Award of options and issue of new shares.

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

                   Award of options and issue of new shares.

The Company announces that the Board has agreed to award in aggregate 1,455,000
new  options over ordinary shares to  the Directors (representing 3.2% per cent.
of  the current  issued share  capital) exercisable  at 41.0 pence  per ordinary
share, as follows:

 Director         Number of new options over Ordinary Shares

 Mike Hodgson                      600,000

 Clive Line                        600,000

 Graham Roberts                    170,000

 Bill Clough                        85,000


The  Options have been granted under  the Serabi Mining 2011 Share Option Scheme
("the  2011 Scheme")  which  the  Company  has  adopted.   Under the 2011 Scheme
options  granted will vest  in three equal  tranches, with one-third vesting and
being   exercisable  immediately  on  award,  one-third  vesting  on  the  first
anniversary  of the award and the remainder vesting on the second anniversary of
the  award and  the options  will lapse  10 years after  the date of the award.
Including  the options issued  by the Company  in December 2009 over 1.9 million
ordinary  shares, the Company may  only have in issue  at any time, options over
ordinary  shares issued under the 2011 Scheme that represent no more than 10% of
the  issued capital.  Options may be issued  with an exercise price no less than
the  volume weighted average  price for the  five days immediately preceding the
date  of  grant.   Other  standard  provisions  consistent with the terms of the
similar  share option schemes  apply in respect  of any corporate restructuring,
re-organisation or other variation in the ordinary shares of the Company.

The  Company has terminated all other options  and incentive schemes that it had
in place and no new options will be issued under these previous arrangements.

The  Board has  made further  option awards  to other  employees of  the Company
representing a further 450,000 new options over ordinary shares with an exercise
price  of  37 pence  but  otherwise  these  options  are  on  the same terms and
conditions.

The Company also announces that the Board has agreed to settle through the issue
of  49,000 Ordinary Shares to each of Michael  Hodgson and Clive Line at a price
of  41.0 pence, a bonus payment of £20,090  in recognition of their efforts over
the  preceding 12 months.  Following  the issue of  these new Ordinary Shares Mr
Hodgson  is interested in a total of 441,320 Ordinary Shares (representing 1.0%
of the issued share capital of the Company) and Mr Line is interested in a total
of  466,653 Ordinary Shares representing 1.0% of the issued share capital of the
Company.  The Board  has also  agreed to  issue 26,470 new  Ordinary Shares at a
price  of  34 pence  per  share  (equivalent  to  £9,000) to a consultant to the
Company in settlement of contracted services.  The new Ordinary Shares will rank
pari  passu with the existing  Ordinary Shares in issue  and application will be
made  for these new Ordinary  Shares to be admitted  to trading on AIM, which is
expected to be on 4 February 2011.

Following  the issue  of new  Ordinary Shares  described above,  there will be a
total  of 44,898,529 Ordinary Shares  in issue and  the total number of Ordinary
Shares in the Company with voting rights will be 44,898,529. The above figure of
44,898,529 Ordinary  Shares may  be used  by shareholders  in the Company as the
denominator  for  the  calculations  by  which  they  will determine if they are
required  to notify  their interest  in, or  a change  to their interest in, the
share  capital of the Company under the Financial Service Authority's Disclosure
and Transparency Rules.

Enquiries:

 Serabi Mining plc

 Clive Line                        Tel: [phone]

 Finance Director                  Mobile: [phone]



 Email: [e-mail]

 Website:  www.serabimining.com



 Beaumont Cornish Limited
 Nominated Adviser

 Roland Cornish                    Tel: [phone]

 Michael Cornish                   Tel: [phone]



 Fraser Mackenzie Limited
 Canadian Broker

 JC St-Amour                       Tel: [phone]



 Hybridan LLP
 UK Broker

 Claire Noyce                      Tel: [phone]



 Farm Street Communications
 Public Relations

 Simon Robinson                    07593 340107


Copies   of   this   release   are   available   from   the   company's  website
www.serabimining.com.







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Source: Serabi Mining plc via Thomson Reuters ONE

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