Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining 
and development company, is pleased to announce that it has acquired an 
additional tenement of 946.54 hectares in area, adjacent and to the 
north west of its existing  Sao Chico exploration interests.  This 
exploration licence is located along the strike of the Company's 
geological interpretation of the Sao Chico structural corridor. 
 
   The exploration tenement has been acquired from Lara Exploration Ltd 
("Lara").  Under the terms of the agreement between Lara and Serabi, 
Serabi has acquired the tenement for a consideration of US$100,000 in 
cash and a 2% Net Smelter Return Royalty ("NSR") over future gold 
production generated from the licence area.  Serabi paid US$50,000 upon 
signing and will pay a further US$50,000 upon completion of the transfer 
of the mineral rights.  Upon completion of a JORC or NI 43-101 compliant 
technical report, Serabi can elect to purchase half the royalty (1%) for 
the greater of US$10 per gold ounce (for resources identified within 
this licence area) or US$500,000. 
 
   Mike Hodgson, CEO of Serabi commented: 
 
   "I am delighted that we have secured this additional exploration holding 
which lies on the strike extension of the interpreted structural 
corridor of the Sao Chico mineralisation.  Through our past geophysics 
programmes, we have identified anomalous areas up to the boundary of our 
existing exploration holdings and believe that this new tenement will 
host further extensions of these geophysical anomalies.  The tenement is 
located approximately four kilometres to the northwest of the current 
Sao Chico underground mine and therefore provides Serabi with access to 
potential extensions of the Sao Chico structural corridor for a further 
five to six kilometres." 
 
   This announcement is inside information for the purposes of Article 7 of 
Regulation 596/2014.  The person who arranged the release of this 
statement on behalf of the Company was Clive Line, Director. 
 
   Enquiries: 
 
 
 
 
Serabi Gold plc 
Michael Hodgson                Tel: [phone] 
Chief Executive                Mobile: [phone] 
 
Clive Line                     Tel: [phone] 
Finance Director               Mobile: [phone] 
 
Email: [e-mail] 
----------------------------- 
Website: www.serabigold.com 
----------------------------- 
 
Beaumont Cornish Limited 
 Nominated Adviser 
Roland Cornish                 Tel: [phone] 
Michael Cornish                Tel: [phone] 
 
Peel Hunt LLP 
 UK Broker 
Ross Allister                  Tel: [phone] 
 
 
 
   Copies of this release 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 news 
release. 
 
   ENDS 
 
 
 
   Attachment 
 
 
   -- Sao Chico tenements 
      https://ml-eu.globenewswire.com/Resource/Download/5817fb6d-d8a2-473a-8d2c-5f25ae6c28a6 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

August 25, 2020 02:00 ET (06:00 GMT)

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