Adoption of IFRS

Serabi Mining plc
13 March 2007

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

                  Adoption of IFRS and Restatement under IFRS



An EU directive requires Serabi to adopt IFRS from 1 January 2007. Serabi has
voluntarily chosen to adopt the provisions of the International Financial
Reporting Standards earlier.  The adoption is with effect from 1 January 2006.



As a result of this change the Company is required to restate previously
reported results and the accompanying information sets out the revised Income
Statement, Balance Sheet and Cash Flow Statement for the previous financial
period (3 months ended 31 December 2005) together with the notes explaining the
effect of the transition.



The Company had already adopted the provisions of IFRS 2 (Share-based Payments)
for the purposes of its previously reported figures.  The principal effect of
the IFRS is therefore in respect of foreign exchange impacts, as a result of a
need to vary the Company's previous UK GAAP compliant policy on translation of
non monetary assets denominated in foreign currencies to comply with IFRS.  The
overall effect of the restatement under IFRS has been to increase Equity
Shareholder Funds by US$1.98 million as at 31 December 2005 to US$28.6 million.
There has been no effect on the previously reported Income Statement.



Enquiries

Serabi Mining plc
Graham Roberts             Tel: [phone]
Chairman                   Mobile: [phone]

Clive Line                 Tel: [phone]
Finance Director           Mobile: [phone]

E-mail:                    [e-mail]
Website:                   www.serabimining.com


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