| | Publié le 17 mai 2011 | - Release of Q1 Financial Results and Managment Discussion and Analysis |
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Article
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Commentaires
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Commenter
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Notation
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♥
Suivre la société
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Release of
Q1 Financial Results and Managment Discussion and
Analysis
SERABI MINING plc
("Serabi" or "the
Company")
Serabi
Mining plc (AIM:SRB, TSX:SBI and SBI.WT), the Brazilian focused gold
exploration company, advises that it has today published its unaudited
financial results for the first quarter of 2011 and at the same time has also
published its Management's Discussion and Analysis for the same period.
Both documents, together with this announcement, have been posted on the
Company's website at www.serabimining.com
and are also available on SEDAR at www.sedar.com. The full text of both the financial
results and Management's Discussion and Analysis are also available by following
the links contained in this press release.
Financial
Highlights
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Quarter ended 31 March 2011 (unaudited)
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Quarter ended 31 March 2010 (unaudited)
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Year ended 31 December 2010 (audited)
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US$
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US$
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US$
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Operating
Loss for period
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(742,642)
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(953,599)
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(5,980,011)
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Loss
per ordinary share (basic and diluted)
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(1.65) cents
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(2.91) cents
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(15.21) cents
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Exploration
expenditures during the period
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1,639,267
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305,019
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2,481,665
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Cash
at end of period
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11,100,828
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3,423,326
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8,598,755
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Equity
Shareholders funds at end of period
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54,097,874
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41,445,493
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44,351,818
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For
the three month period ended 31 March 2010 the Company recorded a net loss of
US$742,642 (1.65 US cents per share) compared to a net loss of US$953,599 (2.91
US cents per share) for the comparative period last year. The decrease in
the loss reflects reduced administrative costs and a foreign exchange gain
recorded during the period of US$187,297, compared with a foreign exchange loss
in the comparative period of US$1,180. At the same time in the
corresponding period in 2009, the Company had limited gold production which
yielded a gross profit of US$78,866. There has been no mining operation
during the three month period ended 31 March 2011 and as a result the Company
incurred a gross loss of US$183,822.
Operational
Highlights
- January 2011 - Completed an
additional 8,000 hectare helicopter borne electromagnetic
("VTEM") survey over adjacent areas to the original 2008 mine
site survey area within the Jardim do Ouro project.
- February 2011 - The Company
received the positive outcome of its appeal to the Instituto
Brasileiro do Meio Ambiente e dos Recursos Naturais Renovaveis
("IBAMA") that the original penalty of Brazilian Reals 3,597,300 (~US$2.2 million) was cancelled with
immediate effect.
- February 2011 - Positive
geochemical results received from trenching over the Piaui
drill target including 1 metre at 33.6 g/t and
3.2 metres at 16.1 g/t (see press release 22
February 2011 for all results).
- April 2011 - Results received
for the first five drill holes into the Piaui
target indicated significant gold mineralization in all five holes
including 1.93 metres at 22.86 g/t and 2.5 metres at 6.22 g/t (see press release 7 April 2011 for
all results).
Corporate
Highlights
- Following
the completion of a private placement of 10,070,000 Special Warrants on 2
December 2010, for gross proceeds of C$5,538,500, the Company completed on
30 March 2011 an Initial Public Offering ("IPO") of 9,000,000
units in Canada at a price of C$0.55 per share for gross proceeds of
C$4.95 million.
- Each of
the 9,000,000 units were comprised of one ordinary share and one half
warrant of one ordinary share purchase warrant of the Company, with each
warrant being exercisable to acquire one Ordinary Share at an exercise
price of C$0.75 until 2 December 2012.
- The
completion of the IPO and the listing of the Ordinary Shares and Warrants
on the TSX on 30 March also resulted in the automatic exercise of the
10,070,000 previously issued special warrants of the Company in December
2010.
- The
appointment on 30 March 2011 of Messrs Sean Harvey and Melvyn Williams and
Dr Doug Jones as independent directors of the Company.
Outlook
Serabi's short term strategy for the JDO Project (phase 1) to be followed for
the next 6 months continues to focus on 'head-frame' exploration with the
objective of discovering more Palito style
deposits. In further detail this will involve:
� Continuing
with the 8,100
metre discovery drilling programme
into 9 high priority targets within 3km of the plant (2,700 metres
of this programme had been drilled by the end of
April)
- Follow-up ground geophysics
(Induced Polarisation) on the remaining five VTEM geophysical anomalies
located in the original 2008 airborne survey area (6,000 Ha) with the
objective of generating further drill targets - this is planned to
commence July 2011.
- Conduct a further 7,000 Ha
airborne geophysical VTEM survey over further JDO tenements - (an
8,000 Ha survey was completed in January 2011 and results from which are
expected later in May 2011).
- Follow-up ground geophysics
(Induced Polarisation) on the January 2011 8,000 Ha airborne geophysical
VTEM survey area.
� Commencing a
thorough mine-site deep geochemistry Geochemical/Trenching/Auger program.
