Exploration Update - 22 July 2008

Serabi Mining plc ('Serabi' or 'The Company')

Serabi Mining plc (AIM : SRB) announces exploration developments from
the Palito mining district and other Tapajos regional projects.
Highlights of exploration in the first half of 2008 include:

- extensive strike and plunge extensions of the high-grade G3 and
Jatoba mineralised zones to the south-east of the Palito mine;
- high-grade mineralisation continues on strike in both directions at
the Palito West zone, remaining open at depth, while the discovery of
additional high-grade parallel zones demonstrates the potential for
multiple mineralised zones in this area;
- electromagnetic geophysics technique confirmed as a prime
exploration tool for rapid identification of mineralisation; further
drill testing of anomalies expected to commence before year-end
following detailed interpretation of potential targets;
- detailed drilling at the Ruari's Ridge prospect confirms new
resource potential for shallow saprolite and oxide mineralisation in
the Palito district; and
- regional project screening indicates widespread gold occurrences at
Pison, with high expectations for exploration starting at the Rio
Marupa project, one of the more prospective, historic high-grade
artisanal production areas in the Tapajos.

Commenting on these exploration results Mike Hodgson, Chief Executive
Officer of Serabi Mining plc, said:

"Serabi has significantly stepped up its exploration programme over
the past year with success on a number of fronts that continue to
point to near term potential at Palito, as well as the wider
opportunities in the long term.

Following our recently announced Ore Reserve & Mineral Resource
Update at Palito to March 31, subsequent drilling results continue to
indicate good potential for additional resources, particularly to the
south of the PMZ and along the very high-grade Palito West zone.
Underground development towards Palito West has already commenced and
is expected to intersect the said mineralisation by year-end.
Development east of the PMZ into the Jatoba orebody similarly
demonstrates the Company's ability to quickly turn discoveries into
reserves and production.  Furthermore, although relatively small, the
discovery of oxide resources at Ruari's Ridge forms a useful
supplementary source of ore and we are now testing other areas in the
Palito district which we believe may have similar potential.

While the main exploration focus has remained centred on the
Palito/Jardim do Ouro district during this period, other regional
projects continue to show good potential. We are particularly hopeful
of the Rio Marupa (Goiano) project, which although a new district for
Serabi, is rated very highly within the Tapajos region and we believe
therefore warrants assessment sooner rather than later."

PALITO & NEAR MINE EXPLORATION

Palito Main Zone Extension Drilling

During the first half 2008, over 7,300 metres of drilling, consisting
of 26 holes, was directed into extending the identification of the
Palito Main Zone (PMZ) G1, G2 and G3 lodes.  These holes specifically
targeted electromagnetic geophysical anomalies indicative of sulphide
mineralisation along the projected southern and northern strike as
well as depth extensions of known mineralisation on the PMZ.  The
anomalies were identified by down-hole geophysical surveys completed
in 2007 and/or the more recent helicopter-borne "VTEM" geophysical
survey undertaken in January 2008. Results from this drilling have
had mixed success with massive sulphide and quartz vein-sulphide
zones intersected in all areas but yielding variable gold grades.

In the south, a programme of drill holes was undertaken to test the
south-eastern plunge extension of the G1, G2 and G3 structures within
the PMZ, beyond the defined resource model (see press release "Palito
Ore Reserve & Mineral Resource Update" dated 9 July 2008).

The drill results received to date (which were not incorporated in
the Ore Reserve and Mineral Resource Update) indicate good grades in
this direction and significantly extend the strike and plunge extent
of the main G3 orebody, by approximately 150 metres strike length and
150 metres in plunge extent.  Visual interpretation of subsequent
drill core, from which assay results are outstanding, indicates the
potential for the PMZ to extend at least 300 metres in this
direction. Furthermore, this feature, which remains open along the
south-east plunge extension, appears to broaden in width and is still
open at depth. Results also indicate that the G2 and G1 structures
appear less promising down plunge.

