Release of Q3 Financial Results and Management ...
SERABI GOLD PLC ("Serabi" or "the Company")
Financial Results for the Third Quarter 2011 and Management Discussion and
Analysis
Serabi Gold plc (AIM:SRB, TSX:SBI and SBI.WT), the Brazilian focused gold
exploration company, advises that it has today published its unaudited financial
results for the 3 month and 9 month periods ending 30 September 2011 and at the
same time has also published its Management's Discussion and Analysis for the
same periods. Both documents, together with this announcement, have been posted
on the Company's website at www.serabigold.com and are also available on SEDAR
at www.sedar.com. The full text of both the financial results and Management's
Discussion and Analysis are also available by following the links contained in
this press release.
http://hugin.info/137617/R/1563258/484560.pdf
 Link to Q3 Financial Results
http://hugin.info/137617/R/1563258/484562.pdf
 Link to Management's Discussion and Analysis
Financial Highlights
+----------------+---------------+---------------+--------------+--------------+
|Â | 3 months ended| 3 months ended|9 months ended|9 months ended|
| | | | | |
| | Â 30 September| Â 30 September| Â 30 September| Â 30 September|
| | 2011 | 2010 | 2011 | 2010 |
| | (unaudited)| (unaudited)| (unaudited)| (unaudited)|
+----------------+---------------+---------------+--------------+--------------+
|Â | US$| US$| US$| US$|
+----------------+---------------+---------------+--------------+--------------+
|Operating Loss | | | (4,044,961)| |
|for period | (1,739,684)| (1,386,090)| | (3,974,273)|
+----------------+---------------+---------------+--------------+--------------+
|Loss per | | | | |
|ordinary share | | | | |
|(basic and | | | | |
|diluted) | (2.72) cents| (3.10) cents| (7.01) cents| (10.61) cents|
+----------------+---------------+---------------+--------------+--------------+
|Â | Â | Â | Â | Â |
+----------------+---------------+---------------+--------------+--------------+
|Exploration | | | | |
|expenditures | | | | |
|during the | | | | |
|period | 2,770,184| 636,502| 6,999,601| 1,436,066|
+----------------+---------------+---------------+--------------+--------------+
|Cash at end of | | | | |
|period | 4,033,410| 5,247,991| 4,033,410| 5,247,991|
+----------------+---------------+---------------+--------------+--------------+
|Equity | | | | |
|Shareholders | | | | |
|funds at end of | | | | |
|period | 45,328,689| 45,665,699| 45,328,689| 45,665,699|
+----------------+---------------+---------------+--------------+--------------+
For the three month period ended 30 September 2011 the Company recorded a net
loss of US$1,739,684 (2.72 US cents per share) compared to a net loss of
US$1,386,090 (3.10 US cents per share) for the comparative period last year.
The increase in the loss of US$353,594 is primarily the result of foreign
exchange. A foreign exchange loss of $168,309 was incurred in the period
compared with a foreign exchange gain for the corresponding period in 2010 of
US$241,092. The operating loss (before interest and foreign exchange) was
US$1,573,596 for the 3 month period ended 30 September 2010 compared with a loss
of US$1,582,857 for the corresponding period in 2010.
Mining operations which had been taking place for the first six months of 2010
were suspended at the end of June 2010 since which time all mining operations
have been suspended. A gross loss of US$388,194 was incurred in the three
months ended 30 September 2010 relating to costs associated with the maintenance
of the Palito Mine site and equipment which compares to a gross loss for the
current three month period ended 30 September 2011 of US$149,158.
A foreign exchange loss of US$168,000 for the three months ended 30 September
2011 compares with a foreign exchange gain of US$241,092 in the corresponding
period for 2010. This loss in 2011 reflects short term variations in exchange
rates and primarily results from the revaluation of non US dollar cash holdings
at the prevailing period end exchange rates. As at 30 September 2011, the US
dollar had appreciated against most global currencies compared to the position
as of 30 June 2011.
The Company also incurred an unrealised exchange loss of US$7.5 million during
the three month period ended 30 September 2011 compared with an unrealised
exchange gain of US$2.2 million in the corresponding period for 2010. These
unrealised losses or gains arise from the need to translate the accounts of the
Company's Brazilian subsidiary, which are maintained in Brazilian Reais, into US
Dollars using prevailing period exchange rates. As a result of the comparative
weakness of the Brazilian Reais as at 30 September against earlier periods this
has resulted in notional exchange losses being incurred particularly in respect
of the Fixed and Deferred Assets held by that subsidiary. Since 30 September
2011 the Brazilian Reais has strengthened against the US dollar and should this
situation be maintained the Company will show a corresponding unrealised
exchange gain in the fourth quarter of 2011.