� The initial
phase one of the exploration budget is in the region of US$8 million and is
aimed to investigate the mine site targets as well as some of the immediate
surrounding tenements (within 20km of the operation).
SERABI MINING PLC
Condensed Consolidated Statements of Comprehensive Income
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For the
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For
the
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For
the
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Three months
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Three
months
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year
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ended
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ended
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ended
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31 March
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31
March
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31
December
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2011
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2010
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2010
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(expressed in US$)
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(unaudited)
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(unaudited)
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(audited)
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CONTINUING OPERATIONS
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Revenue
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-
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840,639
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1,229,551
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Operating expenses
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(183,822)
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(761,773)
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(2,416,746)
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Gross (loss)/profit
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(183,822)
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78,866
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(1,187,195)
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Administration expenses
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(124,946)
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(397,634)
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(2,266,912)
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Option costs
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(30,571)
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(25,102)
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(103,876)
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Loss on asset disposals
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(13,515)
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(54,568)
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(124,179)
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Depreciation of plant and equipment
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(567,336)
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(509,949)
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(2,112,445)
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Operating loss
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(920,190)
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(908,387)
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(5,794,607)
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Foreign exchange gain/ (loss)
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187,297
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(1,180)
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(27,396)
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Finance costs
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(22,152)
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(44,032)
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(187,912)
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Investment income
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12,403
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-
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29,904
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Loss before taxation
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(742,642)
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(953,599)
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(5,980,011)
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Income tax expense
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-
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-
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-
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Loss for the period from continuing operations (1)
(2)
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(742,642)
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(953,599)
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(5,980,011)
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Other comprehensive income (net of tax)
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Exchange differences on translating foreign
operations
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943,210
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(835,842)
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1,613,011
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Total comprehensive income/(loss) for the period (2)
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200,568
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(1,789,441)
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(4,367,000)
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Loss per ordinary share (basic and diluted) (1)
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(1.65c)
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(2.91c)
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(15.21c)
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(1) All revenue and expenses arise from
continuing operations.
(2)
The Group has no non-controlling interests and all income / (losses) are
attributable to the equity holders of the Parent
Company.
SERABI MINING PLC
Condensed Consolidated Balance Sheets
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As
at
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As
at
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As
at
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31
March
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31
March
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31
December
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2011
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2010
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2010
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(expressed in US$)
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(unaudited)
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(unaudited)
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(audited)
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Non-current assets
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Development and deferred exploration costs
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11,679,390
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7,058,548
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9,797,406
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Property, plant and equipment
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34,088,905
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33,917,842
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33,951,140
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Total non-current assets
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45,768,295
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40,976,390
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43,748,546
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Current assets
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Inventories
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1,488,737
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1,460,550
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1,417,804
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Trade and other receivables
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168,419
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156,494
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96,143
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Prepayments and accrued income
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1,175,068
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1,249,760
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1,061,945
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Cash at bank and cash equivalents
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11,100,828
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3,423,326
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8,598,755
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Total current assets
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13,933,052
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6,290,130
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11,174,647
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Current liabilities
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Trade and other payables
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3,282,582
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3,595,567
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3,147,258
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Accruals
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313,577
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83,752
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174,348
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Interest bearing liabilities
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-
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31,285
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-
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Special warrants
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-
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-
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5,059,995
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Total current liabilities
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3,596,159
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3,710,604
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8,381,601
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Net current assets
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10,336,893
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2,579,526
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2,793,046
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Total assets less current liabilities
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56,105,188
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43,555,916
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46,541,592
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Non-current liabilities
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Trade and other payables
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340,174
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496,103
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552,027
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Provisions
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1,396,249
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1,367,225
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1,388,571
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Interest bearing liabilities
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270,891
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247,095
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249,176
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Total non-current liabilities
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2,007,314
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2,110,423
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2,189,774
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Net assets
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54,097,874
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41,445,493
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44,351,818
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Equity
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Share capital
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29,291,551
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26,848,814
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27,752,834
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Share premium
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48,282,042
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36,268,991
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40,754,032
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Option reserve
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1,686,032
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1,553,661
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1,648,484
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Other reserves
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702,095
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260,882
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260,882
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Translation reserve
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4,825,378
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1,433,315
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3,882,168
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Accumulated loss
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(30,689,224)
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(24,920,170)
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(29,946,582)
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Equity shareholders' funds
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54,097,874
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41,445,493
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44,351,818
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The interim financial information has not been audited
and does not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. Whilst the financial information included in this
announcement has been compiled in accordance with International Financial
Reporting Standards ("IFRS") this announcement itself does not
contain sufficient financial information to comply with IFRS. The Group
statutory accounts for the year ended 31 December 2010, prepared under IFRS as
adopted in the EU and with IFRS and their interpretations adopted by the
International Accounting Standards Board have been filed with the Registrar of
Companies. The auditors' report on these accounts was unqualified but did
contain an Emphasis of Matter with respect to the ability of the Company and
the Group regarding the future availability of project finance. The
auditors' report did not contain a statement under Section 498 (2) or 498 (3)
of the Companies Act 2006.
