TIDMSRB 
 
 
   For immediate release 
 
   14 January 2021 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   Serabi delivers improving gold production for the fourth 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 fourth 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=IOhhTv5cX3ameX_T_AnbEAerciPUWOFrph1jdJWBhJCqThrjtx3zw5hg5bvJmNlGGT2Wr5pYvv8bPKn8qG9VMIGA7GpZMM7SerOnYda40Fo= 
https://bit.ly/38GD9Em 
 
   OPERATIONAL and DEVELOPMENT HIGHLIGHTS 
 
 
   -- Fourth quarter gold production of 7,254 ounces, a small improvement on 
      the third quarter and resulting in an annual total of 32,003 ounces. 
 
   -- Production for December 2020 exceeded 3,000 ounces, the best monthly 
      result since the end of April 2020. 
 
   -- Total ore mined during the quarter of 46,275 tonnes at 5.24 grams per 
      tonne ("g/t") of gold. 
 
   -- 43,440 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 5.27 g/t of gold, an improvement of 9% compared with Q3. 
 
   -- 3,353 metres of horizontal development completed during the quarter, the 
      highest since operations commenced, and a 10% increase on the previous 
      quarter.  Over 12,200 metres were developed during the year. 
 
   -- Mine site and regional exploration activities resumed in the fourth 
      quarter. A 32,000 metres drill programme is planned for 2021 with 
      activity underway at the recently acquired Sao Domingos exploration 
      tenement, immediately to the west of Sao Chico as well as Palito. 
 
   -- Geophysical surveys commenced and remain ongoing at the Company's Calico 
      prospect. 
 
   -- The much-anticipated award of the Licença Prévia (LP) for the 
      Company's Coringa Gold project, was issued by the state environmental 
      agency ("SEMAS") on 8 October 2020 
 
 
   FINANCIAL AND CORPORATE HIGHLIGHTS 
 
 
   -- Cash totalled US$8.1 million at the end of December 2020 (including the 
      initial outstanding proceeds from a December gold sale of US$1.5 
      million). 
 
   -- US$3.0 million paid in the quarter to Equinox Gold Corp ("Equinox") under 
      the staged payment plan for the Coringa gold project.  Further US$1.0 
      million paid on 1 January 2021 following which US$4.5 million remains 
      outstanding. Which is planned to have been settled in full during the 
      second quarter of 2021. 
 
   -- No funds drawn down in the quarter from the convertible loan arrangements 
      with Greenstone Resources II LP ("Greenstone") and a total of only US$2.0 
      million had been drawn down at the end of December 2020. 
 
 
   2021 PRODUCTION GUIDANCE 
 
 
   -- With the need to re-establish optionality in the operations by opening up 
      additional mine faces during the early part of 2021, the Company 
      anticipates that production for 2021 from the current Palito Complex 
      operations will be between 33,000 and 36,000 ounces with production in 
      2022 then increasing to approximately 45,000 ounces. 
 
 
   Mike Hodgson has provided interviews to BRR Media and Crux 
 
   BRR Media 
-https://www.brrmedia.co.uk/broadcasts-embed/600065a659cf24171a328438/copied-from-5ee24bc35e278421d06982fe/?popup=true 
 
 
   Crux Investors - https://youtu.be/jtItFjCUNL4 
 
   Key Operational Information 
 
 
 
 
                                             SUMMARY PRODUCTION STATISTICS FOR 2020 AND FOR 2019 
                       Qtr 1   Qtr 2   Qtr 3   Qtr 4     YTD    Qtr 1   Qtr 2   Qtr 3   Qtr 4    Total 
------------  ------- 
                        2020    2020    2020    2020    2020     2019    2019    2019    2019    2019 
------------  -------  ------  ------  ------  ------  -------  ------  ------  ------  ------  ------- 
 
Gold 
 production 
 (1) (2)      Ounces    9,020   8,504   7,224   7,254   32,003  10,164   9,527  10,187  10,233   40,101 
Mined ore -- 
 Total        Tonnes   42,036  43,519  44,097  46,275  175,928  42,609  44,784  44,757  44,092  176,243 
 Gold grade (g/t)        6.54    5.85    4.84    5.24     5.59    7.47    6.72    7.14    6.69     7.00 
Milled ore    Tonnes   40,465  44,235  46,135  43,440  174,276  43,451  43,711  45,378  44,794  177,335 
 Gold grade (g/t)        6.66    5.91    4.75    5.27     5.62    7.69    6.72    6.84    6.81     7.02 
Horizontal 
 development 
 -- Total     Metres    2,878   3,004   3,037   3,353   12,272   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 39,207 tonnes of 
      flotation tails at a grade of 3.21g/t (2019: 29,976 tonnes @ 4.52g/t). 
 