For the nine month period ended 30 September 2011 the Company recorded a net
loss of US$4,044,961 (7.01 US cents per share) compared to a net loss of
US$3,974,273 (10.61 US cents per share) for the comparative period last year.
The overall increase in the loss of US$70,688 is equivalent to 1.78% change
compared with the period ended 30 September 2010.
For the nine months to 30 September 2011 there has been an increase in
administration costs of US$709,789 in comparison with the same period for
2010. This increase primarily results from increased levels of corporate
activity over the nine month period by comparison with the preceding period,
which has resulted in higher staffing charges and increased costs in the areas
of professional fees and investor relations in 2011 compared to 2010 as a result
of the initial public offering of the Company's shares on the TSX. These costs
areas account for a further US$119,000 of the increase in administration costs.
In Brazil the Company has also made an increased level of provision for the
settlement of potential claims from former employees.
 The Company also incurred as unrealised exchange loss of US$4.0 million during
the nine month period ended 30 September 2011 compared with an unrealised
exchange gain of US$0.96 million in the corresponding period for 2010.
Operational Highlights for the last quarter
* 11 July - Further drill results at Currutela were released with promising
assays showing further intersections of gold mineralisation in hydrothermal
alteration zones.
* 15 July - Following up from the integration and reprocessing of magnetic
data the announced that drilling had confirmed the potential structural and
mineralizes continuity of the Palito gold deposit and the Currutela gold
discovery, a distance of some 2km.
* 11 August - The commencement of further ground geophysics (Induced
Polarisation) focusing upon the potential structural continuity between the
Palito gold deposit and the Currutela gold discovery some 2km away, plus
recently identified anomalies at Jamanxim and Calico was announced.
* 12 September 2011 - the Company announced that results from the IP survey at
Piaui indicated the possibility that the Piaui discovery, initially limited
to a 300 metre strike length, could extend up to 1,400 metres in length.
This new 1,100 metre extension lies to the south-east of the original 300
metre long discovery made in March 2011. The initial discovery which
included intersections of 1.93 metres @ 22.86g/t Au, 2.50 metres @ 6.22g/t
Au, 9.1 metres @ 2.24g/t Au, 10.7 metres @ 1.17g/t Au and 4.5 metres @
2.75g/t Au is further supported by a coincidental 300ppb Au soil anomaly and
a high priority electromagnetic anomaly from the 2008 airborne geophysical
survey.
* In addition, following the drilling success and discoveries at Currutela and
Espeto, the Company tested the 900m strike length between the two. A single
discovery drill hole into the Espeto prospect returned a drill result of
17.06 metres @ 1.17g/t Au (as detailed in the Company's news release dated
15 July 2011) whilst the Currutela prospect has returned a number of drill
results including 2.14 metres @ 12.92g/t Au, 0.76 metres @ 5.30g/t Au, 1.20
metres @ 6.39g/t Au and 1.03 metres @ 5.10g/t Au (as detailed in the
Company's news releases of 13 June 2011 & 11 July 2011).
* Results to date demonstrate that a continuous chargeable zone exists between
the two prospects, having a strike length of some 900 metres. More
significantly, the structural modelling supported by drill intercepts,
airborne magnetic surveying and this recent induced polarization data
suggest the Palito Main Zone (PMZ), Espeto and Currutela prospects can be
interpreted as the same structural mineralised zone, which has a strike
length of over 3.5 kms when measured from the most westerly end of the
Palito mineralisation to Currutela in the east. Once the IP programme is
complete, the results will be used to assist the optimisation of a follow up
drill programme.
* 2011 Phase 1 drilling of 35 exploration drill holes totaling 8,094 metres
was completed. The drilling highlighted the potential for additional
resources in the exploration areas near the Palito Mine.
* Phase 2 drilling program commenced and as of the date of this report, 31
holes are complete for a total of 3,833 metres. All assays are pending.
Corporate Highlights
* On 30 March 2011 the Company completed an Initial Public Offering ("IPO")
and the listing of its Ordinary Shares and Warrants on the TSX and also
completed the issue of 9,000,000 units raising gross proceeds of C$4,950,000
* On 1 July 2011 Fox-Davies Capital Ltd was appointed in the UK as Broker to
the Company.
