Public Opening Position Disclosure under Rule 8...

FORM 8 (OPD)

           PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
              Rules 8.1 and 8.2 of the Takeover Code (the "Code")

1.         KEY INFORMATION

+------------------------------------------------------------+-----------------+
|(a) Identity of the party to the offer making the           |SERABI MINING PLC|
|disclosure:                                                 |                 |
+------------------------------------------------------------+-----------------+
|(b) Owner or controller of interests and short positions    |N/A              |
|disclosed, if different from 1(a):                          |                 |
|     The naming of nominee or vehicle companies is          |                 |
|insufficient                                                |                 |
+------------------------------------------------------------+-----------------+
|(c) Name of offeror/offeree in relation to whose relevant   |SERABI MINING PLC|
|securities this form relates:                               |                 |
|     Use a separate form for each party to the offer        |                 |
+------------------------------------------------------------+-----------------+
|(d) Is the party to the offer making the disclosure the     |OFFEREE          |
|offeror or the offeree?                                     |                 |
+------------------------------------------------------------+-----------------+
|(e) Date position held:                                     |20 APRIL 2010    |
+------------------------------------------------------------+-----------------+
|(f)  Has the party previously disclosed, or is it today     |NO               |
|disclosing, under the Code in respect of any other party to |                 |
|this offer?                                                 |                 |
+------------------------------------------------------------+-----------------+

2.         POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE

(a)        Interests and short positions in the relevant securities of the
offeror or offeree to which the disclosure relates

+------------------------------------------------+-----------------------------+
|Class of relevant security:                     |SERABI ORDINARY SHARES OF    |
|                                                |0.5P EACH                    |
+------------------------------------------------+----------+------------------+
|                                                |Interests | Short positions  |
|                                                +------+---+------+-----------+
|                                                |Number| % |Number|     %     |
+------------------------------------------------+------+---+------+-----------+
|(1) Relevant securities owned and/or controlled:| NIL  |N/A| NIL  |    N/A    |
+------------------------------------------------+------+---+------+-----------+
|(2) Derivatives (other than options):           | NIL  |N/A| NIL  |    N/A    |
+------------------------------------------------+------+---+------+-----------+
|(3) Options and agreements to purchase/sell:    | NIL  |N/A| NIL  |    N/A    |
+------------------------------------------------+------+---+------+-----------+
|                                                | NIL  |N/A| NIL  |    N/A    |
|     TOTAL:                                     |      |   |      |           |
+------------------------------------------------+------+---+------+-----------+


+------------------------------------------------+-----------------------------+
|Class of relevant security:                     |£300,000 CONVERTIBLE LOAN    |
|                                                |AGREEMENT                    |
+------------------------------------------------+----------+------------------+
|                                                |Interests | Short positions  |
|                                                +------+---+------+-----------+
|                                                |Number| % |Number|     %     |
+------------------------------------------------+------+---+------+-----------+
|(1) Relevant securities owned and/or controlled:| NIL  |N/A| NIL  |    N/A    |
+------------------------------------------------+------+---+------+-----------+
|(2) Derivatives (other than options):           | NIL  |N/A| NIL  |    N/A    |
+------------------------------------------------+------+---+------+-----------+
|(3) Options and agreements to purchase/sell:    | NIL  |N/A| NIL  |    N/A    |
+------------------------------------------------+------+---+------+-----------+
|                                                | NIL  |N/A| NIL  |    N/A    |
|     TOTAL:                                     |      |   |      |           |
+------------------------------------------------+------+---+------+-----------+


All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase or
sell relevant securities, should be given on a Supplemental Form 8 (Open
Positions).

Details of any securities borrowing and lending positions or financial
collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).

(b)        Rights to subscribe for new securities

+--------------------------------------------------------------------------+---+
|Class of relevant security in relation to which subscription right exists:|NIL|
+--------------------------------------------------------------------------+---+
|Details, including nature of the rights concerned and relevant            |N/A|
|percentages:                                                              |   |
+--------------------------------------------------------------------------+---+

If there are positions or rights to subscribe to disclose in more than one class
of relevant securities of the offeror or offeree named in 1(c), copy table 2(a)
or (b) (as appropriate) for each additional class of relevant security.

