TIDMSRB 
 
 
   For immediate release 
 
   15 April 2021 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   Strong first quarter gold production 
 
   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 first quarter operational and development activities in the 
Tapajos region of Para State, Northern Brazil. 
 
   A PDF version of this announcement, including all images, can be 
accessed using the following link 
https://www.globenewswire.com/Tracker?data=5hVF-6Q2D5Nt1l4kmXURpEn3hAi3BvIEKb23pkcBEMMVMGR07G2gsOb3MadsAZcgzkm9wFI8xc_szJ5ON4PRfw3MxEDqMCkR3JsONsX6lc4= 
https://bit.ly/3atnWqP 
 
   OPERATIONAL and DEVELOPMENT HIGHLIGHTS 
 
 
   -- First quarter gold production of 8,087 ounces, respectively a 19% and 11% 
      improvement on gold production for Q3 and Q4 of 2020 and 16% ahead of 
      budget driven by improving grades. 
 
   -- Total ore mined during the quarter of 40,371 tonnes at 6.27 grams per 
      tonne ("g/t") of gold, a 20% improvement in grade compared with the 
      previous quarter. 
 
   -- 41,462 tonnes of run of mine ("ROM") ore were processed through the plant 
      from the combined Palito and São Chico orebodies, with an average 
      grade of 6.27 g/t of gold. 
 
   -- 3,573 metres of horizontal development completed during the quarter, the 
      highest development rate since current operations commenced. 
 
 
   -- Exploration drilling on the Toucano trend at São Domingos, five 
      kilometres from the São Chico operation, intersected three 
      mineralised structures, all hosted within a mineralised alteration zone 
      with a true width of 50 metres.  Significant intersections (previously 
      announced) included: 
 
 
   -- 21-SD-010 -- 7.40m @ 1.95/t Au from 141.00m, including 1.90m @ 5.12g/t Au 
 
   -- 21-SD-010 -- 7.00m @ 9.68g/t Au from 151.55m, including 1.40m @ 26.24g/t 
      Au 
 
   -- 21-SD-010 -- 7.15m @ 258.24g/t Au from 172.85m, including 3.55m @ 
      519.45g/t Au 
 
   -- 21-SD-005 -- 4.70m @ 1.42g/t Au from 76.00m 
 
   -- 21-SD-005 -- 0.80m @ 89.03g/t Au from 140.00m 
 
   -- 21-SD-003 -- 0.50m @ 6.22g/t Au from 42.00m 
 
   -- 21-SD-003 -- 1.80m @ 3.77/t Au from 67.25m 
 
 
   -- Completion of a terrestrial geophysical survey at the Company's Calico 
      prospect, with results showing a highly encouraging geophysical anomaly 
      coincidental with a previously identified geochemical anomaly. 
 
   -- A soil sample geochemical survey, undertaken in the eastern area of the 
      São Domingos tenement that runs into the western part of the 
      São Chico Mining License, has defined multiple areas of anomalous 
      gold in soils.  These gold in soil anomalies are coincidental with and 
      supported by other multi-element anomalies. 
 
 
   FINANCIAL AND CORPORATE HIGHLIGHTS 
 
 
   -- Completed placing of new Ordinary Shares in March 2021 raising gross 
      proceeds of GBP12.5 million.  Funds to be used to 
 
          -- Redeem US$2.0 million of convertible loan notes together with 
             accrued fees and interest. 
 
          -- Settle balance of acquisition payment for the Coringa Gold Project, 
             which as at the date of the placing was US$3.5 million including 
             accrued interest. 
 
          -- Part-fund the construction of the Coringa Gold Project which, when 
             in full production, is expected to increase current group annual 
             production by approximately 100 per cent. to approximately 80 
             kozpa. 
 
          -- Undertake further regional exploration, including up to c. 32,000 
             metres of drilling on priority targets during 2021 as part of the 
             Company's longer term exploration objective of targeting a mineral 
             resource above 3 million ounces of contained gold in aggregate 
             across all of the Company's projects. 
 