Palito South significant drill results received to date include:


+-----------------------------------------------------------------------------------------------+
|   Hole   |   East   |  North   |   RL   | Dip/Az  |  From  |   To   | Interval |  Au   |  Cu  |
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
|          |   (m)    |   (m)    |  (m)   |         |  (m)   |   (m)  |          |  g/t  |  %   |
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0413  | 10121.29 | 19980.05 | 256.61 | -50/210 |   19.50|   20.57|      1.07|   5.14|  0.06|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
|          |          |          |        |         |  146.15|  147.13|      0.98|   3.82|  0.60|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0415  | 10160.05 | 19980.00 | 264.25 | -50/210 |   57.38|   58.20|      0.82|  24.70|  0.22|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
|          |          |          |        |         |  196.48|  199.32|      2.84|  15.52|  0.23|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0416  | 10160.74 | 19980.00 | 264.31 | -62/210 |   68.83|   70.50|      1.67|   1.23|  0.16|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
|          |          |          |        |         |  241.63|  243.55|      1.92|   8.61|  0.14|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
|          |          |          |        |         |  245.26|  248.20|      2.94|   2.35|  0.30|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0421  | 10123.03 | 19939.56 | 260.61 | -60/210 |   15.45|   16.00|      0.55|   8.36|  0.22|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
|          |          |          |        |         |  186.00|  189.87|      3.87|  18.85|  0.31|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
|          |          |          |        |         |  277.35|  278.53|      1.18|   1.92|  0.83|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0422* | 10184.91 | 20061.24 | 254.15 | -50/210 |   72.36|   73.03|      0.67|   0.44|  0.39|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0425* | 10185.63 | 20061.38 | 254.12 | -57/210 |   87.80|   88.74|      0.94|   0.35|  0.27|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0428  | 10202.52 | 20098.39 | 251.82 | -50/210 |  101.28|  101.89|      0.61|   1.64|  0.10|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0432  | 10212.58 | 19938.48 | 267.76 | -52/210 |  270.96|  274.90|      3.94|   3.02|  0.02|
|----------+----------+----------+--------+---------+--------+--------+----------+-------+------|
|          |          |          |        |         |  279.14|  282.94|      3.80|   7.44|  0.23|
|----------+----------+----------+--------+---------+----------------------------+-------+------|
| PDD0433  | 10177.44 | 19899.80 | 270.22 | -55/210 |No Significant Intercepts   |       |      |
|----------+----------+----------+--------+---------+----------------------------+-------+------|
| PDD0436  | 10180.00 | 19900.00 | 270.98 | -63/210 |Pending Results  |          |       |      |
|----------+----------+----------+--------+---------+-----------------+----------+-------+------|
| PDD0437  | 10139.94 | 20018.75 | 254.23 | -70/210 |Pending Results  |          |       |      |
|----------+----------+----------+--------+---------+-----------------+----------+-------+------|
|          |          |          |        |         |                 |          |       |      |
+-----------------------------------------------------------------------------------------------+


At Palito North a series of drill holes were executed to test a range
of targets including:

- depth extensions to the shallow mineralisation of the main G3 lode;
strike continuity of the G3 lode structure;
- electromagnetic anomalies defined from a programme of down-hole
electromagnetic surveys; completed in mid 2007; and
- electromagnetic anomalies generated from the helicopter-borne VTEM
survey.

All drill holes encountered the G3 structure to the north and
significantly, intersected a number of zones in excess of 1.0 metre
widths of massive pyrrhotite, associated with minor chalcopyrite and
pyrite. The zone of pyrrhotite-bearing veins is hosted within the
Fofoquinha granodiorite and not the Palito and Rio Novo granites,
which are typically associated with the bulk of the gold-copper
mineralisation discovered to date in the central and southern
portions of the main Palito deposits. This change in sulphide
mineralisation is believed to reflect a change in the geochemistry of
the host rock, thus resulting in sulphide zonation within the
mineralised structures.

The massive pyrrhotite veins so far tested generally contain lower
gold values than the massive chalcopyrite pyrite-quartz veins
commonly found in the mineralised zones in the adjoining central and
southern sections of the PMZ.  As a result these intersections do not
currently indicate any significant economic extension of the PMZ to
the north-west of the currently defined resources.