* On 30 September 2011, the Company had cash and cash equivalents of
approximately $4.0million.
* On 14 October the Company completed the process of changing its name to
Serabi Gold plc and launched a new website at www.serabigold.com
.
Outlook
The Company completed its Phase 1 exploration programme over the JDO Project by
the end of the third quarter of 2011, and following the success of Phase 1
commenced a 4,500 metre Phase 2 follow-up programme. The majority of the Phase
2 drilling is in the form of shallow, infill holes into the Piaui, Espeto and
Palito South targets that all lie in very close proximity to the Palito process
plant, with the objective to make mine-site gold discoveries which in turn can
increase the mineral resource to a sufficient level to support a meaningful and
sustainable level of production.
Activity over the next quarter;
·        To complete the 4,500m Phase 2 drilling into the Piaui, Espeto and
Palito South Phase 1 discoveries. The drilling completed to date has all assays
pending at external laboratories.
·        Compile and interpret remaining pending assays from the Phase 1
drilling programme. The delay in processing of these samples follows a change
in ownership of the independent laboratory and a re-location of the assay
facility. The Company's management now expects that these outstanding assay
results will be available by the last week of November.
·        Complete the interpretation of the follow-up ground geophysics
(Induced Polarisation) survey which was completed in early October over three
main anomalous areas identified by the 14,000 hectares of airborne
geophysics.
·        The Company has now commenced a deep geochemistry
Geochemical/Trenching/Auger programme over many of the anomalous areas
identified with the IP survey described above. This work will be ongoing
throughout the quarter.
·        The Palito underground mine will remain on care & maintenance
In the fourth quarter of 2011 and beyond and subject to securing the required
funding, the Company's objectives are to:
* Follow up mine-site discoveries with drilling to increase resource >1.5m oz.
* Commence discovery drilling on potential new targets defined from the 2011
geophysical and geochemical surveys
* Replicate the 'Palito Discovery Model' within the 53,000 ha of contiguous
concessions that envelope the Palito deposit continuing to use a mixture of
geophysics and geochemistry to identify additional areas of interest and
potential drill targets
* Seek JV partners/buyers with respect to the non-core assets
SERABI GOLD PLC
Condensed Consolidated Statements of Comprehensive Income
-------------------------------------------------
  For the three months For the nine months
en ed en ed
 30 September 30 September
  2011 2010 2011 2010
(expressed in US$) Notes (unaudited) (unaudited) (unaudited) (audited)
--------------------------------------------------------------------------------
CONTINUING OPERATIONS
Revenue  2,843 22,909 3,906 1,171,908
Operating expenses  (152,001) (411,103) (468,083) (1,905,489)
--------------------------------------------------------------------------------
Gross loss  (149,158) (388,194) (464,177) (733,581)
Administration expenses  (745,990) (561,015) (2,113,195) (1,403,406)
Write back of prior  - - 540,441 -
period expenses
Option costs  (92,399) (25,103) (186,710) (75,307)
Loss on asset disposals  (5,204) (111,106) (7,541) (115,800)
Depreciation of plant and  (580,845) (497,439) (1,741,977) (1,514,897)
equipment
--------------------------------------------------------------------------------
Operating loss  (1,573,596) (1,582,857) (3,973,159) (3,842,991)
Foreign exchange  (168,309) 241,092 (26,000) (31,481)
(loss)/gain
Finance costs  (16,109) (61,016) (97,909) (121,595)
Investment income  18,330 16,691 52,107 21,794
--------------------------------------------------------------------------------
Loss before taxation  (1,739,684) (1,386,090) (4,044,961) (3,974,273)
Income tax expense  - - - -
--------------------------------------------------------------------------------
Loss for the period from
continuing operations  (1,739,684) (1,386,090) (4,044,961) (3,974,273)
((1) (2))
--------------------------------------------------------------------------------
Other comprehensive
income (net of tax)
Exchange differences on
translating foreign  (7,489,207) 2,193,512 (4,699,101) 955,544
operations
--------------------------------------------------------------------------------
Total
comprehensive(loss)/ Â (9,228,891) 807,422 (8,744,062) (3,018,729)
income for the period
((2))
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loss per ordinary share 3 (2.72c) (3.10c) (7.01c) (10.61c)
(basic and diluted) ((1))
--------------------------------------------------------------------------------
(1) All revenue and expenses arise from continuing operations.