   3. The table may not sum due to rounding. 
 
 
   Mike Hodgson, CEO, commented: 
 
   "It goes without saying that 2020 has presented unique challenges, so in 
that context producing 7,254 ounces in the final quarter to bring annual 
gold production for the year to over 32,000 ounces was a success. 
Importantly with over 3,000 ounces being generated in December alone, 
our best month's production since April, I think we can see the benefits 
of a return to normality and can look forward to 2021 with great 
optimism.  Whilst we did forecast higher gold production for 2020, 
pre-pandemic, I believe all things considered, the overall result given 
the challenges faced has been an excellent outcome.  The gold not 
produced during 2020, has not been lost.  It still remains in the ground 
and will therefore be produced in the future and with the continued 
strength of the gold price may generate better revenues. 
 
   "As I reported last quarter, South America saw the first wave of the 
pandemic peaking in the third quarter and into the fourth quarter with 
several mining operations across the continent facing significant 
challenges.  I believe a combination of our location, locking down the 
camps and initiating mass testing early in the pandemic really helped us 
maintain operations, whilst minimising the health risk to our staff. 
Our preventative actions have been critical and has allowed us to 
restore the on-site personnel numbers to pre-pandemic levels during the 
fourth quarter.  Furthermore, I am pleased to say we have been 
COVID-free since September. 
 
   "During the second and third quarters mining activities had to be 
reduced in order to lower the numbers of personnel at site, this 
resulted in lower mine output, which barely met plant capacity and 
surface stockpiles were consequently rundown.  This reduction in mine 
output unfortunately diminished the benefit we had planned from our ore 
sorter.  Nevertheless, when put to use, the performance of the ore 
sorter has been remarkable.  Over the year, it has processed over 23,000 
tonnes of feed at an average grade of 2.03 g/t Au.  The sorter discarded 
approximately 20,600 tonnes of low-grade material (0.6g/t of gold) 
leaving a high-grade product of 2,818 tonnes at 12 g/t of gold.  The 
discarded 20,600 tonnes would have previously been processed through the 
plant, consuming precious plant capacity.  With a post crushing plant 
process cost of approximately $35/tonne, and excluding tailings process 
costs, it is clear the sorter has already made a significant 
contribution to its initial cost, albeit with its restricted use.  With 
development rates climbing and a ramp up in mining activity during the 
first half of 2021, we hope to see the real benefits from the ore-sorter 
during the second half of 2021 that had originally been expected in 
2020. 
 
   "As mentioned, mining rates have improved during this final quarter and 
over the coming months this will improve optionality and with that, a 
continued improvement in production grades.  The Ipe, Mogno and Pipocas 
veins continued to contribute the majority of the production tonnage 
from the Palito orebody.  In the Sao Chico orebody, levels -48mRL and 
-63mRL, the deepest levels were worked, with increased levels of mining 
from the Julia vein on levels 116mRL and 130mRL.  The increase in mining 
activity has also resulted in a very welcome improvement in development 
rates.  The fourth quarter saw the highest horizontal development rates 
since operations commenced and was the third consecutive quarter where 
rates exceeded 3,000 metres per month.  These improved development rates 
have come about with improved fleet availability and utilisation, but 
principally the introduction of a third underground shift. 
 
   "The fourth quarter has also seen the welcome return of exploration 
activities, with work focusing in three locations namely, the Palito and 
Sao Chico mine sites, and the newly acquired Sao Domingos prospect with 
three rigs arriving late in the quarter. 
 
   "The first rig was deployed to Sao Chico to pick up the drilling of the 
'Western' extension of the Sao Chico orebody and the initial results to 
date have been very encouraging. 
 
   Use the link below to access Figure 1 - Plan view of Sao Chico and 
geophysical anomalies to the west showing selected drilling results -- 
 
   https://www.globenewswire.com/Tracker?data=IOhhTv5cX3ameX_T_AnbEEPNMsYFopYENMd17lPMzZqOAMkkUE9ILuN1-wjWv5DqXZjW6GpyW8ptI5ljoWWsZYUzmTiibO1mr8HnX4Vbnww= 
https://bit.ly/2XElKFV 
 
   "The second rig has been deployed at the newly acquired Sao 
Domingos/Fofoca exploration tenement, which lies immediately to the west 
of Sao Chico.  The Sao Domingo tenement is rich in multiple artisanal 
workings, past and present and where some exceptionally high-grade ore 
has been mined. Our initial exploration activities are centred upon some 
of these artisanal workings.  Two stand out prospects, Toucano and 
Atacadao, typify this and are of particular interest.  Toucano is a 
series of artisanal open pits covering a strike length of some 600 
metres, which is reported to have produced exceptional grades, some of 
which have been mined within a 20-metre-wide mineralised zone to depths 
of 40 metres.  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 
mineralisation ranging from 3 to 60g/t gold at an average true width of 
between 0.2 to 0.8 metres. 
 
   Use the link below to access Figure 2 - map showing expanded Jardim do 
Ouro tenement holdings including new tenements acquired -- 
 
   https://bit.ly/3oEUCT4 
 
   "A third rig has recently commenced drilling strike extensions beyond 
the mine limits of the Palito orebody. 
 