Palito North significant drill results received to date include:


+----------------------------------------------------------------------------------------------+
|   Hole   |   East   |  North   |   RL   | Dip/Az  |  From  |   To   | Interval |  Au  |  Cu  |
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
|          |   (m)    |   (m)    |  (m)   |         |  (m)   |   (m)  |          | g/t  |  %   |
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
| PDD0392  | 10325.60 | 20679.29 | 298.99 | -50/210 |  150.67|  152.27|      1.60|  5.14|  0.19|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
| PDD0393  | 10283.87 | 20719.79 | 299.32 | -50/210 |   37.83|   38.70|      0.87|  2.70|  0.08|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
|          |          |          |        |         |   70.15|   71.16|      1.01|  2.73|  0.10|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
|          |          |          |        |         |  115.91|  116.82|      0.91|  5.98|  0.08|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
| PDD0395* | 10317.81 | 20758.07 | 291.09 | -50/210 |  259.18|  260.14|      0.96|  0.39|  0.59|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
| PDD0399* | 10283.39 | 20800.07 | 273.43 | -50/210 |  210.42|  211.16|      0.74|  0.30|  0.53|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
| PDD0400  | 10310.19 | 20840.24 | 263.70 | -50/210 |  219.54|  220.49|      0.95|  1.30|  0.03|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
|   (*)    |          |          |        |         |  235.47|  236.37|      0.90|  0.13|  0.41|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
|          |          |          |        |         |  248.76|  249.60|      0.84|  1.13|  0.05|
|----------+----------+----------+--------+---------+----------------------------+------+------|
| PDD0402  | 10314.98 | 20920.02 | 266.58 | -50/210 |No Significant Intercepts   |      |      |
|----------+----------+----------+--------+---------+----------------------------+------+------|
| PDD0405  | 10259.32 | 20964.69 | 249.82 | -50/210 |  190.50|  191.43|      0.93|  1.12|  0.16|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
| PDD0409* | 10245.34 | 20906.15 | 251.36 | -50/210 |  132.57|  133.51|      0.94|  0.30|  0.28|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
| PDD0414  | 10306.16 | 21120.00 | 227.75 | -50/210 |   53.33|   54.07|      0.74|  2.45|  0.09|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
|          |          |          |        |         |   88.69|   89.61|      0.92|  1.41|  0.11|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
|          |          |          |        |         |  217.04|  222.34|      5.30|  1.27|  0.09|
|----------+----------+----------+--------+---------+----------------------------+------+------|
| PDD0419  | 10330.54 | 21160.10 | 222.22 | -50/210 |No Significant Intercepts   |      |      |
|----------+----------+----------+--------+---------+----------------------------+------+------|
| PDD0423  | 10291.49 | 21200.90 | 211.99 | -50/210 |  228.43|  229.50|      1.07|  3.22|  0.00|
|----------+----------+----------+--------+---------+----------------------------+------+------|
| PDD0427  | 10316.59 | 20639.91 | 314.27 | -50/210 |No Significant Intercepts   |      |      |
|----------+----------+----------+--------+---------+----------------------------+------+------|
| PDD0435  | 10111.38 | 21303.70 | 209.00 | -50/210 |   82.42|   83.98|      1.56|  1.40|  0.02|
|----------+----------+----------+--------+---------+--------+--------+----------+------+------|
|          |          |          |        |         |  105.18|  106.25|      1.07|  2.01|  0.01|
|----------+----------+----------+--------+---------+-----------------+----------+------+------|
| PDD0442  | 10150.09 | 21189.94 | 202.01 | -50/210 |Pending Results  |          |      |      |
|----------+----------+----------+--------+---------+-----------------+----------+------+------|
| PDD0443  | 10175.00 | 21365.00 | 208.40 | -50/210 |Pending Results  |          |      |      |
+----------------------------------------------------------------------------------------------+


Palito West

In November 2007, Serabi completed a definition drill programme on
the Palito West prospect which returned significant results
indicating the presence of a high-grade ore shoot plunging to the
south-east, with dimensions of approximately 150 metres strike and
200 metres down plunge.  In February 2008, an eight hole drilling
programme commenced to test the north-west strike extension of this
mineralisation with four shallower diamond drill holes, in addition
to a projected south-east plunge extension with four deeper diamond
drill holes.

The results so far received have extended the strike and plunge
extent of the main Palito West orebody to dimensions of approximately
200 metres strike length and 300 metres plunge extent.  Following
this drilling, the Palito West zone still remains open in both
north-west strike extension and south-east plunge extension.  In
addition other drill intersections indicate the presence of multiple
parallel mineralised zones in the same area.