(2) The Group has no non-controlling interests and all income / (losses) are
attributable to the equity holders of the Parent Company.
SERABI GOLD PLC
Condensed Consolidated Balance Sheets
---------------------------------------
  As at As at As at
  30 September 30 September 31 December
  2011 2010 2010
(expressed in US$) Notes (unaudited) (unaudited) (audited)
--------------------------------------------------------------------------------
Non-current assets
Development and deferred 5 15,122,184 8,558,842 9,797,406
exploration costs
Property, plant and equipment 6 29,132,327 34,280,250 33,951,140
--------------------------------------------------------------------------------
Total non-current assets  44,254,511 42,839,092 43,748,546
--------------------------------------------------------------------------------
Current assets
Inventories  1,242,439 1,352,402 1,417,804
Trade and other receivables  97,539 251,122 96,143
Prepayments and accrued income  1,003,371 1,561,295 1,061,945
Cash at bank and cash equivalents  4,033,410 5,247,991 8,598,755
--------------------------------------------------------------------------------
Total current assets  6,376,759 8,412,810 11,174,647
--------------------------------------------------------------------------------
Current liabilities
Trade and other payables  3,110,201 3,387,529 3,147,258
Accruals  300,732 182,091 174,348
Special warrants  - - 5,059,995
--------------------------------------------------------------------------------
Total current liabilities  3,410,933 3,569,620 8,381,601
--------------------------------------------------------------------------------
Net current assets  2,965,826 4,843,190 2,793,046
--------------------------------------------------------------------------------
Total assets less current  47,220,337 47,682,282 46,541,592
liabilities
--------------------------------------------------------------------------------
Non-current liabilities
Trade and other payables  163,167 388,049 552,027
Provisions  1,454,715 1,383,057 1,388,571
Interest bearing liabilities  273,766 245,477 249,176
--------------------------------------------------------------------------------
Total non-current liabilities  1,891,648 2,016,583 2,189,774
--------------------------------------------------------------------------------
Net assets  45,328,689 45,665,699 44,351,818
--------------------------------------------------------------------------------
Equity
Share capital 8 29,291,551 27,752,834 27,752,834
Share premium  48,278,626 40,754,032 40,754,032
Option reserve  1,864,893 1,614,094 1,648,484
Other reserves  702,095 260,882 260,882
Translation reserve  (816,933) 3,224,701 3,882,168
Accumulated loss  (33,991,543) (27,940,844) (29,946,582)
--------------------------------------------------------------------------------
Equity shareholders' funds  45,328,689 45,665,699 44,351,818
--------------------------------------------------------------------------------
The interim financial information has not been audited and does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. Whilst
the financial information included in this announcement has been compiled in
accordance with International Financial Reporting Standards ("IFRS") this
announcement itself does not contain sufficient financial information to comply
with IFRS. The Group statutory accounts for the year ended 31 December 2010,
prepared under IFRS as adopted in the EU and with IFRS and their interpretations
adopted by the International Accounting Standards Board have been filed with the
Registrar of Companies. The auditor's report on these accounts was unqualified
but did contain an Emphasis of Matter with respect to the ability of the Company
and the Group regarding the future availability of project finance. The
auditor's report did not contain a statement under Section 498 (2) or 498 (3) of
the Companies Act 2006.
