AGM Statement

Serabi Mining plc advises that at 11:00 today, it will be holding its
Annual General Meeting.

The following reproduces the text of the statement that will be made
by Graham Roberts, Chairman of the Company:

"Whilst I consider that much progress and many achievements were made
throughout the Company during 2007, particularly on the exploration
front, the focus for many followers has been on production at
Palito.  It was therefore clearly disappointing that the transition
to fully-mechanised operations last year was not as smooth as we had
anticipated.  The reasons for low mining grades, which resulted in
lower production levels, have been well documented and I will not
labour them further.  Suffice to say that Mike Hodgson was initially
brought in as Technical Director in 2007 and quickly realised the
potential difficulties that we faced.  Whilst we considered a variety
of solutions, ultimately a decision was taken in the second half of
the year that more specialised mining equipment was required in order
to allow the introduction of a more selective and thus more economic
mining method.

For this purpose, two narrow-width scoop trams have recently arrived
on site along with two narrow-width jumbo drilling rigs, with a
further two narrow-width scoop trams due to be released from the
factory later this month.  As we have already reported, the arrival
of the scoop trams from the manufacturer was significantly delayed,
which resulted in their late commissioning at the end of April.  The
two narrow-width jumbo drill rigs, although delivered according to
the original schedule, have also only arrived on site in this
quarter, with the second commissioned in the last few days.

The consequence of the delays in obtaining the required equipment was
that production for the first quarter was expected to be low. However
it was further hampered by a significant breakdown of one of the
existing drill rigs and then by the failure of an air compressor
required for one of the two other drill rigs.  The net result was
that the mine was unable to produce the budgeted levels of the higher
grade stoping ore and was instead more reliant upon lower grade ore
mined from development drives.

We anticipated that, provided we had the drilling capability, the
arrival of the new scoop trams in the second quarter would enable us
to reduce development widths and thus improve the mined grade of ore
from development headings.  I have to report that limited drill
availability in the second quarter has continued to hamper these
plans resulting in lower mined tonnage than planned during April and
much of May.  However, I am pleased to advise that since the last
week of May and following the commissioning of the first of the new
narrow-width jumbo drills, we are achieving the daily milled
throughputs of 450 - 500 tonnes per day that we previously
anticipated. Following the arrival of the additional new narrow-width
jumbo drill we can also now undertake the necessary repairs to the
two older machines and return them to their full production
capability.

Whilst we have seen some operating progress this year, it is only on
completion of the mill refurbishments in the third quarter and with
the full deployment of the new mining equipment imminent, that the
full extent of the production recovery plans will manifest
themselves.  Against this background we are therefore targeting a
significant production uplift for the second half of the year, to
around 21,000 to 23,000 gold equivalent ounces.  However, following
reduced production levels against original forecasts for the first
half of the year, we anticipate that (assuming no further setbacks)
full year production for 2008 is now unlikely to be greater than
34,000 gold equivalent ounces.
Meanwhile, on the exploration front we have been very successful in
identifying new areas of mineralisation at Jardim do Ouro and
continue to be excited by the potential for further discoveries in
the district.  Work will include follow up of the airborne
geophysical survey completed in January this year, with drilling on
some of the priority targets that were identified.  Outside of Jardim
do Ouro we have concentrated our efforts on completing the initial
screening of the Pison and Modelo prospects, which we see as having
the potential to host low-grade, bulk-tonnage deposits.  During the
remainder of 2008 we also expect to undertake limited drill
programmes outside of Jardim do Ouro, with the main focus on the
Goiano prospect which is located adjacent to our Castenheira project,
some 150 kms to the south west of Palito, close to the
Transgarimpeiro highway.


In conclusion, while we have experienced some disappointments over
the last 12 months, the management of Serabi and I remain convinced
that following a number of significant initiatives that have been put
in place, these are now behind us and we can move forward in our
near-term objective of building Serabi into a profitable junior gold
producer with good growth potential."



Enquiries

Serabi Mining plc

Graham Roberts                  Tel: [phone]
Chairman                        Mobile: [phone]

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

Robyn Hodson                    Tel: [phone]
Investor Relations

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

Numis Securities Limited
John Harrison                   Tel: [phone]
James Black                     Tel: [phone]

Farm Street Communications
Simon Robinson                  Tel:  [phone]



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.

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

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