Announcement re: preliminary approaches

Serabi Mining plc

("Serabi" or the "Company")
Announcement re: preliminary approaches


The board of Serabi notes the recent price movement in the Company's
shares and announces that it is in preliminary discussions with a
number of third parties which may or may not result in an offer being
made for the entire share capital of the Company or some other
transaction relating to the Company's assets taking place.
Shareholders of Serabi should be aware that there is no certainty
that an offer or other transaction will be forthcoming. A further
announcement will be made in due course.

Enquiries:

Serabi Mining plc
Clive Line                                             +44 (0) 20
7246 6830

Numis Securities
John Harrison (Nominated Adviser)      [phone]
James Black (Corporate Broker)

Dealing disclosure requirements

Under the provisions of Rule 8.3 of the City Code on Takeovers and
Mergers (the 'Code'), if any person is, or becomes, 'interested'
(directly or indirectly) in one per cent. or more of any class of
'relevant securities' of Serabi, all 'dealings' in any 'relevant
securities' of that company (including by means of an option in
respect of, or a derivative referenced to, any such 'relevant
securities') must be publicly disclosed by no later than 3.30 p.m.
(London time) on the London business day following the date of the
relevant transaction. This requirement will continue until the date
on which any offer becomes, or is declared, unconditional as to
acceptances, lapses or is otherwise withdrawn or on which the 'offer
period' otherwise ends. If two or more persons act together pursuant
to an agreement or understanding, whether formal or informal, to
acquire an 'interest' in 'relevant securities' of Serabi, they will
be deemed to be a single person for the purpose of Rule 8.3. Under
the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of Serabi by Serabi or by the potential offeror, or by
any of their respective 'associates', must be disclosed by no later
than 12.00 noon (London time) on the London business day following
the date of the relevant transaction.

A disclosure table, giving details of the companies in whose
'relevant securities' 'dealings' should be disclosed, and the number
of such securities in issue, can be found on the UK Panel on
Takeovers and Mergers' (the 'Panel') website at
www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in
summary, when a person has long economic exposure, whether
conditional or absolute, to changes in the price of securities. In
particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any
option in respect of, or derivative referenced to, securities. Terms
in quotation marks are defined in the Code, which can also be found
on the Panel's website. If you are in any doubt as to whether or not
you are required to disclose a 'dealing' under Rule 8, you should
consult the Panel.

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