SERABI MINING PLC
Condensed Consolidated Cash Flow Statements
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For the
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For
the
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For
the
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three months
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three
months
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Year
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ended
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ended
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Ended
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31 March
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31
March
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31
December
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2011
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2010
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2010
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(expressed in US$)
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(unaudited)
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(unaudited)
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(audited)
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Operating activities
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Operating loss
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(920,190)
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(908,387)
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(5,794,607)
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Depreciation - plant, equipment and mining
properties
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567,336
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509,949
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2,112,445
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Loss on sale of assets
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13,515
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54,568
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124,179
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Option costs
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30,571
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25,102
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103,876
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Interest paid
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(10,326)
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(34,542)
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(149,439)
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Foreign exchange loss
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(48,930)
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(1,460)
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(175,671)
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Changes in working capital
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(Increase) / decrease in inventories
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(37,481)
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(17,385)
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(95,530)
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(Increase) / decrease in receivables, prepayments
and accrued income
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(158,356)
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39,088
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569,010
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(Decrease) / increase in payables, accruals and
provisions
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(11,749)
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(75,840)
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(631,396)
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Net cash flow from operations
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(575,610)
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(408,907)
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(3,937,133)
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Investing activities
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Proceeds from sale of fixed assets
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40,642
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106,851
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501,209
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Purchase of property, plant and equipment
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(27,383)
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-
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(7,225)
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Exploration and development expenditure
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(1,639,267)
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(305,019)
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(2,481,665)
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Interest received
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12,403
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-
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29,904
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Net cash outflow on investing activities
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(1,613,605)
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(198,168)
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(1,957,777)
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Financing activities
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Issue of ordinary share capital
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4,961,179
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-
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5,424,120
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Issue of warrants
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208,229
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-
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-
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Issue of special warrants
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-
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-
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5,453,761
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Capital element of finance lease payments
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-
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(46,052)
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(79,303)
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Payment of share issue costs
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(706,564)
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-
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(35,059)
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Payment of special warrant issue costs
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(14,900)
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-
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(393,765)
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Net cash inflow/(outflow) from financing activities
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4,447,944
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(46,052)
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10,369,754
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Net increase/(decrease) in cash and cash equivalents
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2,258,729
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(653,127)
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4,474,844
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Cash and cash equivalents at beginning of period
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8,598,754
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4,081,882
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4,081,882
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Exchange difference on cash
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243,345
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(5,429)
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42,029
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Cash and cash equivalents at end of period
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11,100,828
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3,423,326
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8,598,755
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Enquiries:
Serabi
Mining plc
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Michael
Hodgson
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Tel:
020 7246 6830
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Chief
Executive
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Mobile:
07799 473621
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Clive Line
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Tel:
020 7246 6830
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Finance
Director
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Mobile:
07710 151692
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Email:
contact@serabimining.com
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Website:
www.serabimining..com
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Beaumont
Cornish Limited
Nominated
Adviser
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Roland
Cornish
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Tel:
020 7628 3396
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Michael
Cornish
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Tel:
020 7628 3396
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Hybridan
LLP
UK
Broker
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Claire
Noyce
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Tel: 020 7947 4350
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Farm Street
Communications
Public
Relations
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Simon
Robinson
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Tel:
07593 340107
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Fig House
Communications
Investor
Relations
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Rebecca
Greco
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Tel:
+ 1 416 822 6483
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Copies of this release are available from the
Company's website at www.serabimining.com
Forward-looking
statements
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. Oil
and Gas Companies dated March 2006.
ENDS
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Serabi Gold Plc
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PRODUCTEUR |
CODE : SRB.L |
ISIN : GB00B4T0YL77 |
CUSIP : 00B074J639 |
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Serabi Gold est une société de production minière d'or basée au Royaume-Uni. Serabi Gold détient divers projets d'exploration au Bresil. Son principal projet en production est PALITO au Bresil et ses principaux projets en exploration sont TAPAJOS - MODELO, JARDIM DO OURO, TAPAJOS - PIZON et PIAUI STRKE LENGTH au Bresil. Serabi Gold est cotée au Royaume-Uni, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 47,3 milliards GBX (56,6 milliards US$, 49,6 milliards €). La valeur de son action a atteint son plus bas niveau récent le 31 octobre 2008 à 0,25 GBX, et son plus haut niveau récent le 31 décembre 2020 à 99,55 GBX. Serabi Gold possède 700 843 570 actions en circulation. |
Présentations des Compagnies de Serabi Gold Plc |
Rapports annuels de Serabi Gold Plc |
Financements de Serabi Gold Plc |
Attributions d'options de Serabi Gold Plc |
Nominations de Serabi Gold Plc |
Rapports Financiers de Serabi Gold Plc |
Projets de Serabi Gold Plc |
|
Communiqués de Presse de Serabi Gold Plc |
Publication de commentaires terminée |
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