SOURCE: Serabi Mining plc

December 03, 2007 07:35 ET

DIRECTORS SHARE TRANSACTIONS AND AWARD OF OPTIONS

LONDON--(Marketwire - December 3, 2007) -


PRESS RELEASE

3 December 2007

SERABI MINING plc ("Serabi" or "the Company")

DIRECTORS SHARE TRANSACTIONS AND AWARD OF OPTIONS

Serabi has been informed that Michael Hodgson, Chief Executive of Serabi has purchased 90,000 ordinary shares of the company at a price of 28.00 pence per share. As a result of this transaction Mr Hodgson has a beneficial interest in 90,000 ordinary shares representing 0.06% of the issued capital of the Company.

The Company also advises that pursuant to contractual arrangements agreed with Mr Hodgson in respect of his appointment as Chief Executive (as announced on 29 August 2007), he has been awarded options in accordance with the Company's Long Term Incentive Plan (the "Plan") over 400,000 ordinary shares of 10 pence each, exercisable at 36.85 pence. Subject to the conditions set out in the Plan these options may be exercised up until 2 December 2017.

Enquiries

Serabi Mining plc

Graham Roberts       Tel: 020 7220 9550
Chairman             Mobile: 07768 902475

Clive Line           Tel: 020 7220 9553
Finance Director     Mobile: 07710 151692

E-mail:              contact@serabimining.com
Website:             www.serabimining.com


Numis Securities Limited
John Harrison        Tel: 020 7260 1000
James Black          Tel: 020 7260 1000

Parkgreen Communications
Simon Robinson       Tel:  020 7851 7480
Beth Harris          Tel:  020 7851 7480

Notes to Editors

The Tapajos region of northern Brazil encompasses an area of approximately 100,000 km², primarily situated in south-west Para State. It has a significant history of alluvial gold production with estimated gold production of some 30 million ounces having being recovered, primarily from artisanal workings.

Present in the Tapajos since 1999, Serabi has established the only 'hard rock' mine in the region to date at its Palito gold mine, which produced 39,197 ounces of gold equivalent in 2006 and achieved commercial production at Palito in October 2006

Serabi has a significant exploration programme focused on the Tapajos region, owns and operates four surface drilling rigs and has its own assay laboratory.

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