Serabi Gold plc Agm Statement And Update
June 16 2020 - 5:30AM
UK Regulatory
TIDMSRB
For immediate release
16 June 2020
Serabi Gold plc
("Serabi" or the "Company")
AGM Statement and update
Serabi 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.globenewswire.com/Tracker?data=w3Z4eX-Yog5btDuPaXRhPlJfrorwdj_nz0xgycuSigv2fAEjmDXQfseiJGp09ky2U-kl4aKu8nICkHZrl1sCjMcCpF2n-Ul3VpMKQTfkhmBc1__7Jtt0xLLXbuc7QeNLMa9iuTvGIyFs2ZNsa_YjR8ktIJ16u1Un1LhU1mRCV7O6kIiCNw1ezQ0w408T3xvvBNUOt9J-qo8VnzNEAmKQNFRtY5elw0EY_TbVhcNMYWkIGr80xjv8kwU1YkJdtyfe
https://www.brrmedia.co.uk/broadcasts-embed/5ee24bc35e278421d06982fe/?popup=true
Crux Investors
https://www.globenewswire.com/Tracker?data=w3Z4eX-Yog5btDuPaXRhPkshXyfEAw0sAKi5qRR6Pt8OE2Dv-B0GlTSr54pAbOE6WXJXUHXWTsFzSMHqbvf1LSex4FboYElYL2s32DGHKGA=
https://youtu.be/MBEW1bBnxPM
Highlights of these interviews are:
2019
-- A 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.
Exploration
-- The 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 operations
-- Strong 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.
Corporate
-- The 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.com
Beaumont Cornish Limited
Nominated Adviser and Financial Adviser
Roland Cornish Tel: +44 (0)20 7628 3396
Michael Cornish Tel: +44 (0)20 7628 3396
Peel Hunt LLP
UK Broker
Ross Allister Tel: +44 (0)20 7418 9000
GLOSSARY OF TERMS
The following is a glossary of technical terms:
"Ag" means silver.
------------------ -----------------------------------------------------------------
"AISC" means All-In Sustaining Cost -- a non IFRS performance
measurement established by the World Gold Council
------------------ -----------------------------------------------------------------
"ANM" means the Agencia Nacional de Mineral.
------------------ -----------------------------------------------------------------
"Au" means gold.
------------------ -----------------------------------------------------------------
"assay" in economic geology, means to analyse the proportions
of metal in a rock or overburden sample; to test an
ore or mineral for composition, purity, weight or
other properties of commercial interest.
------------------ -----------------------------------------------------------------
"CIM" means the Canadian Institute of Mining, Metallurgy
and Petroleum.
------------------ -----------------------------------------------------------------
"CIP" or "Carbon means a process used in gold extraction by addition
in Pulp" of cyanide.
------------------ -----------------------------------------------------------------
"chalcopyrite" is a sulphide of copper and iron.
------------------ -----------------------------------------------------------------
"Cu" means copper.
------------------ -----------------------------------------------------------------
"cut-off grade" the lowest grade of mineralised material that qualifies
as ore in a given deposit; rock of the lowest assay
included in an ore estimate.
------------------ -----------------------------------------------------------------
"deposit" is a mineralised body which has been physically delineated
by sufficient drilling, trenching, and/or underground
work, and found to contain a sufficient average grade
of metal or metals to warrant further exploration
and/or development expenditures; such a deposit does
not qualify as a commercially mineable ore body or
as containing ore reserves, until final legal, technical,
and economic factors have been resolved.
------------------ -----------------------------------------------------------------
"electromagnetics" is a geophysical technique tool measuring the magnetic
field generated by subjecting the sub-surface to electrical
currents.
------------------ -----------------------------------------------------------------
"garimpeiro" is a local artisanal miner.
------------------ -----------------------------------------------------------------
"geochemical" refers to geological information using measurements
derived from chemical analysis.
------------------ -----------------------------------------------------------------
"geophysical" refers to geological information using measurements
derived from the use of magnetic and electrical readings.
------------------ -----------------------------------------------------------------
"geophysical include the exploration of an area by exploiting differences
techniques" in physical properties of different rock types. Geophysical
methods include seismic, magnetic, gravity, induced
polarisation and other techniques; geophysical surveys
can be undertaken from the ground or from the air.
------------------ -----------------------------------------------------------------
"gold equivalent" refers to quantities of materials other than gold
stated in units of gold by reference to relative product
values at prevailing market prices.
------------------ -----------------------------------------------------------------
"gossan" is an iron-bearing weathered product that overlies
a sulphide deposit.
------------------ -----------------------------------------------------------------
"grade" is the concentration of mineral within the host rock
typically quoted as grams per tonne (g/t), parts per
million (ppm) or parts per billion (ppb).
------------------ -----------------------------------------------------------------
"g/t" means grams per tonne.
------------------ -----------------------------------------------------------------
"hectare" or a is a unit of measurement equal to 10,000 square metres.
