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AGM Statement and update

Written by Customer Service on . Posted in Public Companies.

For immediate release            16 June 2020Serabi Gold plc
(“Serabi” or the “Company”)
AGM Statement and updateSerabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, advises that at 2.00 pm today (UK time), it will be holding its Annual General Meeting (the “Meeting”)As advised in the Notice of Meeting issued on 15 May 2020, to conform with the UK government’s mandatory measures to reduce the transmission of COVID-19, including certain travel arrangements and public gatherings, shareholders are reminded not to attend in person and it will not be possible to gain access to the Meeting.  Details of the results of the votes cast at the Meeting will be issued later today.Typically, the Company’s Chief Executive, Mike Hodgson, would make a statement to the Meeting outlining the achievements of the Company in the past financial year and providing an update on current operational, development and exploration matters.  On this occasion and in lieu of this statement, Mr Hodgson has provided interviews to BRR Media and Crux Investors.   These interviews can be viewed using the following links:BRR Media
https://www.brrmedia.co.uk/broadcasts-embed/5ee24bc35e278421d06982fe/?popup=trueCrux Investors
https://youtu.be/MBEW1bBnxPMHighlights of these interviews are:2019A record year for the Company breaking through 40,000 ounces of production for the first time.Ore sorter has been installed and, following successful commissioning in early 2020, benefits starting to be realised during Q1 of 2020.Exploration activity significantly increased and, in particular, a focus on regional activity following the results of the airborne EM survey conducted in 2018.New geological resource on Coringa issued increasing the total mineral resource to over 500,000 ounces.A positive and very encouraging PEA issued on the Coringa project.The revised EIA for Coringa, incorporating filtering and dry-stacking of tailings, receiving preliminary approval of the Brazilian authorities and the public hearing being held in early February 2020.ExplorationThe Company has, with surface drilling in the Sao Chico area, been testing the strike extension to the west towards the geophysical anomalies of Abela, Besouro and Cicada.Exploration tenements have been secured and trial mining licence for Sao Chico extended to incorporate the areas that host these geophysical anomalies.Over the wider tenement a six month soil geochemistry programme was undertaken initially identifying areas of anomalous copper coincident with EM anomalies themselves indicators of sulphide bodies that could be gold bearing.  Now in process of re-analysing key areas for gold.Juca and Calico areas to the south of Palito are very exciting and have coincident geophysical, geochemical and gold anomalies and similar rock types to Palito.Exploration drilling activities remain suspended at this time.2020 operationsStrong production in March and April 2020 following an unexpected, and now resolved, mill breakdown in February 2020.Workforce at site has been reduced to essential production personnel only to improve social distancing.   With staffing levels at site being reduced by approximately 30 to 35 percent, production for Q2 2020 is expected to be approximately 8,000 ounces, an excellent result in the circumstances.Staff are being tested prior to arrival at site and are completing health and symptom interviews.  This is allowing Company to start rotating larger numbers of staff.Q3 production expected to be at similar levels to Q2, if current conditions in Brazil continue.CorporateThe Company expects to have paid off its secured loan with Sprott Resource Lending at the end of June having made total repayments in the quarter of US$3.5 million.Cash balances at the end of June 2020 are expected to be similar to those at the end of March 2020.Enquiries:Serabi Gold 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@serabigold.com
Website:  www.serabigold.comBeaumont Cornish Limited
Nominated Adviser and Financial Adviser          
Roland Cornish                  Tel: +44 (0)20 7628 3396
Michael Cornish                                Tel: +44 (0)20 7628 3396Peel Hunt LLP
UK Broker          
Ross Allister                        Tel: +44 (0)20 7418 9000GLOSSARY OF TERMSThe following is a glossary of technical terms:Note: Mineral resources and reserves are estimated in conformity with the widely accepted CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines (the “Guidelines”) and are reported in accordance with the Canadian Securities Administrators’ National Instrument 43-101” and the definitions applicable to individual categories of reserves and resources are set out in the Guidelines. The Glossary above includes only a summary of these definitions and readers can access the full definitions at
http://web.cim.org/standards/menupage.cfm?sections=177&menu=178.

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