   "Regional exploration has also been restarted, with geochemical and 
geophysical works focusing on Calico and Juca prospects to the south of 
Palito. 
 
   "I look forward to updating the market with all these recent exploration 
activities in the next weeks. 
 
   Use the link below to access Figure 3 - Regional plan showing Jardim do 
Ouro tenement and contours of copper and gold soil anomalies identified 
by geochemical sampling -- 
 
   https://www.globenewswire.com/Tracker?data=IOhhTv5cX3ameX_T_AnbEAfPFMb485jlr2PkmkK6SHu_Zn9PbpHlb7eirVyJSQEyFlzHbmjAMHYIiOFLCcgLLql_VZd0OShFHZ9M5SWlXSg= 
https://bit.ly/3oVG9Cc 
 
   "Finally, the permitting of Coringa received a significant boost during 
the fourth quarter with the much-anticipated award of the Licença 
Prévia which was formally issued by the state environmental agency 
("SEMAS") on 8 October 2020.  Progress is now continuing as we work with 
our environmental consultants and legal counsel to secure the 
Installation License (LI), which is the permit required to begin 
construction.  We are pleased to report that the Federal Agency for 
Indigenous Communities FUNAI have confirmed their full support for the 
project and just before the year end, the Federal Agency for Land Use, 
INCRA, entered into final discussions to officially agree the change of 
land use to mineral exploitation.  We are now therefore very optimistic 
we will be in a position to start up the development of Coringa later 
this year. 
 
   "During the quarter, the Company has settled a further US$3.0 million of 
the remaining purchase consideration for Coringa and with a further 
US$1.0 million paid on 1 January 2020, the remaining portion of the 
original acquisition price still to be paid is US$4.5 million plus 
interest, so I anticipate that we will have settled this liability in 
full during the second quarter of 2021.  We have not drawn down any 
further money under the convertible loan arrangements with Greenstone 
during the quarter and at the current time the total value of the 
convertible loan outstanding remains at US$2.0 million. 
 
   "The final shipment of concentrate for the year, and the second shipment 
for the quarter, took place in the last days of the December, and the 
initial proceeds of US$1.5 million from this sale were received in the 
first days of January 2021.  Including this receipt, the cash position 
at the end of December on a like for like basis was US$8.1 million. 
Sales of physical gold during the third quarter were approximately 1,000 
ounces greater than production levels reflecting normal stock movements 
and so it was always expected that this would affect the level of gold 
physically sold in the fourth quarter with a consequent impact on cash. 
In addition, to restarting exploration activity in the period with the 
additional costs this involves compared to prior quarters, the fourth 
quarter is the period when 13(th) salary payments are made, creating an 
additional call on cash resources." 
 
   Production Results 
 
   Total production for the final quarter of 2020 was 7,254 ounces of gold, 
generated from the processing of 43,440 tonnes of ore with an overall 
average grade of 5.27 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 9,092 tonnes of surface stockpiled 
flotation tailings grading approximately 3.0 g/t gold.  Mined tonnage 
for the quarter totalled 46,275 tonnes with a grade of 5.24 g/t of gold. 
As reported last quarter, the lower mine and processed grades have been 
a combination of fewer faces underground, generating lower volumes.  The 
fourth quarter did however see processed grades improve by 9% compared 
with the third quarter.  Total production for the year was 32,003 ounces 
of gold. 
 
   On 31 December 2020, there were coarse ore stocks of approximately 3,800 
tonnes of ore with an average grade of 4.2 g/t of gold, and an estimated 
stockpile of 4,500 wet tonnes of flotation tails with an estimated 
average grade of 1.50 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 early part of 2021. 
 
   A total of 3,353 metres of horizontal development has been completed 
during the quarter, of which 1,510 metres was ore development.  The 
balance is the ramp, cross cuts and stope preparation development. 
 
   2021 Production Guidance 
 
   As discussed above, the impact of CV-19 pandemic has resulted in reduced 
levels of production during 2020 compared with the originally forecast 
levels.  Whilst the numbers of personnel at site have returned to 
pre-pandemic levels, as previously reported mining activities were 
simplified during the second and third quarters to reflect the lower 
numbers of staff able to be at site which has reduced the number of 
faces that are active at both deposits.  Additional crews are being 
recruited to provide a short-term boost to mining activity and recover 
the optionality that has previously existed, but it may be six months 
before the benefits start to fully flow through into production.  With 
this background the Company anticipates that production for 2021 from 
the current Palito Complex operations will be between 33,000 and 36,000 
ounces with production in 2022 then increasing to approximately 45,000 
ounces. 
 
   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 
 
 
   -- Q4 2020 Operational Report 
      https://ml-eu.globenewswire.com/Resource/Download/7e632198-3182-4a9c-8b79-4813883255e9 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

January 15, 2021 02:00 ET (07:00 GMT)

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