"ha"
------------------ -----------------------------------------------------------------
"indicated mineral is that part of a mineral resource for which quantity,
resource" grade or quality, densities, shape and physical characteristics,
can be estimated with a level of confidence sufficient
to allow the appropriate application of technical
and economic parameters, to support mine planning
and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration
and testing information gathered through appropriate
techniques from locations such as outcrops, trenches,
pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably
assumed.
------------------ -----------------------------------------------------------------
"inferred mineral is that part of a mineral resource for which quantity
resource" and grade or quality can be estimated on the basis
of geological evidence and limited sampling and reasonably
assumed, but not verified, geological and grade continuity.
The estimate is based on limited information and sampling
gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill
holes.
------------------ -----------------------------------------------------------------
"IP" refers to induced polarisation, a geophysical technique
whereby an electric current is induced into the sub-surface
and the conductivity of the sub-surface is recorded.
------------------ -----------------------------------------------------------------
"measured mineral is that part of a mineral resource for which quantity,
resource" grade or quality, densities, shape, and physical characteristics
are so well established that they can be estimated
with confidence sufficient to allow the appropriate
application of technical and economic parameters,
to support production planning and evaluation of the
economic viability of the deposit. The estimate is
based on detailed and reliable exploration, sampling
and testing information gathered through appropriate
techniques from locations such as outcrops, trenches,
pits, workings and drill holes that are spaced closely
enough to confirm both geological and grade continuity.
------------------ -----------------------------------------------------------------
"mineralisation" the concentration of metals and their chemical compounds
within a body of rock.
------------------ -----------------------------------------------------------------
"mineralised" refers to rock which contains minerals e.g. iron,
copper, gold.
------------------ -----------------------------------------------------------------
"mineral reserve" is the economically mineable part of a measured or
indicated mineral resource demonstrated by at least
a preliminary feasibility study. This study must include
adequate information on mining, processing, metallurgical,
economic and other relevant factors that demonstrate,
at the time of reporting, that economic extraction
can be justified. A mineral reserve includes diluting
materials and allowances for losses that may occur
when the material is mined.
------------------ -----------------------------------------------------------------
"mineral resource" is a concentration or occurrence of diamonds, natural
solid inorganic material or natural fossilised organic
material including base and precious metals, coal,
and industrial minerals in or on the Earth's crust
in such form and quantity and of such a grade or quality
that it has reasonable prospects for economic extraction.
The location, quantity, grade, geological characteristics
and continuity of a mineral resource are known, estimated
or interpreted from specific geological evidence and
knowledge.
------------------ -----------------------------------------------------------------
"mt" means million tonnes.
------------------ -----------------------------------------------------------------
"NI 43-101" means Canadian Securities Administrators' National
Instrument 43-101 -- Standards of Disclosure for Mineral
Projects.
------------------ -----------------------------------------------------------------
"ore" means a metal or mineral or a combination of these
of sufficient value as to quality and quantity to
enable it to be mined at a profit.
------------------ -----------------------------------------------------------------
"oxides" are near surface bed-rock which has been weathered
and oxidised by long term exposure to the effects
of water and air.
------------------ -----------------------------------------------------------------
"ppm" means parts per million.
------------------ -----------------------------------------------------------------
"saprolite" is a weathered or decomposed clay-rich rock.
------------------ -----------------------------------------------------------------
"sulphide" refers to minerals consisting of a chemical combination
of sulphur with a metal.
------------------ -----------------------------------------------------------------
"tailings" are the residual waste material that it is produced
by the processing of mineralised rock.
------------------ -----------------------------------------------------------------
"tpd" means tonnes per day.
------------------ -----------------------------------------------------------------
"vein" is a generic term to describe an occurrence of mineralised
rock within an area of non-mineralised rock.
------------------ -----------------------------------------------------------------
"VTEM" refers to versa time domain electromagnetic, a particular
variant of time-domain electromagnetic geophysical
survey to prospect for conductive bodies below surface.
------------------ -----------------------------------------------------------------
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
https://www.globenewswire.com/Tracker?data=w3Z4eX-Yog5btDuPaXRhPg1jOMAmAZlHoHyL_ymS64JeifJhAihExFjZG5I_IIOuu-3subQmsbrgHnnMVVBmKil9Qrs8vH-4BKs0AA2wQv4UiFHHkH6X3z0_4fH5o68mjP7aCQFWGtmXYy4dDA27e12J1KM38huf7q0ys-eInLw2u9KJsN-uw7oNfgh4d9QlZziLcqFWIs1iRFcnljk1PQ==
http://web.cim.org/standards/menupage.cfm?sections=177&menu=178.
(END) Dow Jones Newswires
June 16, 2020 06:30 ET (10:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Serabi Gold (LSE:SRB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Serabi Gold (LSE:SRB)
Historical Stock Chart
From Apr 2023 to Apr 2024