   -- Cash holdings at end March 2020 were US$20.5 million following the 
      redemption of the outstanding Convertible Loan Notes held by Greenstone 
      Resources II LP  but before settlement of the remainder of the Equinox 
      debt in respect of the acquisition of Coringa which as of 31 March 2021 
      was approximately US$3.6 million. 
 
   Mike Hodgson has provided an interview to BRR Media which can be 
accessed using the following link 
 
   https://www.brrmedia.co.uk/broadcasts/6077234c0386285386cc8aa8/serabi-gold---strong-first-quarter-gold-production/ 
 
 
   Key Operational Information 
 
 
 
 
                       SUMMARY PRODUCTION STATISTICS FOR 2021 AND 2020 
                       --------------------------------------------------------- 
                       Qtr 1    YTD    Qtr 1   Qtr 2   Qtr 3   Qtr 4    Full Yr 
------------  ------- 
                        2021    2021    2020    2020    2020    2020     2020 
------------  -------  ------  ------  ------  ------  ------  ------  --------- 
 
Gold 
 production 
 (1)          Ounces    8,087   8,087   9,020   8,504   6,790   7,254  31,568(1) 
Mined ore -- 
 Total        Tonnes   40,371  40,371  42,036  43,519  44,097  46,275    175,928 
 Gold grade (g/t)        6.27    6.27    6.54    5.85    4.84    5.24       5.59 
Milled ore    Tonnes   41,462  41,462  40,465  44,235  46,135  43,440    174,276 
 Gold grade (g/t)        6.27    6.27    6.66    5.91    4.75    5.27       5.62 
Horizontal 
 development 
 -- Total     Metres    3,573   3,573   2,878   3,004   3,037   3,353     12,272 
------------  -------  ------  ------  ------  ------  ------  ------  --------- 
 
 
   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.  Following reconciliation 
      of assays with gold refineries during the first quarter of 2021, reported 
      gold production for 2020 has been reduced by 435 ounces. 
 
   2. The table may not sum due to rounding. 
 
 
   Mike Hodgson, CEO, commented: 
 
   "It has been a very encouraging start to 2021 from an operational 
perspective, with over 8,000 ounces of gold produced, comfortably 
exceeding our internal forecast.  After the challenges of 2020, this 
first quarter was expected to deliver the lowest level of gold 
production for 2021 so achieving a 16 per cent improvement on our 
internal budget represents an excellent result.    Last year we 
experienced a reduction in average mined grades as a consequence of 
being somewhat restricted in mining areas available following labour 
reductions, so achieving a 20 per cent improvement in the mined and 
milled grades compared to the fourth quarter of 2020 is very pleasing. 
With a total of 3,573 horizontal metres achieved in the quarter, the 
Company also improved on the previous best level of quarterly 
development metres which had been set in the preceding quarter.  This 
bodes well for the rest of the year as we continue to accelerate 
development and recover the metres that were unavoidably delayed in 2020 
due to the COVID 19 pandemic. 
 
   "On that note, Brazil is experiencing an aggressive second wave, 
bringing significant challenges to the country.  Several mining 
operations across the country are being impacted, but I am pleased to 
say that at the current time we are not amongst them.  Serabi's 
combination of location and being a live-in-camp operation, has so far 
allowed us to maintain a controlled environment and we have kept COVID 
19 infections out of the site, and able to protect the health of the 
on-site personnel.  Our preventative actions have been critical and, 
going into 2021, allowed the Company to restore the on-site personnel 
numbers to pre-pandemic levels, which is reflected in the first quarter 
results. 
 
   In the Palito orebody, the Ipe and Mogno veins are bringing some 
excellent returns in both development and stoping.  These veins are 
relatively young in the history of Palito and are therefore still only 
being developed and mined at relatively high elevations, allowing use of 
the existing mine infrastructure to gain access, rather than having to 
develop older veins at depth. The Pipocas vein continues to contribute 
much of the remaining run of mine ("ROM").  At the São Chico 
orebody, the deepest level being advanced is currently at -63mRL, 
approximately 300 metres below surface, with the intention to continue 
to develop the main ramp to the -78mRL.  In the western part of the 
orebody increased production and development of the Julia vein is 
ongoing.  Levels 116mRL, 128mRL, 139mRL, 156mRL and 170mRL have been or 
are in development on the Julia vein, and as this zone is relatively 
distant from the main central ramp, an additional western ramp extension 
is being developed.  This western ramp will over time be extended from 
the 116mRL to the 0mRL.  At the end of the first quarter the ramp had 
reached the 100mRL. 
 
