TIDMSRB 
 
 
   For immediate release 
 
   22 October 2020 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   Serabi reports steady gold production for the third quarter of 2020. 
 
   Serabi Gold plc (AIM: SRB, TSX: SBI), the Brazilian focused gold mining 
and development company, is pleased to provide the results and a review 
of its third quarter operational and development activities in the 
Tapajos region of Para State, Northern Brazil. 
 
   A PDF Version of this release including all images can be accessed using 
the following link - 
https://www.globenewswire.com/Tracker?data=8ieJjd0v9h-Zgu46I7Hy6-W8B0d7qVcCh1PHcIbS9LAC2Bqf-DDXG5KGqLJdYOyaGgxggyRLOsyQGSNEaDaPp4K6r8ssuYzGK2FkBBLK3W4= 
https://bit.ly/37yXFqp 
 
   OPERATIONAL and DEVELOPMENT HIGHLIGHTS 
 
 
   -- Third quarter gold production of 7,224 ounces, resulting in 24,748 ounces 
      for the year to date. 
 
   -- 44,077 tonnes of ore mined during the quarter at 4.84 grams per tonne 
      ("g/t") of gold. 
 
   -- 46,135 tonnes of run of mine ("ROM") ore were processed through the plant 
      from the combined Palito and Sao Chico orebodies, with an average grade 
      of 4.75 g/t of gold. 
 
   -- 3,037 metres of horizontal development completed during the quarter, the 
      second consecutive quarter when more than 3,000 metres of development has 
      been achieved. 
 
   -- Licença Prévia (LP) for the Coringa gold project issued by 
      SEMAS on 8 October 2020. 
 
   -- The acquisition of two new highly prospective tenements to complement the 
      Sao Chico exploration potential including highly prospective Sao Domingos 
      exploration tenement, immediately to the west of Sao Chico.  Sao Domingos 
      hosts multiple past and present artisanal working. 
 
   -- Fourth quarter  production guidance of 8,000 oz, with full year guidance 
      of 33,000 oz. 
 
   -- Regional exploration activities at Calico and Juca prospects resumed 
      during the quarter. 
 
 
   FINANCIAL AND CORPORATE HIGHLIGHTS 
 
 
   -- Cash balance at end of September 2020 of US$11.0 million an increase of 
      $1.4 million since 30 June 2020. 
 
   -- US$2.5 million paid in the quarter to Equinox Gold Corp ("Equinox") in 
      settlement of the final acquisition payment due for the Coringa gold 
      project. Further US$1.0 million paid on 1 October 2020 following which 
      US$7.5 million remains outstanding. 
 
   -- Only US$0.5 million drawn down of convertible loan with Greenstone 
      Resources II LP ("Greenstone"). A total of US$2.0 million drawn down at 
      end of September 2020. 
 
 
   Mike Hodgson has provided interviews to BRR Media and Crux Investors 
where he answers questions on the Company's third quarter results and 
activities.  These interviews can be accessed using the following links. 
 
   BRR Media  - 
https://www.globenewswire.com/Tracker?data=8ieJjd0v9h-Zgu46I7Hy6z47YWwo0eeLLe4Z34IAZRmjFqP7pMxwtpjOVy8HSYETM0AH1A55eOlkH6owbtAhlaOOouyRXPUY96ilQTLNA_nc6CJZ09F7pXWv-0aZjYfNc_mNSIcV_M9r6_yZwF06J9GYPI3KKiMJINuEOLvC_OJsa-HctDBfQcxq60n7Ww8sO1Onycxoc3ZhJmcG_im2AP30x7IWQDcV8jFOTiMtX6pFcZ0IJ-59ueTE1lsI_4Jr6uukUQhTfY6ekgjtSmjcZ1PWXNtH0te_U-Ek5XQKO6eLM83SMkiZ3MmHGQnzAEY2Z7bnL4ArXZgf6NujipUlqw== 
https://www.brrmedia.co.uk/broadcasts/5f8efd69c4d0076f2b942e37/serabi-gold---third-quarters-production-results 
 