(c)        Irrevocable commitments and letters of intent

+------------------------------------------------------------------------------+
|Details of any irrevocable commitments or letters of intent procured by the   |
|party to the offer making the disclosure or any person acting in concert with |
|it (see Note 3 on Rule 2.11 of the Code):                                     |
+------------------------------------------------------------------------------+
|                                                                              |
|N/A                                                                           |
|                                                                              |
|                                                                              |
+------------------------------------------------------------------------------+

3.         POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER
MAKING THE DISCLOSURE

+------------------------------------------------------------------------------+
|Details of any interests, short positions and rights to subscribe of any      |
|person acting in concert with the party to the offer making the disclosure:   |
+------------------------------------------------------------------------------+
|                                                                              |
|SEE BELOW                                                                     |
|                                                                              |
+------------------------------------------------------------------------------+

                                                                      Options to
                                                                   subscribe for
                     Number of Ordinary Percentage of Issued       Serabi Mining
Director of Serabi          Shares held        Share Capital     Ordinary Shares
--------------------------------------------------------------------------------
Bill Clough (Note            40,078,617                12.2%           1,000,000
1)

Mike Hodgson                  3,923,200                 1.2%           5,000,000

Clive Line                    4,276,533                 1.3%           5,000,000

Graham Roberts                2,790,301                0.85%           2,000,000


Note 1:  Bill Clough is also a director and the sole shareholder of WM Clough
Pty Ltd and is a director of and has a minority interest in McRae Investments
Pty Ltd. Bill Clough is also the beneficial owner of Gigantic Resources Inc.
which holds 267,430 Ordinary Shares representing 0.08% of the issued share
capital of the Serabi Mining.

Person(s) acting in concert  Number of Ordinary Shares      Percentage of Issued
with Serabi Mining                                held             Share Capital
--------------------------------------------------------------------------------
WM Clough Pty Ltd (Note 1)                  20,011,536                      6.1%

McRae Investments Pty Ltd                   19,799,651                      6.0%
(Note 1)

Gigantic Resources Inc.                        267,430                      0.1%
(Note 1)



Greenwood Investments                       85,950,000                     26.2%
Limited (Note 2)

UBS Private Banking                          4,050,000                      1.2%
Nominees Ltd (Note 2)

Note 2: Christopher Kingsman is the controlling shareholder of Greenwood
Investments Limited. In addition, Christopher Kingsman is the beneficial owner
of the Ordinary Shares held by UBS Private Banking Nominees Ltd.  Accordingly,
Christopher Kingsman is interested in a total of 90,000,000 Ordinary Shares
representing 27.46% of the issued share capital of Serabi Mining.

Details of options and rights to subscribe for new Serabi Ordinary Shares are
set out below:

+------------+------------+----------+------------+---------+---------+--------+
|  Class of  |  Product   |Written or| Number of  |Exercise |  Type   | Expiry |
|  relevant  |description |purchased | securities |price per|  e.g.   |  date  |
| security - | e.g. call  |          |  to which  |  unit   |American,|        |
|   SERABI   |   option   |          | option or  |         |European |        |
|   MINING   |            |          | derivative |         |  etc.   |        |
|  ORDINARY  |            |          | relates()  |         |         |        |
|   SHARES   |            |          |            |         |         |        |
+------------+------------+----------+------------+---------+---------+--------+
|Directors:  |            |          |            |         |         |        |
+------------+------------+----------+------------+---------+---------+--------+
|Bill Clough |Call Option |Awarded   |1,000,000   |1.5p     |American |21      |
|(note 3)    |            |          |            |         |         |December|
|            |            |          |            |         |         |2019    |
+------------+------------+----------+------------+---------+---------+--------+
|Mike Hodgson|Call Option |Awarded   |5,000,000   |1.5p     |American |21      |
|(note 3)    |            |          |            |         |         |December|
|            |            |          |            |         |         |2019    |
+------------+------------+----------+------------+---------+---------+--------+
|Clive Line  |Call Option |Awarded   |5,000,000   |1.5p     |American |21      |
|(note 3)    |            |          |            |         |         |December|
|            |            |          |            |         |         |2019    |
+------------+------------+----------+------------+---------+---------+--------+
|Graham      |Call Option |Awarded   |2,000,000   |1.5p     |American |21      |
|Roberts     |            |          |            |         |         |December|
|(note 3)    |            |          |            |         |         |2019    |
+------------+------------+----------+------------+---------+---------+--------+
|Other:      |            |          |            |         |         |        |
+------------+------------+----------+------------+---------+---------+--------+
|Greenwood   |£300,000    |Purchased |Convertible |1.5p     |American |31      |
|Investments |Convertible |          |into a      |         |         |October |
|Limited     |Loan        |          |maximum of  |         |         |2014    |
|(note 2)    |Agreement   |          |21,001,228  |         |         |        |
|            |            |          |Ordinary    |         |         |        |
|            |            |          |Shares      |         |         |        |
+------------+------------+----------+------------+---------+---------+--------+
|Beaumont    |Warrant     |Awarded   |1,550,000   |1.5p     |American |8       |
|Cornish     |            |          |            |         |         |November|
|Limited     |            |          |            |         |         |2014    |
|(note 4)    |            |          |            |         |         |        |
+------------+------------+----------+------------+---------+---------+--------+


