Coringa Ore Sorter Acquired
October 19 2023 - 1:00AM
Coringa Ore Sorter Acquired
Serabi Gold (AIM:SRB, TSX:SBI), the
Brazilian focused gold mining and development company, is pleased
to announce that it has completed the purchase from the Comex Group
of an ore sorter to be used for the Company’s Coringa gold
project.
HIGHLIGHTS
- The ore sorter being prepared for
shipment and is expected to arrive into Brazil before the end of
2023
- Capacity is 40 tonnes per hour the same as at Palito and the
machine has been designed to a very similar specification. Once
operational it will lead to a significant increase in gold
production rates with both mines feeding high grade sorted ore into
the central Palito plant.
- The Company is anticipating that
the ore sorter could be operational early in the third quarter of
2024.
Mike Hodgson, CEO of Serabi, commented:
“I have talked to the opportunity for Coringa to
double Group production and the ore sorter is an important part in
realising this objective. This machine had been set aside for
Serabi by the manufacturer, Comex and with the encouragement we are
receiving from all stakeholders in support of the project and our
strong cash position, the Board has approved this purchase to
ensure that we are in the best position to maximise our gold
production during 2024.
“We hope to see further progress on the
licencing front before the end of the year and be in a position to
start the civil works and acquisition of the crushing plant early
in 2024. The purchase of the ore sorter is a further commitment by
Serabi to invest in the Tapajos region of Brazil and when fully
operational we expect Coringa to be a significant employer for the
region. If things fall into place as we anticipate, the ore sorter
could be operational early in the third quarter of 2024, allowing
us to improve the grade of the ore being transported to the Palito
Complex for processing and boosting gold production from Coringa in
the second half of the year.
"The immediate cash outlay is about €630,000,
and we are forecasting a further €250,000 to €300,000 for the
importation costs and shipment from Poland to the Coringa
site.”
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
The person who arranged for the release of this
announcement on behalf of the Company was Clive Line, Director.
Enquiries
SERABI GOLD plcMichael
Hodgson t
+44 (0)20 7246 6830Chief
Executive m
+44 (0)7799 473621
Clive
Line t
+44 (0)20 7246 6830Fínance
Director m
+44 (0)7710 151692
e
contact@serabigold.com
www.serabigold.com
BEAUMONT CORNISH LimitedNominated
Adviser & Financial AdviserRoland Cornish / Michael
Cornish t
+44 (0)20 7628 3396
PEEL HUNT LLPJoint UK
BrokerRoss Allister
t
+44 (0)20 7418 9000
TAMESIS PARTNERS LLPJoint UK
BrokerCharlie Bendon/ Richard
Greenfield t
+44 (0)20 3882 2868
CAMARCOFinancial PRGordon
Poole / Emily
Hall t
+44 (0)20 3757 4980
Copies of this announcement are available from
the Company's website at www.serabigold.com.
Neither the Toronto Stock Exchange, nor any other securities
regulatory authority, has approved or disapproved of the contents
of this news release.
Assay ResultsAssay results reported within this
release include those provided by the Company's own on-site
laboratory facilities at Palito and have not yet been independently
verified. Serabi closely monitors the performance of its own
facility against results from independent laboratory analysis for
quality control purpose. As a matter of normal practice, the
Company sends duplicate samples derived from a variety of the
Company's activities to accredited laboratory facilities for
independent verification. Since mid-2019, over 10,000 exploration
drill core samples have been assayed at both the Palito laboratory
and certified external laboratory, in most cases the ALS laboratory
in Belo Horizonte, Brazil. When comparing significant assays with
grades exceeding 1 g/t gold, comparison between Palito versus
external results record an average over-estimation by the Palito
laboratory of 6.7% over this period. Based on the results of this
work, the Company's management are satisfied that the Company's own
facility shows sufficiently good correlation with independent
laboratory facilities for exploration drill samples. The Company
would expect that in the preparation of any future independent
Reserve/Resource statement undertaken in compliance with a
recognised standard, the independent authors of such a statement
would not use Palito assay results without sufficient duplicates
from an appropriately certificated laboratory.
Forward-looking statementsCertain statements in
this announcement are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use
of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should”
‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’
or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors’ current expectations and assumptions regarding the
Company’s future growth, results of operations, performance, future
capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect
the Directors’ current beliefs and assumptions and are based on
information currently available to the Directors. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions, competition, environmental and other regulatory
changes, actions by governmental authorities, the availability of
capital markets, reliance on key personnel, uninsured and
underinsured losses and other factors, many of which are beyond the
control of the Company. Although any forward-looking statements
contained in this announcement are based upon what the Directors
believe to be reasonable assumptions, the Company cannot assure
investors that actual results will be consistent with such forward
looking statements.
Qualified Persons StatementThe scientific and
technical information contained within this announcement has been
reviewed and approved by Michael Hodgson, a Director of the
Company. Mr Hodgson is an Economic Geologist by training with over
30 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 and Oil & Gas Companies dated June 2009.
Neither the Toronto Stock Exchange, nor any other securities
regulatory authority, has approved or disapproved of the contents
of this news release
- Ore Sorter Purchase vFINAL
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