AGM Statement

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

                                 AGM Statement

Serabi Mining plc advises that at 9:30 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:

"The  period since the last AGM has seen Serabi Mining successfully repositioned
as an exploration focussed company operating in a region which is now attracting
increased  attention from  the mining  community. It  has always been our belief
that  the Tapajos region has the potential  to become a modern, world class gold
production area and we believe this view is now being vindicated.

With  reported  historic  artisanal  production  of  some 30 million ounces from
alluvial  and  shallow  oxide  deposits,  the  hard  rock  source remains almost
entirely  undiscovered and unexploited. During 2007 and 2008 the Company started
to  expand its exploration programme around the existing Palito mine in order to
increase the resource base and identify possible satellite deposits for mining.
Through necessity, this was put on hold at the end of 2008 as the Company needed
to  conserve its cash resources but, following the successful refinancing of the
Company at the end of 2009, this initiative has now been restarted.

The  current  exploration  programme  is  now  focussed on a number of promising
geophysical  anomalies highlighted by  the 2008 airborne VTEM  survey.  Over the
last  6 months, the  Company has  been carrying  out additional exploration work
over  a number of these anomalies in  order to identify and prioritize potential
drill  targets.  All  of  these  anomalies  lie  within  three kilometres of the
existing Palito mine and plant.

The  results of  this work  were announced  at the  end of  May and exceeded our
expectations  by  yielding  nine  drill  targets  located within five zones and,
subject to finalising a drill contract and mobilising, we will be undertaking an
estimated  7,500 metres of diamond drilling on  these targets over the remainder
of  the year.  With section lines spaced 100-200 metres apart this initial drill
programme  is targeted  only at  discovery and,  if successful, further drilling
will be required before any discovery can be classified as a resource.

The five zones that we have identified are located to the north-east, south-west
and south-east of the established Palito resources.  The geophysical results for
the  areas  to  the  south-west  and  south-east  along  strike are particularly
exciting  and  indicative  of  bodies  that  are  potentially larger than Palito
itself.   I would stress, however, that  the geophysics identifies the potential
for  mineralisation and is not  in itself a guarantee  that gold at commercially
viable  grades  will  be  present.   However,  the  presence of other coincident
indicators  such as garimpeiro activity and/or surface geochemical anomalies for
example, gives us reason for confidence.

Serabi  has been operating in the Tapajos since 1999 and can justifiably be seen
as  one of the pioneers of modern exploration across the region. To date, Palito
remains  the only modern  gold operation established  in the area.  Whilst there
has  been a growing interest  in the region from  junior mining companies, it is
only  recently that  the presence  of larger  players has  become evident.  Most
significant




of  these  has  been  Canadian  listed  Eldorado Gold Corporation, with a market
capitalisation  in  excess  of  $9  billion.   Eldorado  recently  announced the
proposed  acquisition of  Brazauro Resouces,  a junior  Canadian listed company,
whose principal asset is the Tocantinzinho project located some 50 kilometres to
the  north-west, along strike of Palito.  The transaction has valued Brazauro at
over  C$120 million.

We believe that in the future the region is most likely to be developed from the
east,  where the infrastructure  and population lies.   As a result we therefore
view  Palito as also having a potentially important strategic position, located,
as it is, close to the main north-south highway of the region and with access to
an  established  power  grid.   Both  deposits  are  located within the regional
Tocantinzinho  geological  trend,  and  as  further exploration is undertaken we
envisage  a mining belt could be established  taking in Palito in the south-east
and running north-west following and taking in the Tocantinzinho project itself,
and ultimately other projects.

Against  this background, we  were therefore pleased  to conclude a £3.6 million
share subscription with Eldorado at 3 pence per share earlier this month, who as
a  result now have  a 26.8% interest in  Serabi.  Whilst this  will enable us to
pursue  our exploration plans,  we see this  as an endorsement  of the company's
potential.   Eldorado have shown a strong commitment  to the region and have the
resources and expertise required to develop projects of significant size.  Their
work,  in other  parts of  the world,  is a  testament to  their willingness and
ability  to develop  successful opportunities  in some  of the  more challenging
locations.

The  news of the share placement with  Eldorado was somewhat overshadowed by the
previous  announcement of alleged breaches of the terms of the Operating Licence
at  Palito.  Whilst clearly of concern to  shareholders we believe, on the basis
of  the legal advice we have received, that the actions taken by the authorities
were  unjustified  and  we  remain  confident  that both the suspension and fine
placed  upon Serabi Mineracao Limitada will be  lifted in the near future.  With
this  in mind  we look  forward with  excitement to  the next  six months as the
Company begins to drill- test the mine-site targets it has identified."



Enquiries

 Serabi Mining plc

 Michael Hodgson                   Tel: [phone]

 Chief Executive                   Mobile: [phone]



 Clive Line                        Tel: [phone]

 Finance Director                  Mobile: [phone]



 Email: [e-mail]

 Website:  www.serabimining.com



 Beaumont Cornish Limited
 Nominated Adviser and Broker

 Roland Cornish                    Tel: [phone]

 Michael Cornish                   Tel: [phone]



 Farm Street Communications
 Public Relations

 Simon Robinson                    07593 340107





[HUG#1427879]








		This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. 
		The owner of this announcement warrants that: 
			(i) the releases contained herein are protected by copyright and other applicable laws; and 
			(ii) they are solely responsible for the content, accuracy and originality of the information contained therein. 
		All reproduction for further distribution is prohibited.
		
		Source: Serabi Mining plc via Thomson Reuters ONE