SOURCE: Serabi Gold plc

Serabi Gold plc

June 29, 2012 07:30 ET

Serabi Gold Plc ("Serabi" or the "Company") Release of Technical Report for Positive Preliminary Economic Assessment to Start Operations at Palito

LONDON--(Marketwire - Jun 29, 2012) - Serabi Gold plc (AIM: SRB) (TSX: SBI) (TSX: SBI.WT), the Brazilian-focused gold exploration and development company, is pleased to advise that following the issue the positive results of the Preliminary Economic Assessment as announced on 13 June 2012, NCL Ingenieria y Construccion SA ("NCL"), Serabi's independent engineering consultants have now completed and issued their full Technical Report in respect of the Preliminary Economic Assessment on the Palito Gold Mine. NCL have offices located in Belo Horizonte, Minas Gerais, Brazil and Santiago del Chile, Chile.

Mike Hodgson, Chief Executive, commented:

"This report has been prepared in compliance with Canadian National Instrument 43-101, and provides all the required technical details that underlie and support NCL's positive economic analysis, the details of which were announced earlier this month and are consistent with what is set out in the full report. We are continuing to pursue various options for securing the necessary finance to put Palito back into production. The projected positive cash flow will then be used to advance and develop the recent mine site discoveries, thereby limiting the need for future capital raisings as we grow the business.

A copy of the new Technical Report has been posted on SEDAR www.sedar.com and on the Company's website at www.serabigold.com

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.

Contact Information

  • Enquiries:
    Serabi Gold plc
    Michael Hodgson
    Chief Executive
    Tel: 020 7246 6830
    Mobile: 07799 473621

    Clive Line
    Finance Director
    Tel: 020 7246 6830
    Mobile: 07710 151692

    Email: contact@serabigold.com
    Website: www.serabigold.com

    Beaumont Cornish Limited
    Nominated Adviser
    Roland Cornish
    Tel: 020 7628 3396
    Michael Cornish
    Tel: 020 7628 3396

    Fox Davies Capital Limited
    UK Broker
    Simon Leathers
    Tel: 020 3463 5010
    Jonathan Evans
    Tel: 020 3463 5010