Serabi Gold Plc

Published : June 01st, 2007

AGM Statement

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Published: 11:00 01.06.2007 GMT+1 /HUGIN /Source: Serabi Mining plc /LSE: SRB /ISIN: GB00B074J639

AGM Statement

 
SERABI MINING plc ("Serabi" or "the Company")
 
AGM Statement
 
Speaking at today's Annual General Meeting, Mr. Graham Roberts made the following statement:
 
During recent weeks we have extensively reviewed our performance and outlook in a number of releases and the annual report, I would therefore like to make only a few brief additional comments today on these matters, with a focus on our future plans and strategy..  We will of course be happy to consider any questions informally at the end of the meeting.
 
We believe we are approaching some interesting and potentially important times for the Company and its future developments.  After a period of establishment, culminating in the achievement of commercial production at the Palito gold mine last October and accompanied by progress on a number of other fronts, Serabi is now well placed for the next move in growing the company.  We recognise the need to increase and develop resources and production as the central theme for the Company's future and, in addition to the fundamental achievements, are now able to take advantage of the current favourable market conditions to expedite this growth and development.
 
This means maximising revenue potential whilst metal prices are high, seeking new near term production opportunities and developing the value of our asset portfolio through focussed exploration.
 
The potential of the Tapajos should not be overlooked.  The region is thought to have produced some 30 million ounces from alluvial and artisanal operations, already ranking it as one of the largest gold areas in the world.  With as yet, very limited modern exploration and only one 'hard rock' mine established to date - Palito - the remaining potential also ranks very high. It is with this potential in mind that we have been building our land position and recently announced we now hold around 273,000 hectares of land, an increase of 165% since our listing in May 2005.  The regional geology exhibits features similar to other major producing areas of the world, a fact not lost on the major mining groups, a number of whom were present at the inaugural Tapajos Gold Symposium held last month in Itaituba, which was supported by Serabi.
 
We would welcome an increased presence in the area of new and larger companies.  Their interest could potentially hasten the arrival of additional service groups, thus providing improved independent support and so aiding exploration and evaluation for all.  Should these companies decide to invest in the region we feel that given Serabi's achievements to date, we might consider collaborative arrangements over selected areas which would allow us to more rapidly evaluate and develop our land portfolio.  With the ability to tap into their exploration budgets, high-tech tools and global experience we would envisage that detailed screening and evaluations could be carried out in a much shorter time frame than could be achieved by a junior company working alone.
 
In the meantime we have existing production from the Palito Main Zone at our Palito Mine, which provides cash-flow and a sound base for future development, and a strong and prospective land position in the Tapajos.
 
We are very encouraged by recent exploration results around the Palito Mine, which are yielding strong indications of the presence of multiple satellite ore-bodies, notably to date at Ruari's Ridge and Chico do Santo.  The challenge for us is to rapidly identify and develop all those satellites which are of adequate size to be commercially exploited and can form part of an expanded operation.  With existing infrastructure and plant we have the basis to fast-track these developments and achieve growth, but this must be set against the need to ensure that any resultant expansions are properly scoped in order to achieve the best technical plan, optimise capital expenditure and the return on that investment.
 
Against this background, we continue to believe that the Palito environs have potential to boost our production there above 100,000 ounces per annum within a relatively short time frame.
  
Our longer term goal to become a mid-tier producer, that is with annual production of more than 200,000 ounces, can be derived by two routes:
 
  • Exploration success from our existing portfolio
  • Seeking new near term production opportunities
 One of the greatest challenges to any exploration company is the transition to producer, a step which many never attempt.  We have established a management team with such development and production experience, placing the company in a strong position to take new projects to that next stage in the future, or growing existing production opportunities with good potential.
 
Thus we will now seek to grow organically, through selective acquisitions and may, where appropriate consider strategic collaboration.  In this regard, although we will maintain our focus on the highly prospective Tapajos, we are also looking at opportunities beyond this region of Brazil.
 
Serabi is now very well placed to benefit from these potential developments, as well as build from its established asset base.  I look forward to reporting the continuing success of the Company during 2007.       
 
  
Enquiries
 
Serabi Mining plc
                              
 
 
Notes to Editors
 
The Tapajos region of northern Brazil encompasses an area of approximately 100,000 km�, 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..  Commercial production was achieved last October at Palito, with cash costs for the fourth quarter of 2006 reported at $252 per ounce of gold equivalent. 
 
Serabi already 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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Serabi Gold Plc

PRODUCER
CODE : SRB.L
ISIN : GB00B4T0YL77
CUSIP : 00B074J639
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Serabi Gold is a producing gold company based in United kingdom.

Serabi Gold holds various exploration projects in Brazil.

Its main asset in production is PALITO in Brazil and its main exploration properties are TAPAJOS - MODELO, JARDIM DO OURO, TAPAJOS - PIZON and PIAUI STRKE LENGTH in Brazil.

Serabi Gold is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 57.8 billions as of today (US$ 64.6 billions, € 57.2 billions).

Its stock quote reached its lowest recent point on October 31, 2008 at GBX 0.25, and its highest recent level on February 28, 2020 at GBX 97.00.

Serabi Gold has 700 843 570 shares outstanding.

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6/1/2007AGM Statement
5/17/2007Holding(s) in Company
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