|By Marketwired .||
|January 17, 2013 02:45 AM EST||
LONDON -- (Marketwire) -- 01/17/13 -- Following the completion of a share placing, which resulted in the issue of 270,000,000 new Ordinary shares in the company and raising of gross proceeds of UK£ 16.2 million, Serabi Gold (AIM: SRB) (TSX: SBI), the Brazilian focused gold exploration and development company announces the following operational update on progress with the development and start-up of gold mining operations at its 100 per cent owned high-grade Palito gold mine, located in Para state.
- Dewatering of the Palito gold mine completed two months ahead of schedule
- Project manager appointed
- Senior mining personnel are arriving at site this month.
- Mining equipment ordered
Commenting on Serabi's recent and planned development work, Michael Hodgson, Chief Executive of Serabi, said, "The board of Serabi is extremely grateful to Fratelli Investments Limited for their support in underwriting the recent share issue. Their investment is a demonstration of their belief in the Palito gold project and the opportunity that the Company has to develop a robust and bigger gold company around this. Serabi has made substantial progress in recent months, and in particular with the dewatering of the Palito gold mine which is now essentially complete, two months ahead of our original schedule. This new funding has already allowed the company to progress towards bringing the Palito mine back into production, which we expect to start before the end of this year."
Since October considerable essential preparatory work has been undertaken at the Palito gold project, of which perhaps the most time-critical was the de-watering of the mine. This task is sufficiently complete that there is access to all the essential previously developed areas of the Palito mine. This is some two months ahead of schedule.
The company has begun the process of recruiting the personnel and acquiring the equipment required to develop the Palito mine. A project manager was appointed in November 2012 and a key team of senior mining personnel is arriving at site this month, initially to commence work on detailed mine planning and optimisation. An initial team of contract mining personnel will also start work during February with mine development activities.
The Company has entered into an arrangement to rent a jumbo drill rig and an underground loader. In the meantime orders for new equipment have been placed and this underground mining fleet is anticipated to be delivered in the second half of the year in time for the scheduled increase in mine development. Contract negotiations are currently being finalised with a contractor who will supply the specialist mining personnel whilst the Company's employees will undertake the ramp and gallery development activities. Engineering studies on the plant rehabilitation are also underway.
All ore that is mined from development activity over the next nine month period will be stockpiled on the surface. The Company intends to establish a sufficiently large, uncrushed, high-grade ore stockpile ensuring that, once the plant is commissioned in the fourth quarter, a guaranteed ore feed for the first few months of processing is available.
The immediate tasks in the mine are to re-establish mine services (power, compressed air supply and ventilation) and to commence work on ramp deepening and gallery development to establish new stoping panels.
On surface, work will be undertaken to overhaul the primary and secondary crushers, the principle ball mill will be refurbished and re-mounted, flotation cells refurbished or replaced and Serabi's management will be looking to optimise the configuration and operation of the Carbon in Pulp circuit and installing additional leaching tanks if necessary.
Exploration activity has been suspended since the early part of 2012 and it is not planned to recommence exploration work until positive cash flow is being realised from the Palito mining operations can be deployed to finance the next stage of exploration. The Company intends to use the cash flow from the mine to fund the resource drilling programme to further evaluate the discoveries made during 2011 at Palito South, Currutela Creek and Piaui. Management envisages a 12 month resource drilling programme at the end of which, the Company would be in a position to generate a new resource estimate upon which a commercial decision regarding the development and subsequent expansion of the production at Palito can be made.
Commenting on potential transaction-based activity, Michael Hodgson, said: "Looking at the bigger picture, the Tapajos region, where the Palito gold mine is situated, is a very exciting and undeveloped gold area. The Palito mine remains the only licenced hard rock mine and we believe that Serabi's ability to generate cash flow and secure the longer term future for the Company places it in a very strong position relative to its peers in the region.
"Serabi's board believes that given current market sentiment towards the junior mining sector for both explorers and producers, it is essential that some consolidation takes place to create a business of sufficient size to be attractive to a wider investment community. With the outlook for gold prices remaining strong the board feels that having production and therefore cash-flow will enable Serabi to be a core part of any such consolidation and at the same time allow the board flexibility to pursue the most value adding strategy for shareholders."
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: [email protected] Website: http://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 Blythe Weigh Communications Ltd Public Relations Tim Blythe Tel: +44 (0)20 7138 3204 Rob Kellner Tel: +44 (0)20 7138 3204
Copies of this release are available from the Company's website at www.serabigold.com.
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.
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