Classification Plant at Coringa
Commissioned
Serabi Gold (AIM:SRB, TSX:SBI; OTCQX:
SRBIF) the Brazilian focused gold mining and development
company, is pleased to announce that based on the operating
progress achieved through December, the classification plant for
its 100% owned Coringa Gold Operation (the “Coringa”), located in
Pará State, Brazil, within the Tapajós region, is now fully
commissioned (all financial amounts are expressed in U.S. dollars
unless otherwise indicated).
Mike Hodgson, CEO of Serabi,
commented:
“With Coringa continuing to ramp up and generate
positive free cash flow, we are pleased to share that our
classification plant at Coringa is operational and working as
expected. The plant will be instrumental in achieving Phase 1 of
our growth strategy, which is to raise our annual production
profile to 60,000oz by 2026. This marks the culmination of 10
months of construction and commissioning and is a critical
achievement for the Company. I extend my thanks and gratitude to
the Serabi team for their remarkable dedication and perseverance in
achieving this significant milestone.
Our fourth quarter is, as predicted, shaping up
to be the best quarter of the year, in part driven by the
improvement in grades at Palito which have returned to the
6.0-7.0g/t Au range in recent months. Now with the commissioning of
the Coringa plant, we expect Q4-2024 to be our best operational
quarter since 2020.
We can now direct our attention to Phase 2,
which is to grow our resource at both Palito and Coringa, and
ultimately support an annual production profile of +100,000oz. An
expected year end cash position to exceed $21.0 million and in
conjunction with our expected free cash flow generation, will allow
us for the first time in a number of years to fund an extensive
brownfield exploration programme to significantly grow the resource
at Coringa and Palito, rather than simply replenishing our depleted
ounces. Our exploration programme is planned for up to 30,000
meters of drilling in 2025 with a budget of approximately $8
million. I look forward to providing a more detailed exploration
update in the coming weeks.
Video footage of classification plant at
Coringa can be accessed
here: https://brrmedia.news/SRB_SORTER
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
The person who arranged for the release of this
announcement on behalf of the Company was Andrew Khov, Vice
President, Investor Relations & Business Development.
About Serabi Gold plcSerabi Gold plc is a gold
exploration, development and production company focused on the
prolific Tapajós region in Para State, northern Brazil. The Company
has consistently produced 30,000 to 40,000 ounces per year with the
Palito Complex and is planning to double production in the coming
years with the construction of the Coringa Gold project. Serabi
Gold plc recently made a copper-gold porphyry discovery on its
extensive exploration licence. The Company is headquartered in the
United Kingdom with a secondary office in Toronto, Ontario,
Canada.
Enquiries
SERABI GOLD plcMichael
Hodgson t
+44 (0)20 7246 6830Chief
Executive m
+44 (0)7799 473621
Andrew Khov
m
+1 647 885 4874Vice President, Investor Relations & Business
Development e
contact@serabigold.com
www.serabigold.com
BEAUMONT CORNISH LimitedNominated
Adviser & Financial AdviserRoland Cornish / Michael
Cornish t
+44 (0)20 7628 3396
PEEL HUNT LLPJoint UK
BrokerRoss
Allister t
+44 (0)20 7418 9000
TAMESIS PARTNERS LLPJoint UK
BrokerCharlie Bendon/ Richard
Greenfield t
+44 (0)20 3882 2868
CAMARCOFinancial PR -
EuropeGordon Poole / Emily
Hall t
+44 (0)20 3757 4980
HARBOR ACCESS Financial PR – North
AmericaJonathan Patterson / Lisa
Micali t
+1 475 477 9404
Copies of this announcement are available from
the Company's website at www.serabigold.com.
See
www.serabigold.com for more information
and follow us on twitter @Serabi_Gold
Assay ResultsAssay results reported within this
release include those provided by the Company's own on-site
laboratory facilities at Palito and have not yet been independently
verified. Serabi closely monitors the performance of its own
facility against results from independent laboratory analysis for
quality control purpose. As a matter of normal practice, the
Company sends duplicate samples derived from a variety of the
Company's activities to accredited laboratory facilities for
independent verification. Since mid-2019, over 10,000 exploration
drill core samples have been assayed at both the Palito laboratory
and certified external laboratory, in most cases the ALS laboratory
in Belo Horizonte, Brazil. When comparing significant assays with
grades exceeding 1 g/t gold, comparison between Palito versus
external results record an average over-estimation by the Palito
laboratory of 6.7% over this period. Based on the results of this
work, the Company's management are satisfied that the Company's own
facility shows sufficiently good correlation with independent
laboratory facilities for exploration drill samples. The Company
would expect that in the preparation of any future independent
Reserve/Resource statement undertaken in compliance with a
recognized standard, the independent authors of such a statement
would not use Palito assay results without sufficient duplicates
from an appropriately certificated laboratory.
Forward-looking statementsCertain 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. Several 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.
Qualified Persons StatementThe 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, 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.
NoticeBeaumont Cornish Limited, which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting as nominated adviser to the Company in
relation to the matters referred herein. Beaumont Cornish Limited
is acting exclusively for the Company and for no one else in
relation to the matters described in this announcement and is not
advising any other person and accordingly will not be responsible
to anyone other than the Company for providing the protections
afforded to clients of Beaumont Cornish Limited, or for providing
advice in relation to the contents of this announcement or any
matter referred to in it.
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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