Palito West significant drill results received to date include:


+---------------------------------------------------------------------------------------------+
|  Hole   |  East   |  North   |   RL   | Dip/Az  |  From  |   To   | Interval |  Au   |  Cu  |
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |   (m)   |   (m)    |  (m)   |         |  (m)   |   (m)  |          |  g/t  |  %   |
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0403 | 9900.47 | 20490.02 | 269.71 | -60/210 |   24.63|   25.55|      0.92|  20.50|  0.29|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |   27.26|   27.77|      0.51|  20.90|  1.10|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |   48.59|   49.09|      0.50|   2.14|  0.03|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  120.15|  121.17|      1.02|   3.54|  0.06|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0404 | 9990.11 | 20490.21 | 271.00 | -50/210 |  160.73|  161.42|      0.69|   1.57|  0.32|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  165.72|  166.71|      0.99|   4.18|  0.27|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0408 | 9990.89 | 20490.18 | 270.94 | -65/210 |   25.43|   26.54|      1.11|   2.87|  0.07|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |   80.85|   81.73|      0.88|   1.42|  0.06|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |   96.60|   99.85|      3.25|   3.50|  0.30|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  105.64|  106.54|      0.90|   4.73|  0.12|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  108.11|  108.70|      0.59|   4.62|  0.18|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  148.91|  149.79|      0.88|   3.98|  0.03|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  157.70|  158.22|      0.52|  12.60|  0.02|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  162.85|  164.73|      1.88|   5.17|  0.10|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  254.71|  256.38|      1.67|   2.79|  0.36|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0412 | 9980.00 | 20450.00 | 259.01 | -50/210 |   46.95|   47.53|      0.58|   4.82|  0.09|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |   52.79|   53.63|      0.84|   3.75|  0.04|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |   54.89|   55.42|      0.53|   8.97|  0.02|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |   61.09|   63.14|      2.05|   0.95|  0.10|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  104.91|  105.47|      0.56|  49.70|  0.11|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  126.36|  127.36|      1.00|   1.72|  0.10|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  146.35|  147.48|      1.13|   0.89|  0.10|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |        |        |          |       |      |
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  165.88|  166.45|      0.57|   7.12|  0.32|
|---------+---------+----------+--------+---------+----------------------------+-------+------|
| PDD0417 | 9700.91 | 20209.78 | 241.32 | -50/30  |No significant intercepts   |       |      |
|---------+---------+----------+--------+---------+----------------------------+-------+------|
| PDD0424 | 9975.46 | 20289.78 | 218.16 | -63/210 |   91.49|   92.54|      1.05|   1.45|  0.03|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  228.44|  229.51|      1.07|   9.33|  0.50|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0426 | 9968.30 | 20250.06 | 220.20 | -52/210 |   80.41|   81.25|      0.84|   2.39|  0.04|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  194.85|  196.49|      1.64|   1.91|  0.19|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
| PDD0431 | 9968.42 | 20250.19 | 220.23 | -63/210 |   65.72|   66.30|      0.58|  22.20|  0.05|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  114.83|  115.39|      0.56|  15.80|  0.06|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  140.27|  142.00|      1.73|   6.75|  0.09|
|---------+---------+----------+--------+---------+--------+--------+----------+-------+------|
|         |         |          |        |         |  275.31|  276.48|      1.17|   2.52|  0.06|
+---------------------------------------------------------------------------------------------+


Senna Oxide Drilling

Located within the Ruari's Ridge area, exploration drilling in early
2007 aimed at evaluating the primary rock mineralisation on the Senna
zone. This also revealed the presence of a relatively low-grade gold
resource within the first 10 to 15 metres of saprolite-oxidised rock
immediately above the vein structures.  As a result a programme of 35
shallow drill holes along the Ruari's Ridge prospect has now been
undertaken to test the economic potential of this resource, with very
good results.

Close-spaced drill holes on 25 metre traverses delineated a
gold-bearing oxide cap of 250 metres length, 50 metres width and
averaging 2-4 metres thickness.  At an average gold grade of 4 g/t
and containing high-grade sections, this material has been shown to
be amenable to CIP recovery.

Senna oxide significant drill results included:


