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

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

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

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

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

Parkgreen Communications
Clare Irvine                    Tel: [phone]
Shannon Wiseman                 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, 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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