 
   Crux Investors - 
https://www.globenewswire.com/Tracker?data=8ieJjd0v9h-Zgu46I7Hy66IeQHfQsdF-ORuQcQ_sYKM143a_YbFdw_GfytGO5xaxkGBqc8-RkhLWPdjrmiBKLS_lF0MsX_JstL864_N9kVkK_Ez6E0JUrVwSq1Z8yq1V 
https://youtu.be/xR4Wof1BToU 
 
   Key Operational Information 
 
 
 
 
                                     SUMMARY PRODUCTION STATISTICS FOR 2020 AND FOR 2019 
                       Qtr 1   Qtr 2   Qtr 3     YTD    Qtr 1   Qtr 2   Qtr 3   Qtr 4    Total 
------------  ------- 
                        2020    2020    2020    2020     2019    2019    2019    2019    2019 
------------  -------  ------  ------  ------  -------  ------  ------  ------  ------  ------- 
 
Gold 
 production 
 (1) (2)      Ounces    9,020   8,504   7,224   24,478  10,164   9,527  10,187  10,233   40,101 
Mined ore -- 
 Total        Tonnes   42,036  43,519  44,077  129,632  42,609  44,784  44,757  44,092  176,243 
 Gold grade (g/t)        6.54    5.85    4.84     5.73    7.47    6.72    7.14    6.69     7.00 
Milled ore    Tonnes   40,465  44,235  46,135  130,835  43,451  43,711  45,378  44,794  177,335 
 Gold grade (g/t)        6.66    5.91    4.75     5.73    7.69    6.72    6.84    6.81     7.02 
Horizontal 
 development 
 -- Total     Metres    2,878   3,004   3,037    5,885   1,868   2,419   2,433   2,908    9,628 
------------  -------  ------  ------  ------  -------  ------  ------  ------  ------  ------- 
 
 
   1. Gold production figures are subject to amendment pending final agreed 
      assays of the gold content of the copper/gold concentrate and gold 
      doré that is delivered to the refineries. 
 
   2. Gold production totals for 2020 include treatment of 30,155 tonnes of 
      flotation tails at a grade of 3.50g/t  (Q3 2019: 20,554 tonnes at a grade 
      of 4.13 g) 
 
   3. The table may not sum due to rounding. 
 
 
   Mike Hodgson, CEO, commented: 
 
   "Whilst the first wave of the Covid-19 pandemic reached its peak in 
Europe early in the second quarter of 2020, for South America the cases 
continued to grow into the third quarter with several mining operations 
across the continent forced to go into suspension.  At Serabi, I believe 
our remoteness, usually a challenge, was our salvation.  We used the 
second quarter to prepare as best we could and, as previously advised, 
to take several decisions which we hoped would maintain operations 
whilst minimising the health risk to our staff from of the pandemic. 
The on-site labour force was reduced accordingly, keeping only a core of 
essential workers at site, whilst we ensured there was sufficient stock 
of all critical supplies and consumables in case of transport and other 
supply chain interruptions.  We introduced regular testing of staff, 
hunkered down, and produced what was possible within the new operational 
limitation and  managing to stay operational throughout.  Considering 
these challenges, I am very satisfied with the 7,224 ounces of gold 
produced for the third quarter.  Whilst not a spectacular quarter, it 
remains very satisfactory given the limitation and brings the total gold 
production for the year to date to a little less than 25,000 ounces. 
Whilst below our expectation at the start of the year, all things 
considered, the situation could have been much worse, as it has been for 
many mining operations both in Brazil and other parts of the world. 
 
   "The secret of successful vein mining and maintaining production levels 
is optionality, which necessitates having multiple faces to call on at 
any moment.  We mine multiple veins simultaneously, and this guarantees 
enough faces will have acceptable grade and volume, so we can 'cherry 
pick' the ore and feed the plant with the best material.  During the 
pandemic, the reduction in crews, and services in general meant we had 
little choice but to shrink and simplify the operation, reducing the 
number of faces, thereby reducing volume and in so doing reducing the 
overall level of optionality.  This was unavoidable, and we have had to 
accept a rather more hand to mouth situation in the process.  In the 
third quarter, whilst run of mine (ROM) volumes have just kept pace with 
the plant capacity this has necessitated mining and processing of lower 
grade ore that might otherwise have been stockpiled.  This reduction in 
stock has also meant the ore sorter has not, to date, had its planned 
impact, due to lack of feed.  When it has been used, we are seeing its 
long-term potential with the year to date figures showing grades 
improved by a factor of 6 times with over 85% of sorted material being 
separated as low-grade waste.  Nonetheless, this hand to mouth scenario 
has resulted in average mined and processed grades falling to 
approximately 5 g/t, significantly lower than previous quarters.  With a 
cut-off grade of 2.5g/t this material is still profitable, but is some 
way below the historic grades of 7-8 g/t. 
 