SERABI GOLD PLC
Condensed Consolidated Cash Flow Statements
------------------------------------------------
 For the three months For the nine months
ended  ended
30 September 30 September
 2011 2010 2011 2010
(expressed in US$) (unaudited) (unaudited) (unaudited) (unaudited)
--------------------------------------------------------------------------------
Operating activities
Operating loss (1,573,596) (1,582,857) (3.973,159) (3,842,991)
Depreciation - plant, equipment 580,845 497,439 1,741,977 1,514,897
and mining properties
Loss on sale of assets 5,204 111,106 7,541 115,800
Option costs 92,399 25,103 186,710 75,307
Interest paid (5,255) (51,218) (33,941) (93,016)
Foreign exchange 78,789 (24,251) (159,159) (53,045)
Changes in working capital
 (Increase) / decrease in 100,315 (91,762) 35,862 (54,618)
inventories
 (Increase) / decrease in
receivables, prepayments and 166,121 33,581 (54,013) (73,268)
accrued income
 (Decrease)/(increase) in
payables, accruals and (119,697) (543,393) 152,475 (496,467)
provisions
--------------------------------------------------------------------------------
Net cash flow from operations (674,875) (1,626,252) (1,996,657) (2,907,401)
--------------------------------------------------------------------------------
Investing activities
Proceeds from sale of fixed 14,302 90,939 129,457 246,745
assets
Purchase of property, plant and (92,761) - (138,397) -
equipment
Exploration and development (2,854,925) (631,387) (6,969,901) (1,420,722)
expenditure
Interest received 18,330 16,691 52,107 21,794
--------------------------------------------------------------------------------
Net cash outflow on investing (2,915,054) (523,757) (6,926,734) (1,152,183)
activities
--------------------------------------------------------------------------------
Financing activities
Issue of ordinary share capital - - 4,961,180 5,424,120
Issue of warrants - - 208,229 -
Capital element of finance lease - (664) - (78,327)
payments
Payment of share issue costs - - (709,980) (35,059)
Payment of special warrant issue - - (14,900) -
costs
--------------------------------------------------------------------------------
Net cash (outflow)/ inflow from - (664) 4,444,529 5,310,734
financing activities
--------------------------------------------------------------------------------
Net(decrease)/ increase in cash (3,589,929) (2,150,673) (4,577,912) 1,251,150
and cash equivalents
Cash and cash equivalents at 7,859,831 7,272,296 8,598,754 4,081,882
beginning of period
Exchange difference on cash (236,492) 126,368 12,568 Â (85,041)
--------------------------------------------------------------------------------
Cash and cash equivalents at end 4,033,410 5,247,991 4,033,410 5,247,991
of period
--------------------------------------------------------------------------------
1. Basis of preparation
These interim accounts are for the three month and nine month periods ended 30
September 2011. Comparative information has been provided for the unaudited
three month and nine month periods ended 30 September 2010 and the audited
twelve month period from 1 January to 31 December 2010.
The accounts for the periods have been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting" and the accounting policies
are consistent with those of the annual financial statements for the year ended
31 December 2010 and those envisaged for the financial statements for the year
ending 31 December 2011. The Company has not adopted any standards or
interpretation in advance of the required implementation dates. It is not
anticipated that the adoption in the future of the new or revised standards or
interpretations that have been issued by the International Accounting Standards
Board will have a material impact on the Group's earnings or shareholders'
funds.
(i)Â Going Concern and availability of project finance
These condensed financial statements have been prepared using reporting
standards applicable to a going concern, which assumes continuity of operations
and realisation of assets and settlement of liabilities in the normal course of
business for the foreseeable future, which is at least, but not limited to, one
year from the approval of these condensed financial statements. In common with
many companies in the exploration and development stages, the Company raises its
finance for exploration and development programmes in discrete tranches and is
subject to risks and challenges similar to companies in a comparable stage of
development. These risks include the challenges of securing adequate capital
for exploration and development, operational risks inherent in the mining
industry and global economic and gold price volatility.
The directors have concluded that it is appropriate to prepare the condensed
financial statements on a going concern basis and are confident that they are
taking all the necessary steps to ensure that adequate additional funding will
be available as and when required. However there can be no certainty that this
will be the case and there is therefore significant doubt as to appropriateness
of the going concern assumption. Were the funding not to become available in an
appropriate timescale the directors would need to consider alternative
strategies and an impairment review would be required in respect of the
capitalised expenditure on the Palito project. No adjustments to asset carrying
values that may be necessary should the company be unsuccessful have been
recognised in the condensed financial statements. These adjustments could be
material.
(ii)Â Impairment
Management have undertaken a review of the carrying value of the mining and
exploration assets of the Group (the Company and its subsidiaries), and
considered the implications of the operational difficulties experienced and the
current operational status of Palito. Following this review they have assessed
the value of the existing assets on the basis of value in use involving a future
recommencement of underground mining operations which is dependent on the
ability of the Group to raise future finance and to operate the mine in line
with the mine plan that forms the basis of the value in use calculation. The
carrying values of assets have not been adjusted to reflect a failure to raise
sufficient funds, only maintaining the current levels of operation or that if a
sale transaction were undertaken the proceeds may not realise the value as
stated in the accounts.
(iii)Â Inventories
Inventories - are valued at the lower of cost and net realisable value.
(iv) Property, plant and equipment
Property, plant and equipment are depreciated over their useful lives.