+--------------------------------------------------------------------------------------------+
|   Hole   |  East   |  North   |   RL   | Dip/Az  | From  |  To   | Interval |  Au   |  Cu  |
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |   (m)   |   (m)    |  (m)   |         |  (m)  |  (m)  |          |  g/t  |  %   |
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0001 | 9557.54 | 20690.10 | 297.15 | -45/30  |   4.26|   8.00|      3.74|   1.70|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0002 | 9549.79 | 20690.14 | 297.10 | -45/30  |   0.00|   1.64|      1.64|   0.87|  0.00|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0002 |         |          |        |         |   5.85|   8.65|      2.80|   1.85|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  12.30|  12.65|      0.35|   5.70|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0003 | 9542.78 | 20690.05 | 296.86 | -45/30  |   3.03|   9.82|      6.79|   1.21|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  21.56|  22.38|      0.82|   1.78|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0004 | 9522.43 | 20565.04 | 313.47 | -45/30  |   5.43|   8.67|      3.24|   1.44|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0005 | 9527.26 | 20565.03 | 313.52 | -45/30  |   0.00|  10.21|     10.21|   0.71|  0.04|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  30.75|  31.64|      0.89|   2.25|  0.00|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0006 | 9537.62 | 20566.08 | 311.40 | -45/30  |   2.36|   6.60|      4.24|   0.77|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0007 | 9539.64 | 20514.30 | 313.13 | -45/210 |   2.25|   7.26|      5.01|   0.90|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |   9.35|  10.70|      1.35|   1.01|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  15.48|  16.44|      0.96|   1.54|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  19.60|  23.51|      3.91|   1.82|  0.03|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0008 | 9545.18 | 20565.83 | 311.65 | -45/30  |   2.72|   4.86|      2.14|   5.37|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0009 | 9514.32 | 20515.17 | 313.16 | -45/30  |   2.97|   7.51|      4.54|   0.93|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  13.11|  17.09|      3.98|   1.02|  0.04|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  20.50|  21.80|      1.30|  12.83|  3.53|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0010 | 9510.15 | 20465.10 | 309.20 | -45/30  |   4.45|   5.45|      1.00|   1.12|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  28.25|  29.34|      1.09|   0.85|  0.09|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  35.02|  36.00|      0.98|   1.16|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0011 | 9504.05 | 20536.33 | 312.70 | -45/30  |  31.81|  34.70|      2.89|  10.16|  0.48|
+--------------------------------------------------------------------------------------------+




