Completion of TSX Listing,C$4.95 million fundin...

Serabi Mining Plc
                          ("Serabi" or the "Company")
                           Completion of TSX Listing
                    C$4.95 million funding and Board changes

Serabi Mining plc (AIM: SRB, TSX: SBI, SBI.WT) is pleased to announce that the
Company has completed its Canadian initial public offering of 9,000,000 units
(the "Units") at a price of C$0.55 per Unit (the "Offering Price") for gross
proceeds to the Company of C$4.95 million (the "Offering"). Each Unit is
comprised of one ordinary share (an "Ordinary Share") and one-half of one
ordinary share purchase warrant of the Company (each whole ordinary purchase
warrant, a "Warrant"), with each Warrant being exercisable to acquire one
Ordinary Share at an exercise price of C$0.75 until 2 December 2012. The
Company's Ordinary Shares and Warrants have begun trading on 30 March 2011 on
the Toronto Stock Exchange (the "TSX") under the symbol SBI and SBI.WT,
respectively. The Offering was led by Fraser Mackenzie Limited as agent to
Serabi.  The Ordinary Shares of the Company will continue to be admitted to
trading on AIM

The completion of the Offering and the listing of the Ordinary Shares and
Warrants on the TSX has also resulted in the automatic exercise of 10,070,000
previously issued special warrants of the Company (the "Special Warrants").  As
a result of this automatic exercise, the Company has issued a further
10,070,000 Ordinary Shares and 5,035,000 Warrants to holders of the Special
Warrants.

The  proposed new  appointments to  the Board,  announced on 24 March 2011, have
also  today taken effect and  the Directors are pleased  to welcome Sean Harvey,
Doug  Jones and  Mel Williams  as non-executive  directors of  the Company. Sean
Harvey  has also agreed to  become Chairman of the  Company. Graham Roberts will
continue as a non-executive director of the Company.

In  aggregate 19,070,000 new  Ordinary Shares  have been  issued pursuant to the
Offering  and the exercise of the Special Warrants and there are now 63,968,529
Ordinary  Shares in issue. The  new Ordinary Shares will  rank pari passu in all
respects  with the existing Shares, including the right to receive all dividends
and  other distributions declared, made  or paid after the  date of their issue.
Application  will be made for the 19,070,000 new Ordinary Shares issued pursuant
to  the Offering  and the  exercise of  the Special  Warrants to  be admitted to
trading on AIM, which is expected to occur on 5 April 2011.

In  aggregate 9,535,000 Warrants have  been issued pursuant  to the Offering and
the  exercise of the Special  Warrants.    No application is  being made for the
Warrants to be admitted to trading on AIM.

Eldorado   Gold  Corporation  ("Eldorado")  and  Greenwood  Investments  Limited
("Greenwood"), who prior to the Offering were respectively interested in 26.7%.
and 20.0% of the issued Ordinary Shares of the Company, have participated in the
Offering.  Eldorado  subscribed  for  2,340,000 Units  (equivalent to 2,340,000
Ordinary  Shares and 1,170,000 Warrants) and Greenwood subscribed for 1,000,000
Units  (equivalent  to  1,000,000 Ordinary  Shares  and 500,000 Warrants) at the
Offering  Price. Following  completion of  the Offering  and the exercise of the
Special  Warrants, Eldorado will be interested in 16,840,000 Shares representing
26.3% of the enlarged share capital of the Company. Greenwood will be interested
in  10,000,000 Shares representing  15.6% of the  enlarged share  capital of the
Company.   Assuming the exercise of the Warrants currently held by Eldorado (but
excluding  the exercise of any other  securities that Eldorado holds which could
be  converted into Ordinary Shares)  and after giving effect  to the exercise of
the  Special  Warrants,  Eldorado  would  hold 29.0% of the outstanding Ordinary
Shares,  without  giving  effect  to  the  exercise  or  conversion of any other
convertible  securities of the  Company.  Assuming the  exercise of the Warrants
currently  held by Greenwood (but excluding the exercise of any other securities
that  Greenwood holds which  could be converted  into Ordinary Shares) and after
giving  effect to  the exercise  of the  Special Warrants,  Greenwood would hold
16.3% of  the outstanding Ordinary Shares, without giving effect to the exercise
or conversion of any other convertible securities of the Company.

As  both Eldorado  and Greenwood  are each  interested in  more than  10% of the
Company's  issued share capital, and as the Offering has not been made on a pre-
emptive  basis, the participation by Eldorado and Greenwood in the Offering (the
"Transaction") is a related party transaction for  the purposes of the AIM Rules
and  applicable Canadian securities  laws. The Directors  of Serabi consider for
the  purposes of  the AIM  Rules, having  consulted with the Company's nominated
adviser,  that the terms of  the Transaction are fair  and reasonable insofar as
the Company's shareholders are concerned. In particular the Directors have taken
into account that:

  * The Offering, which has been arranged by the Company's Canadian broker,
    Fraser Mackenzie Limited, has been made to a number of institutional and
    retail investors;
  * The Offering has been conducted concurrently with the listing of the
    Company's Ordinary Shares and Warrants on the TSX;
  * The net proceeds of the Offering will be used to further the Company's
    current exploration programmes and for general working capital purposes;
  * Eldorado and Greenwood have each subscribed for Units at the Offering Price;
  * Eldorado's subscription represents 26% of the Offering, equivalent to
    Eldorado's interest in Serabi prior to the Offering; and
  * Greenwood's subscription represents 10% of the Offering, compared to
    Greenwood's interest on Serabi prior to the Offering of 20%



Caution Regarding Forward-Looking Statements

This  press  release  contains  statements  that  may constitute forward-looking
statements,  which  may  include  financial  and  other  projections, as well as
statements  regarding future plans, objectives or economic performance. Forward-
looking  information involves significant  risks, assumptions, uncertainties and
other  factors that  may cause  actual future  results or  anticipated events to
differ  materially from  those expressed  or implied  and accordingly, investors
should not place undue reliance on any such forward-looking statements.  Factors
that  could  cause  results  to  vary  include  those expressed in the Company's
filings  with  Canadian  securities  regulatory  authorities.   All  information
presented herein should be read in conjunction with such filings.


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

 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                    Tel: [phone]



 Fig House Communications
 Investor Relations

 Rebecca Greco                     Tel: + 1 416 822 6483


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







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     originality of the information contained therein. 
    
Source: Serabi Mining plc via Thomson Reuters ONE

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