   "Quarterly plant and processing performance was good, averaging over 450 
tonnes per day of hard rock ore throughput. 
 
   "There was a welcome return of exploration activities during the fourth 
quarter of 2020 and this activity has continued into the first quarter. 
There are currently three surface drill rigs in operation, one at Palito, 
another at São Chico and the third at our recently acquired 
São Domingos prospect. 
 
   "Drilling results to date over the São Domingos prospect located 
only five kilometres to the west of São Chico have been very 
encouraging.  It is a prospect rich in artisanal workings, past and 
present and where some exceptionally high-grade ore has been mined. We 
have identified five key prospects, but to date, the focus has centred 
upon the Toucano prospect.  Figure 1 summarises some of the drilling 
results received to date. 
 
   To view the image of the São Domingos drill plan, please click on 
this link - 
https://www.globenewswire.com/Tracker?data=5hVF-6Q2D5Nt1l4kmXURpG61iv4jQHvS_ZppnDjqGlvedaLSzzUNDNc91HqvRe22J_6xFHFF4-L8-0Lk0j0s1lT730PzT4o3D5jSVdF79d0= 
https://bit.ly/2RgVoKp 
 
   Figure 1 - São Domingos drill plan and results for the Toucano 
trend 
 
   To view the image of the São Domingos drill section 1, please click 
on this link - 
https://www.globenewswire.com/Tracker?data=5hVF-6Q2D5Nt1l4kmXURpCpjZ00NsJiJFi__jBt67wGn8EeES3YQLKhh-QgFicGGEei8hqRDayBglF81qY8HNGMbLyYuQM-J5rtQFDthqg4= 
https://bit.ly/3utPqnu 
 
   Figure 2 -- São Domingos drill section 1 on the Toucano trend. 
 
   "The central part of the Toucano prospect over "section 1" has the 
highest concentration of drilling which has intersected three 
mineralised structures, all hosted within a 50 metre true width 
mineralised alteration zone. Hole 21-SD 010 is the current highlight 
where a drilled width totalling 70 metres of alteration was cut, within 
which multiple high-grade intersections including 9.68 g/t Au over 7.0 
metres, 26.24 g/t Au over 1.40 metres and 258.24 g/t Au over 7.15 metres 
including 519.45 g/t Au over 3.55 metres were recorded.  Visible gold 
was recorded in this last intersection as shown in figure 3: 
 
   To view the image of visible gold from hole 21-SD-010, please click on 
this link - 
https://www.globenewswire.com/Tracker?data=5hVF-6Q2D5Nt1l4kmXURpFnBz7G425J8N1BprcU8CeY_2UAoza6a3WopNQeKPqPmQuFxiIHX7UTA5sjb-ZkXzbGA_btKYBY-Bm3BImVWOkY= 
https://bit.ly/2OplxW4 
 
   Figure 3 - Visible Gold from 21-SD-010 @ 175.40m down hole depth. 
 
   Mineralisation is already confirmed along at least a 400 metre strike 
length and remains open at depth and along strike with existing drilling 
and artisanal activity indicating a potential strike of 600 metres, and 
the plan is to replicate the drill coverage undertaken on the central 
section over that entire strike length. 
 
   "The second and third rigs are drilling the western extension of the 
São Chico orebody and the strike extensions of the Ipe and Mogno 
veins at Palito respectively.  At São Chico we await further assay 
results but visual intersections of what appears to be the Main Vein are 
very encouraging. 
 
   "Regional exploration continued during the quarter focusing on two areas, 
the Calico/Juca prospects to the south of Palito and the Fofoca prospect 
that lies between São Domingos and São Chico. 
 