Note 3: The options held by the directors vest in three equal tranches, with
one-third vesting and being exercisable immediately on 21 December 2009,
one-third vesting on 21 December 2010 and the remainder vesting on 21 December
2011.  The options will lapse on 21 December 2019.

Note 4: The warrant is exercisable at any time on or after 9 November 2010 until
its expiry.  If prior to 9 November 2010 Beaumont Cornish Limited ceases to act
as NOMAD to Serabi Mining plc the warrant may be exercised at any time after the
date on which Beaumont Cornish Limited ceases to act as NOMAD.

If there are positions or rights to subscribe to disclose in more than one class
of relevant securities of the offeror or offeree named in 1(c), copy table 3 for
each additional class of relevant security.

Details of any open derivative or option positions, or agreements to purchase or
sell relevant securities, should be given on a Supplemental Form 8 (Open
Positions).

Details of any securities borrowing and lending positions or financial
collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).

4.         OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

+------------------------------------------------------------------------------+
|Details of any indemnity or option arrangement, or any agreement or           |
|understanding, formal or informal, relating to relevant securities which may  |
|be an inducement to deal or refrain from dealing entered into by the party to |
|the offer making the disclosure or any person acting in concert with it:      |
|If there are no such agreements, arrangements or understandings, state "none" |
+------------------------------------------------------------------------------+
|                                                                              |
|NONE                                                                          |
|                                                                              |
|                                                                              |
+------------------------------------------------------------------------------+

(b)        Agreements, arrangements or understandings relating to options or
derivatives

+------------------------------------------------------------------------------+
|Details of any agreement, arrangement or understanding, formal or informal,   |
|between the party to the offer making the disclosure, or any person acting in |
|concert with it, and any other person relating to:                            |
|(i)  the voting rights of any relevant securities under any option; or        |
|(ii) the voting rights or future acquisition or disposal of any relevant      |
|securities to which any derivative is referenced:                             |
|If there are no such agreements, arrangements or understandings, state "none" |
+------------------------------------------------------------------------------+
|                                                                              |
|NONE                                                                          |
|                                                                              |
|                                                                              |
+------------------------------------------------------------------------------+

(c)        Attachments

Are any Supplemental Forms attached?

+--------------------------------------+----+
| Supplemental Form 8 (Open Positions) | NO |
+--------------------------------------+----+
| Supplemental Form 8 (SBL)            | NO |
+--------------------------------------+----+


+---------------------+------------------------------+
| Date of disclosure: | ***** 2010                   |
+---------------------+------------------------------+
| Contact name:       | Clive Line, Finance Director |
+---------------------+------------------------------+
| Telephone number:   | 0207 246 6830                |
+---------------------+------------------------------+

Public disclosures under Rule 8 of the Code must be made to a Regulatory
Information Service and must also be emailed to the Takeover Panel at
[e-mail] <mailto:[e-mail]>.  The Panel's
Market Surveillance Unit is available for consultation in relation to the Code's
dealing disclosure requirements on [phone].

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk
<

http://www.thetakeoverpanel.org.uk/>.


[HUG#1408203]