(v) Mining property
The Group commenced commercial production at the Palito mine effective 1 October
2006. Prior to this date all revenues and operating costs were capitalised as
part of the development costs of the mine. Effective from 1 October 2006 the
accumulated development costs of the mine were re-classified as Mining Property
costs and such cost will be amortised over the anticipated life of the mine on a
unit of production basis. Â As the underground mine is currently on care and
maintenance and there is no depletion of the reserves and resources attributable
to the mine, no amortization charge has been recorded in the period.
(vi) Revenue
Revenue represents amounts receivable in respect of sales of gold and by-
products. Revenue represents only sales for which contracts have been agreed and
for which the product has been delivered to the purchaser in the manner set out
in the contract. Revenue is stated net of any applicable sales taxes. Any unsold
production and in particular concentrate is held as inventory and valued at
production cost until sold.
(vii) Currencies
The condensed financial statements are presented in United States dollars (US$
or "$"). Other currencies referred to in these condensed financial statements
are UK pounds ("UK£"), Canadian dollars ("C$") and Brazilian Reais ("BrR$").
Enquiries:
Serabi Mining plc
Michael Hodgson Tel: +44 (0)20 7246 6830
Chief Executive Mobile: +44 (0)7799 473621
Clive Line Tel: +44 (0)20 7246 6830
Finance Director Mobile: +44 (0)7710 151692
Email: contact@serabimining.com
Website:Â www.serabimining.com
Beaumont Cornish Limited
Nominated Adviser
Roland Cornish Tel: +44 (0)20 7628 3396
Michael Cornish Tel: +44 (0)20 7628 3396
Fox Davies Capital Ltd
UK Broker
Simon Leathers Tel: +44 (0)20 3463 5010
Jonathan Evans Tel: +44 (0)20 3463 5010
Farm Street Communications
Public Relations
Simon Robinson Tel: +44 (0)7593 340107
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
Forward-looking statements
This press release contains forward-looking statements. All statements, other
than of historical fact, that address activities, events or developments that
the Company believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding the estimation of mineral
resources, exploration results, potential mineralization, potential mineral
resources and mineral reserves) are forward-looking statements. Forward-looking
statements are often identifiable by the use of words such as "anticipate",
"believe", "plan", may", "could", "would", "might" or "will", "estimates",
"expect", "intend", "budget", "scheduled", "forecasts" and similar expressions
or variations (including negative variations) of such words and phrases.
Forward-looking statements are subject to a number of risks and uncertainties,
many of differ materially from those discussed in the forward-looking
statements. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, without
limitation, failure to establish estimated mineral resources, the possibility
that future exploration results will not be consistent with the Company's
expectations, the price of gold and other risks identified in the Company's most
recent annual information form filed with the Canadian securities regulatory
authorities on SEDAR.com. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any forward-
looking statement.
Qualified Persons Statement
The information contained within this announcement has been reviewed and
verified by Michael Hodgson, CEO of the Company.  Mr Hodgson is an Economic
Geologist by training with over 25 years' experience in the mining industry. He
holds a BSc (Hons) Geology, University of London, a MSc Mining Geology,
University of Leicester and is a Fellow of the Institute of Materials, Minerals
and Mining and a Chartered Engineer of the Engineering Council of UK,
recognizing him as both a Qualified Person for the purposes of Canadian National
Instrument 43-101 and by the AIM Guidance Note on Mining. Oil and Gas Companies
dated March 2006.
Quality Assurance and Quality Control Procedures Disclosure
The Company has implemented and maintains a Serabi quality assurance/quality
control (QA/QC) protocol at its JDO Project as defined in its "NI 43-101
Technical Report for the Jardim Do Ouro Project, Para State, Brazil" dated 22
December 2010. This ensures best industry practice in sampling and analysis of
exploration and resource definition samples. The insertion of field duplicates,
certified standards and blank samples into the sample stream form part of the
Serabi procedure (these act as an independent check on contamination, precision
and accuracy in the analytical laboratory).
Assay results are reported once rigorous QAQC procedures have been approved
Neither the Toronto Stock Exchange, nor any other securities regulatory
authority, has approved or disapproved of the contents of this news release.
ENDS
Q3 Management's Discussion and Analysis:
http://hugin.info/137617/R/1563258/484562.pdf
Q3 Financial Statements:
http://hugin.info/137617/R/1563258/484560.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Serabi Gold plc via Thomson Reuters ONE
[HUG#1563258]
Latest directors dealings
- 11 hours ago Rathbones Group
- 11 hours ago The Artisanal Spirits Company
- 11 hours ago Tritax Eurobox (EUR)
- 12 hours ago Videndum
- 12 hours ago Legal & General Group