   "Calico is located just five kilometres from Palito, and in recent 
months we have completed terrestrial geophysical and geochemical 
surveys.  Soil geochemistry defined a two kilometre by two kilometre 
anomaly with soil assays as high as 0.8g/t, making this anomaly, in 
terms of scale and signature, very comparable to the geochemical anomaly 
over Palito, which is a 600,000 ounce producing orebody.  Such high gold 
in soil levels remain, to date, rare in the Tapajos.  Given Calico's 
proximity to Palito and the fact that it shares many similar 
characteristics including what seems to be a similar geochemical and 
geophysical signature, we plan to conduct some initial first pass 
drilling during the coming months. 
 
   To view the image of Regional Exploration at the Palito Complex please 
click on this link https://bit.ly/3rMAlvR 
 
   Figure 4 -- Regional Exploration at Palito Complex, showing Palito and 
São Chico, and the Calico and Fofoca prospects. 
 
   To view the detailed image of the Calico/Forquilha/Juca area please 
click on this link https://bit.ly/3rFWbkQ 
 
   Figure 5 -- Detailed Image of the Calico/Forquilha/Juca area showing 
local geology as well as multiple gold and copper geochemical anomalies 
 
   To view the detailed image of Calcio please click on the following link 
https://bit.ly/2Z6eu6r 
 
   Figure 6 -- Detailed image of Calico showing local Geology, Gold and 
Copper Geochemistry as well as terrestrial geophysics -- IP anomalies 
 
   "At Fofoca, the geochemical results from soil sampling delineated 
multiple areas of anomalous gold in soils.  The three-kilometre-long 
gold in soil "Pedro Trend" is interpreted as a strike extension of the 
Fofoca mineralisation in the adjacent tenement.  Multiple gold in soil 
anomalies nearby with similar orientations, suggest parallel mineralised 
structures. 
 
   In addition, the one-kilometre-long gold in soil "Messias Trend" is 
interpreted as a strike extension to the high-grade Messias garimpo in 
the south east of the São Domingos area and also a 1 kilometre by 
1.5-kilometre gold in soil anomaly of more than 30ppb, has been 
identified two kilometres directly west of the Cicada target. 
 
   To view the image of the Sao Domingos soil geochemistry please click on 
this link - 
https://www.globenewswire.com/Tracker?data=5hVF-6Q2D5Nt1l4kmXURpO0FDFOeEWSQ_LUufb17PSdrRxVlszjBE9v7x5Ao9BY0Uie8kGsnkEz1fFMnG0YoEY0FuH65AFs_04_Ji9AB_9U= 
https://bit.ly/3ukG0e6 
 
   Figure 7 - São Domingos gold and multi-element soil geochemistry. 
 
   "Following the successful equity raise in March 2021, we now have funds 
in place to commence the development of the underground mine at Coringa. 
Since March, we have been busy with finalising mobile fleet preparations 
and making the few key initial hires we require.  We are now in 
possession of the necessary explosives storage and blasting permits and 
are hopeful  of starting the portal by mid-year. 
 
   "With respect to permitting, and with the Licença Prévia (LP) 
already in our hands, we are working our way through the conditions 
requested by the State Environmental Agency ("SEMAS") as part of the 
process to secure the Installation License (LI), which is the permit 
required to begin construction.  One of the main conditions is 
geotechnical investigation work of the ground conditions below the 
proposed dry stack tailings pile.  I am pleased to say this drilling is 
underway and Geoestavel, our geotechnical consultants are ready to 
process the results and supply SEMAS with the findings. 
 
   With the successful placing completed during March 2021, raising gross 
proceeds of approximately GBP12.5 million, the Group is now in a very 
strong position and well placed to achieve its 2021 objectives.  We will 
be undertaking an accelerated mine development programme to recover the 
'lost' metres of 2020 and beyond, and this will be accompanied by an 
aggressive mine site and regional exploration drilling programme 
targeting an increase in resource inventories at Palito and São 
Chico, as well as numerous satellite prospects awaiting drilling, 
including São Domingos and Calico. 
 
