SRB Serabi Gold Plc

 
TIDMSRB 
 
 
   28 September 2020 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   COEMA approves issue of Preliminary Licence for Coringa 
 
   Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining 
and development company, is pleased to advise that at a meeting held on 
Friday 25 September 2020, the  State Environmental Council of Para 
("COEMA") approved the issue of the Licencia Previa ("Preliminary 
Licence or "LP") for the Coringa gold project ("Coringa"). 
 
   The LP represents the first of a three-stage licencing process required 
for mining projects in Brazil.  The second stage is the award of an 
installation licence ("LI") which allows processing plant and other 
infrastructure to be constructed and following completion of the 
construction stage, the issue of the full Operating License ("LO").  The 
LP is generally considered the most critical stage as it involves input 
and approval from a number of interested government agencies as well as 
local stakeholders, communities and covers, in particular, the social, 
environmental and economic impacts and benefits of the project.  Whilst 
the LP is formally issued by the state environmental agency ("SEMAS") 
this can only be done following the submission and resolution of 
questions from each of the members of COEMA and their formal approval in 
meeting of the full council.  The issue of the LI which will in due 
course allow Serabi to be issued with a full mining permit by the 
Brazilian mining agency ANM and subsequently the LO will not require the 
approval of COEMA. 
 
   Mike Hodgson, CEO of Serabi, commented 
 
   "This is very significant milestone in the development of Coringa which, 
when in full production, will approximately double our existing level of 
gold production.  We have already undertaken most of the preparatory 
work that we know will be required for the submission of the LI 
application, so we are in a good position to make this application 
promptly.  COEMA will now formally confirm their decision to SEMAS, 
along with the minutes of the COEMA meeting, which may specify some 
additional work and conditions that may be required as part of the LI. 
 
   "Considering how the COVID-19 pandemic has adversely effected so many 
aspects of life, we are obviously delighted with this outcome, which has 
been the culmination of significant efforts from our management in 
Brazil and our legal team and I extend my heartfelt thanks for their 
work in securing this result for the Company." 
 
   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 ("Beaumont Cornish") 
 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 8900 
 
 
   The person responsible for arranging for the release of this 
Announcement on behalf of the Company is Clive Line, Finance Director. 
 
 
 
 
 
 

(END) Dow Jones Newswires

September 28, 2020 02:00 ET (06:00 GMT)

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