   "The combination of six months of continued mining, consuming reserves 
and resources, and underground and surface drilling to replace those 
resources and reserves suspended, has had its consequences and it would 
be unrealistic to think otherwise.  We are now addressing this rapidly, 
and I am pleased to report that by the end of September 2020, operations 
were returning to something resembling normality something I have been 
able to witness for myself having just returned from a two week trip to 
Palito, the first time I have been able to visit for almost seven 
months.  We are now drilling aggressively both on surface and 
underground and with this, along with an accelerated underground 
development programme, we intend to have mine output once again 
exceeding plant capacity, and grades and gold production return to 
higher levels during 2021. 
 
   "Mining activity during the third quarter continued to focus on the Ipe 
and Mogno veins from the Palito orebody and the -48mRL and 116mRL from 
the Sao Chico ore zone.  However, the reduction in optionality has meant 
that mining has been from only four faces instead of the usual eight or 
so.  Nevertheless, it has been pleasing that over 3,000 metres of mine 
development has been achieved for the second consecutive quarter.  We 
will need to further accelerate this in 2021, but the improved rate 
bodes well, and we have made significant advances in improving fleet 
availability and utilisation that will help further.  We have improved 
effective hours in the mine by fully equipping underground workshops, 
introducing fuelling and lubrication trucks, so machines stay 
underground at the face and do not waste time coming to surface.  The 
change in the shift pattern and going from twice a day to three times 
per day blasting, along with the introduction of third afternoon shift, 
will all help development rates improve.  What is now needed is an 
aggressive mine-site drill programme on surface and underground, to 
provide the necessary direction to this forthcoming development and, in 
this regard, I am pleased to say all contractors are now back at site, 
and the drills are turning. 
 
   "With respect to exploration, we reported, initially on 3 March 2020 and 
with a further news release on 11 May 2020, some very exciting 
exploration results especially for the work being undertaken around and 
to the west of the Sao Chico orebody, most notably the geophysical 
anomalies of Abelha, Besouro and Cicada .  However, with the pandemic, 
exploration was put on hold from March until the end of September. 
 
   Use the link below to access  Figure 1 - Plan view of Sao Chico and 
geophysical anomalies to the west showing drilling locations - 
https://www.globenewswire.com/Tracker?data=8ieJjd0v9h-Zgu46I7Hy6w6d4uXq3ow1MbsgVft3NAZD8eXQyIZAdVXN8vKQTDdNq-oDGlcXtDVYgeh01KTQ2iRf8KU2azxidSVLBLVQsxA= 
https://bit.ly/2E0tmvN 
 
   "Initial intersections into the Cicada prospect returned 3.00m @ 2.09g/t 
Au at a depth of 169 metres including a zone of 1m @ 5.42g/t Au (drill 
hole SCRC004).  Again, a long section, which shows the location of the 
reverse circulation drill programme over Cicada and the step out 
drilling going west from Sao Chico, clearly suggests that as we continue 
to drill in the gap, the two areas of mineralisation could ultimately 
connect.  Drilling of these prospects is now underway once again. 
 
   "I am also excited with the acquisition of two additional exploration 
tenements close to the Sao Chico mining licence area, being the Fofoca 
tenement to the north west, and the Sao Domingos exploration tenement to 
the west. 
 