+--------------------------------------------------------------------------------------------+
|   Hole   |  East   |  North   |   RL   | Dip/Az  | From  |  To   | Interval |  Au   |  Cu  |
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |   (m)   |   (m)    |  (m)   |         |  (m)  |  (m)  |          |  g/t  |  %   |
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0012 | 9517.72 | 20465.00 | 309.43 | -45/30  |   4.48|   9.30|      4.82|   3.32|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  14.20|  16.25|      2.05|  11.31|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  19.79|  20.68|      0.89|   6.21|  0.00|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0013 | 9511.91 | 20536.18 | 312.58 | -45/30  |  22.98|  26.33|      3.35|   6.54|  0.07|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  27.32|  29.20|      1.88|   2.57|  0.07|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0014 | 9529.93 | 20465.26 | 309.26 | -45/210 |   1.87|   4.35|      2.48|   0.85|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  24.85|  25.66|      0.81|   2.79|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0015 | 9510.13 | 20485.89 | 311.11 | -45/30  |   0.00|   7.21|      7.21|   1.14|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  12.54|  13.52|      0.98|  14.79|  0.00|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0016 | 9522.54 | 20614.93 | 309.09 | -45/30  |   0.95|   8.00|      7.05|   1.13|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  34.63|  35.55|      0.92|   1.19|  0.00|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  45.68|  47.62|      1.94|   4.85|  0.31|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0017 | 9517.83 | 20485.90 | 311.04 | -45/30  |   0.00|   8.00|      8.00|   3.64|  0.03|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  15.74|  17.73|      1.99|   0.75|  0.53|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0018 | 9532.62 | 20486.08 | 310.72 | -45/210 |   0.00|  11.00|     11.00|   6.26|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0019 | 9529.04 | 20615.00 | 309.49 | -45/30  |   0.95|   8.09|      7.14|   1.39|  0.01|
|----------+---------+----------+--------+---------+--------------------------+-------+------|
| RDGC0020 | 9507.94 | 20434.05 | 304.42 | -45/30  |No significant intercepts |       |      |
|----------+---------+----------+--------+---------+--------------------------+-------+------|
| RDGC0021 | 9536.59 | 20615.08 | 309.65 | -45/30  |   3.57|   8.09|      4.52|   1.59|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  20.20|  21.95|      1.75|   1.18|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  28.75|  33.42|      4.67|   1.70|  0.14|
|----------+---------+----------+--------+---------+--------------------------+-------+------|
| RDGC0022 | 9515.60 | 20434.03 | 304.23 | -45/30  |No significant intercepts |       |      |
|----------+---------+----------+--------+---------+--------------------------+-------+------|
| RDGC0023 | 9544.27 | 20615.01 | 309.71 | -45/30  |   0.90|  11.21|     10.31|  13.21|  0.08|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  20.54|  23.50|      2.96|   5.00|  0.03|
|----------+---------+----------+--------+---------+--------------------------+-------+------|
| RDGC0024 | 9540.90 | 20434.08 | 301.74 | -45/210 |No significant intercepts |       |      |
|----------+---------+----------+--------+---------+--------------------------+-------+------|
| RDGC0025 | 9492.54 | 20315.03 | 284.11 | -45/30  |   1.15|   2.65|      1.50|   1.22|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  15.56|  19.30|      3.74|   0.85|  0.07|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0026 | 9499.99 | 20284.81 | 277.39 | -45/30  |   2.09|   7.94|      5.85|  13.08|  0.03|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0027 | 9500.04 | 20314.93 | 284.39 | -45/30  |   1.20|   9.10|      7.90|   0.87|  0.03|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0028 | 9512.59 | 20284.95 | 277.59 | -45/210 |   3.86|   7.10|      3.24|   1.36|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  16.78|  17.62|      0.84|   1.18|  0.11|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0029 | 9523.69 | 20304.06 | 284.94 | -45/210 |   4.40|   7.75|      3.35|   0.90|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  10.14|  12.09|      1.95|   4.27|  0.05|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  16.94|  18.86|      1.92|   1.55|  0.14|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0030 | 9570.71 | 20640.01 | 304.99 | -45/210 |   0.00|   3.35|      3.35|   0.90|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  14.66|  20.37|      5.71|   2.62|  0.07|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  24.23|  27.28|      3.05|   1.67|  0.07|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  29.16|  30.16|      1.00|   1.57|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0031 | 9554.15 | 20645.93 | 304.69 | -45/30  |   0.00|   6.90|      6.90|   5.33|  0.02|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0032 | 9544.45 | 20646.02 | 304.66 | -45/30  |   0.00|   6.69|      6.69|   2.91|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |   8.85|  10.15|      1.30|   0.95|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  15.10|  18.06|      2.96|   0.94|  0.27|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0033 | 9534.81 | 20646.11 | 304.17 | -45/30  |   1.15|   7.57|      6.42|   1.58|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |  27.12|  29.25|      2.13|   0.44|  0.26|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0034 | 9545.26 | 20664.80 | 304.63 | -45/30  |   1.17|   2.36|      1.19|   0.86|  0.00|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|          |         |          |        |         |   6.58|  17.04|     10.46|   1.02|  0.01|
|----------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| RDGC0035 | 9555.53 | 20664.82 | 304.93 | -45/30  |   8.87|  15.52|      6.65|   0.94|  0.02|
+--------------------------------------------------------------------------------------------+



Diagram: ZONE OF MINERALISATION & EXPLORED BLOCKS 1H 2008 (see link
to press release in adobe format at end of release for diagram)

VTEM Anomaly Drilling

In January 2008 Serabi undertook its most ambitious non-drilling
exploration activity to date by flying a 6,000 hectare
helicopter-borne electromagnetic ("VTEM") geophysical survey (see Q1
Investor Update and 2007 Annual Report for further background
information).  Detailed interpretation of the results is ongoing but
from an initial assessment eight large anomalies have been identified
including strike extensions of the massive sulphide zones beyond the
PMZ mine area. These targets have already been drilled with success,
although a number of results remain outstanding.

Outside of the immediate mine environment, three holes have been
drilled on a series of massive sulphide targets in the Copper Hill
South area, situated approximately 500 metres to the west of the
Palito Mine. These holes intersected a series of narrow massive
sulphide zones, enveloped in a broad zone of sulphide-silica
alteration, hosted within the Fofoquinha granodiorite on the contact
with the Palito granite.  Consistent with the results of the PMZ
North drilling discussed earlier, the massive sulphide and
disseminated sulphides encountered in this area are mainly of
pyrrhotite, containing lower tenor gold grades.  Significantly,
however, in some of the narrow massive sulphide veins intersected
higher grades were obtained particularly around the contact with the
Palito granite.

Further drilling of the VTEM anomalies will be undertaken following
completion of a detailed analysis of the geophysical survey
anticipated during the third quarter.