   As noted in a news release issued on 1 April 2021, the completion of the 
Group's annual audit has been delayed, and therefore the publication of 
the annual financial statements, whilst the Company and its auditors 
make further enquiries regarding undocumented cash withdrawals amounting 
to approximately US$80,000 during 2020.  These enquiries remain on-going, 
and we are unable to provide any further comment until these enquiries 
have been completed. 
 
   On a final note, I must comment on the tragic event which occurred on 9 
March 2021, when an employee working in the Palito mine was involved in 
an accident in an active mining area and was fatally injured. The full 
investigation by all the relevant authorities into the accident remains 
open and at this stage we can only note that it appears that the 
individual was not following the appropriate safety procedures set down 
by the Company.  I had hoped that after significant effort was put into 
Health and Safety training from 2019, which saw a 56% reduction in lost 
time injuries, we would not need to experience such tragic events. To 
try and further minimise the risks of a similar event occurring again, 
the Company has established a Health and Safety Committee which includes 
myself and Roney Almeida (COO) and is in the process of commissioning an 
independent safety audit to review all safety protocols and procedures 
across the entire operation. 
 
   Production Results 
 
   Total production for the first quarter of 2021 was 8,087 ounces of gold, 
generated from the processing of 41,462 tonnes of ore with an overall 
average grade of 6.27 g/t of gold. This processed ore was sourced from 
hard rock mined ore from the Palito and São Chico orebodies, 
supplemented by the processing of 6,108 tonnes of surface stockpiled 
flotation tailings grading approximately 2.2 g/t gold.  Mined tonnage 
for the quarter totalled 40,371 tonnes with a grade of 6.27 g/t of gold. 
Gold production for this quarter represents a 19% and 11% improvement on 
third and fourth quarters of 2020 respectively. 
 
   On 31 March 2020, there were coarse ore stocks of approximately 5,000 
tonnes of ore with an average grade of 2.5 g/t of gold. This stockpile 
continues to be consumed slowly and used as a 'top-up' to ROM ore to 
keep the plant full. 
 
   A total of 3,573 metres of horizontal development has been completed 
during the quarter, of which 1,975 metres was ore development.  The 
balance is the ramp, cross cuts and stope preparation development. 
 
   2021 Production Guidance 
 
   The Company maintains its previously stated guidance that production for 
2021 from the current Palito Complex operations will be between 33,000 
and 36,000 ounces with forecast 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: 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 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 
 
 
 
 
"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. 
------------------  ---------------------------------------------------------------- 
"dacite porphyry    a silica-rich igneous rock with larger phenocrysts 
intrusive"           (crystals) within a fine-grained matrix 
------------------  ---------------------------------------------------------------- 
"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. 
------------------  ---------------------------------------------------------------- 
"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. 
------------------  ---------------------------------------------------------------- 
"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. 
------------------  ---------------------------------------------------------------- 
"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 Resource"  is a concentration or occurrence of diamonds, natural 
                     solid inorganic material, or natural solid fossilized 
                     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. 
------------------  ---------------------------------------------------------------- 
"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 mine 
------------------  ---------------------------------------------------------------- 
"Mo-Bi-As-Te-W-Sn"  Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin 
------------------  ---------------------------------------------------------------- 
"monzogranite"      a biotite rich granite, often part of the later-stage 
                     emplacement of a larger granite body. 
------------------  ---------------------------------------------------------------- 
"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. 
------------------  ---------------------------------------------------------------- 
"Probable Mineral   is the economically mineable part of an Indicated 
Reserve"             and, in some circumstances, a Measured 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. 
------------------  ---------------------------------------------------------------- 
"Proven Mineral     is the economically mineable part of a Measured Mineral 
Reserve"             Resource. A Proven Mineral Reserve implies a high 
                     degree of confidence in the Modifying Factors 
------------------  ---------------------------------------------------------------- 
"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 majority of the assay results reported within this release are 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. 
 
   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 
 
 
 
 

(END) Dow Jones Newswires

April 15, 2021 02:00 ET (06:00 GMT)

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