   Use the link below to access Figure 2 - map showing location of new 
tenements acquired - 
https://www.globenewswire.com/Tracker?data=8ieJjd0v9h-Zgu46I7Hy61jdfXG6dZunIHJ37CePxbJfKmwRUZcjdO--3ZhPxlnLvAUmgwO44g8Q2vv1BxFyQKXt1tF5V7yPLjiKsXjhgxU= 
https://bit.ly/349xuo4 
 
   "The Sao Domingo tenement has been a property we have had an interest in 
for some years.  It hosts multiple artisanal workings, past and present, 
exhibiting some exceptionally high-grade ore being mined.  Two stand out 
prospects, Toucano and Atacadao, typify this and are of particular 
interest. Toucano is a series of artisanal open pits which is reported 
to have produced exceptional grades, some of which have mined a 20 metre 
wide mineralised zone to depths of 40 metres.  We are confident these 
pits are mining the same structure, extending over a strike length of 
one kilometre.  It is a walk up, drill ready target.  Considering the 
reported widths that have been mined, any significant depth extension to 
this prospect could result in a significant discovery for Serabi. 
 
   "At Atacadao, a 11 hole drill programme was completed in 2006, testing 
the mineralisation under the artisanal workings.  The results of this 
modest programme intersected high grade gold mineralization ranging from 
3 to 60g/t gold at an average true width of between 0.2 to 0.8 metres. 
The mineralogy appears very comparable to what we have found at Palito 
and Sao Chico. 
 
   Use the link below to access Figure 3 - map showing historic artisanal 
operations in new tenement and regional structural trends - 
https://www.globenewswire.com/Tracker?data=8ieJjd0v9h-Zgu46I7Hy63vQzdmpMRe8LC3weYdMHWsAtQdCKYRMMt1hDPO_qJgnyw8YoZv6NAXyyq71dSC948-QK2VSMfAOdXI4Bm261s4= 
https://bit.ly/3o4HjeI 
 
   The orientation of these artisanal workings is very consistent with our 
prospects east of Sao Chico, most notably Cinderella, which we plan to 
be drilling early in the first quarter of 2021. 
 
   "We have also resumed regional exploration activities during the quarter, 
with geochemical sampling focusing on Calico and Juca prospects to the 
south of Palito.  We are also preparing these two targets for 
terrestrial geophysics which is planned to commence during the final 
quarter of 2020. 
 
   Use the link below to access Figure 4 - Regional plan showing tenement 
and contours of soil anomalies identified by geochemical sampling - 
https://www.globenewswire.com/Tracker?data=8ieJjd0v9h-Zgu46I7Hy69J1oZhm7JClsBgD8muaEFhhNy_CmeToHXOywccwl0o_Ba2v7z3ERrS-gD-0Zg2hHs6kAR_HklOQ5WHhLgScjGA= 
https://bit.ly/3hqnNoP 
 
   "Finally, we must not forget Coringa, and on 26 September 2020 the 
meeting of COEMA (the State Environmental Council for Para) approved the 
award of the Licença Prévia which was then formally issued by 
the state environmental agency ("SEMAS") on 8 October 2020.  Along with 
our environmental consultants and our legal counsel, we are now working 
on final approvals from FUNAI (agency for Indigenous communities) and 
INCRA (land registry), after which we can seek award of the Installation 
License (LI), which is the permit required to begin construction. 
 
   "Whilst 25,000 ounces of gold produced for the year to date is 
significantly lower than the Company's initial expectations, the 
excellent gold prices and a favourable exchange rate has seen the 
company continue to generate positive cash flow during the third 
quarter.  Cash holdings at the end of September 2020 were approximately 
US$11.0 million an increase of approximately US$1.4 million compared 
with the end of June 2020.  During the quarter, the Company has made 
payments to Equinox Gold totalling US$2.5 million with a further US$1.0 
million paid on 1 October 2020.  The Company has now paid US$4.5 million 
of the US$12 million remaining acquisition payment for the Coringa 
project and will to continue to pay instalments of US$1.0 million per 
month in settlement of the remaining liability. 
 
   "Reflecting the cashflow being generated, the Group drew down, in July 
2020, US$0.5 million of the convertible loan notes that are being 
subscribed for by Greenstone Resources II LP but since then has not 
required to drawdown any further amount.  As at the date of this news 
release a total of US$2.0 million of convertible loan notes have been 
issued to and subscribed for by Greenstone.  The investment by 
Greenstone, the terms for which were concluded and announced in April 
2020, was to help finance the liability of US$12 million due to Equinox 
Gold Corp. for the Coringa gold project." 
 