Significant VTEM anomaly drill intercepts received to date include:


+-------------------------------------------------------------------------------------------+
|  Hole   |  East   |  North   |   RL   | Dip/Az  | From  |  To   | Interval |  Au   |  Cu  |
|---------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|         |   (m)   |   (m)    |  (m)   |         |  (m)  |  (m)  |          |  g/t  |  %   |
|---------+---------+----------+--------+---------+-------+-------+----------+-------+------|
| PDD0430 | 9650.42 | 21489.80 | 243.26 | -65/50  |  38.78|  39.55|      0.77|  11.20|  0.15|
|---------+---------+----------+--------+---------+-------+-------+----------+-------+------|
|         |         |          |        |         |  52.15|  53.07|      0.92|   0.51|  0.32|
|---------+---------+----------+--------+---------+---------------+----------+-------+------|
| PDD0434 | 9649.81 | 21540.02 | 247.61 | -65/40  |Pending Results|          |       |      |
|---------+---------+----------+--------+---------+---------------+----------+-------+------|
| PDD0439 | 9750.80 | 21186.85 | 225.85 | -50/210 |Pending Results|          |       |      |
+-------------------------------------------------------------------------------------------+



REGIONAL EXPLORATION

Rio Marupa Project (containing the Goiano prospect)

The Rio Marupa project covers an area of some 20,000 hectares (200
square kilometres) and is located adjacent to Serabi's existing
Castenheira project some 150 km to the south west of Palito and close
to the Transgarimpeiro highway.

Within the central 5 x 5km Goiano prospect area, bonanza grade gold
has in the past been mined by the garimpeiros from a series of
parallel quartz vein-massive sulphide zones.  The mineralisation at
Rio Marupa is significantly different from that of Palito, with the
mineralised veins varying from 0.50 metres to 2.50 metres wide
accompanied by high gold grades in the adjacent vein wall rock over
several metres.  The veins and adjacent sulphide-altered wall rock,
some of which have been exploited for over 4 km in strike length,
contain historic channel sampling from gallery faces of 2.5 metres @
92.66 g/t and 3.9 metres @ 9.56g/t gold.  Recorded production
statistics also report grades obtained from this material exceeding
500 g/t gold from the quartz-sulphide veins.

Outside of the Goiano prospect area, the remaining Rio Marupa
exploration tenements are regarded as one of the most prospective
gold districts in the Tapajos.

Preliminary exploration is scheduled to start at Rio Marupa in July
2008, with initial drilling anticipated to commence in the August -
September period, targeting the main vein structures that are already
well defined. Management regards this project as a high priority
target within the Company portfolio.

Regional Stream Sediment Coverage

The Pison project covers an area of approximately 123,000 hectares of
highly prospective geology located in the north-western extreme of
the Tapajos region.  Continuing the campaigns initiated in 2007 to
establish basic exploration knowledge of Serabi's main regional
exploration projects, stream sediment coverage has now been completed
over all drainage catchments of the Pison area.

Results from the 597 sample sites are still pending from the
programme as a result of delays experienced from the commercial
laboratory being used.  Encouragingly, however, panning by the
geological teams reported visible gold over large areas at a number
of sites, suggesting the potential for a significantly large surface
expression of mineralisation in several catchments.

In addition, similar stream sediment sampling is ongoing across the
project areas surrounding the Palito mine and Jardim do Ouro
district.  This work is expected to be completed in the third quarter
of 2008.

Qualified Person's Statement

Technical and geological information in this report has been read and
approved by Serabi's Chief Geologist, Mr. Chris Spurway. Mr. Spurway
BSc (Honours) is a graduate of the University of Sydney in Geology.
He is a member of the AusIMM and has worked for over 16 years in
mineral exploration including four years in Brazil.

Enquiries

Serabi Mining plc

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

Mike Hodgson                    Tel: [phone]
Chief Executive                 Mobile: [phone]

Robyn Hodson                    Tel: [phone]
Investor Relations

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

Numis Securities Limited
John Harrison                   Tel: [phone]
Nominated Adviser

James Black                     Tel: [phone]
Corporate Broker

Farm Street Communications
Simon Robinson                  Tel:  [phone]
Public and Media Relations

4-C Burvale Limited
Carina Corbett                  Tel: [phone]
John Carrick-Smith              Tel: [phone]
Investor Relations



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.

Serabi has a significant exploration programme focused on the Tapajos
region, operates four surface drilling rigs and has its own assay
laboratory.

---END OF MESSAGE---




http://hugin.info/137617/R/1237414/264378.pdf