Placing and Notice of EGM

SERABI MINING plc ("Serabi" or "the Company")
         Placing and Notice of Extraordinary General Meeting


The Company is pleased to  announce that it has conditionally  raised
£12.5 million by way of a placing, arranged and underwritten by Numis
Securities Limited, of approximately  29 million new ordinary  shares
of 10p each ('Placing Shares') at 43p per share (the 'Placing').

The net proceeds of the Placing,  after expenses, are expected to  be
approximately £11.8m.  This sum will be used, along with the  group's
existing funds:-


  * To escalate detailed evaluation and potential development of the
    Ruari's Ridge and Chico do Santo projects, leading to the near
    term expansion of production at the Palito operation
  * Expanding the exploration budget over the next 18-24 months to
    allow the Company to fully evaluate the wider potential of the
    Palito environs and thereby establish the level of mineable
    reserves and properly scope the potential for the next production
    expansion
  * To provide the Company with additional working capital to allow
    it to introduce further cost reduction measures and to take
    advantage of opportunities to improve the growth potential of the
    Company


Graham Roberts, Chairman of Serabi commented:

"This placing  positions Serabi  to move  to the  next stage  of  its
development by providing a strong financial base from which to  build
production and increase the resource base.  Success in the evaluation
and potential development of Ruari's  Ridge and Chico do Santo  could
increase  production  to  between  60,000  and  70,000  ounces   gold
equivalent, with our next milestone being 100,000 ounces.

The Board's three prime objectives for the longer term development of
Serabi remain:


  * to become a mid-tier gold producer with annual production in
    excess of 200,000 ounces;
  * to achieve cash operating costs in the lower quartile of the
    world's producers; and
  * to ensure longer term growth of quality resources necessary to
    support the above two objectives."


The Placing is  subject to  a conditional  Placing Agreement  entered
into between the Company  and Numis Securities Ltd.   The Placing  is
conditional on, inter  alia, the approval  of certain resolutions  by
the  shareholders  of   the  Company  ('the   Shareholders')  at   an
Extraordinary General Meeting ('EGM') and on the Placing Shares being
admitted to trading on AIM, which  is expected to occur on or  around
12th July 2007.  Accordingly, the Company has written to Shareholders
convening an EGM  to be held  at the offices  of Numis Securities  on
11th July 2007 at 11:00am.

At the EGM, resolutions will  be proposed to increase the  authorised
share capital,  to  disapply  pre-emption  rights  and  to  give  the
directors authority to allot the  Placing Shares. The Placing  Shares
will rank  pari passu  in  all respects  with the  existing  ordinary
shares of 10p each in the capital of the Company.


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 Leano                   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.

---END OF MESSAGE---