   Production Results 
 
   Total production for the second quarter of 2020 was 7,224 ounces of gold, 
generated from the processing of 46,135 tonnes of ore with an overall 
average grade of 4.75 g/t of gold. This processed ore was sourced from 
hard rock mined ore from the Palito and Sao Chico orebodies, 
supplemented by the processing of 11,176 tonnes of surface stockpiled 
flotation tailings grading approximately 3.0 g/t gold.  Mined tonnage 
for the quarter totalled 44,077 tonnes with a grade of 4.84 g/t of gold. 
The lower grades have resulted from a combination of fewer faces 
underground, generating lower volumes.  It also meant lower than 
expected use of the ore sorting facility.  For the year to date, 24,478 
ounces of gold have been produced. 
 
   On 30 September 2020, there were coarse ore stocks of approximately 
2,357 tonnes of ore with an average grade of 3.06 g/t of gold, and an 
estimated stockpile of 12,000 wet tonnes of flotation tails with an 
estimated average grade of 3.00 g/t of gold. These stockpiles continue 
to be consumed slowly and used as a 'top-up' to ROM ore to keep the 
plant full.  The stockpile of flotation tailings is sufficient to 
continue to process this material at current rates for the rest of the 
year. 
 
   A total of 3,037 metres of horizontal development has been completed 
during the quarter, of which 1,396 metres was ore development.  The 
balance is the ramp, cross cuts and stope preparation development. 
 
   2020 Production Guidance 
 
   As discussed above, the impact of CV-19 pandemic has resulted in 
production of 24,748 ounces of gold for the first nine months of the 
year.  The third quarter was probably the worst period for the pandemic 
in Brazil, with private operations suspended and listed companies 
reducing operations significantly. However, the Company has managed to 
keep its mines operational and maintain production and cash flow 
throughout.  By the end of September 2020, with almost a full workforce 
complement back at the mine sites, many ancillary activities were 
resumed.  We anticipate fourth quarter production being approximately 
8,000 ounces resulting in full year production of approximately 33,000 
ounces. 
 
   Outlook for 2021 
 
   With a successful surface and underground drilling campaign over the 
next six months to guide a concentrated mine development programme, 
management are confident that production levels can be restored to the 
levels that were expected prior to the intervention of CV-19 from the 
beginning of the second quarter of 2021 . 
 
   This announcement is inside information for the purposes of Article 7 of 
Regulation 596/2014. 
 
   The person who arranged for the release of this announcement on behalf 
of the Company was Clive Line, Director. 
 
   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: mailto:contact@serabigold.com 
contact@serabigold.com 
-------------------------------------------------- 
Website: http://www.serabigold.com 
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 8900 
 
 
 
 
   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 
announcement. 
 
   GLOSSARY OF TERMS 
 
   The following is a glossary of technical terms: 
 
 
 
 
"Ag"                means silver. 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
"garimpo"           is a local artisanal mining operation 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
"granodiorite"      is an igneous intrusive rock similar to granite. 
------------------  ------------------------------------------------------------ 
"hectare" or a      is a unit of measurement equal to 10,000 square metres. 
"ha" 
------------------  ------------------------------------------------------------ 
"igneous"           is a rock that has solidified from molten material 
                     or magma. 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
"intrusive"         is a body of rock that invades older rocks. 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
"mt"                means million tonnes. 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
 
   Assay Results 
 
   The assay results reported in the table within this release are those 
provided by the Company's own on-site laboratory facilities at Palito 
and have not 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. Based on the results of this work, the 
Company's management are satisfied that the Company's own facility shows 
good correlation with independent laboratory facilities. 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 but only use assay results reported by an 
appropriately certificated laboratory. 
 
   Qualified Persons Statement 
 
   The 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 26 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, 
recognising 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. 
 
   Forward Looking Statements 
 
   Certain statements in this announcement are, or may be deemed to be, 
forward looking statements. Forward looking statements are identi ed 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 re ect 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. 
 
   ENDS 
 
   Attachment 
 
 
   -- Q3 2020 Operational Review 
      https://ml-eu.globenewswire.com/Resource/Download/bc1576e9-6496-42af-a901-e6b6231f04cf 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

October 22, 2020 02:00 ET (06:00 GMT)

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