Business
2007 Production, 2008 Outlook and New Explorati...
2007 Production, 2008 Outlook and New Explorati....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\n SERABI MINING plc (\"Serabi\" or \"the Company\")\n\n 2007 Production and Outlook for 2008\n\n Discovery of new mineralisation close to the Palito gold mine\n provides new, near term production opportunities\n\nSerabi Mining plc (AIM : SRB) announces that production for the\nfourth quarter of 2007 was 7,069 ounces (gold equivalent), making\ntotal production for the year of 33,963 ounces (gold equivalent).\n\nThe Company also advises that it has recently commenced underground\ndevelopment of newly discovered mineralised structures located\nimmediately east of the Palito Main Zone at its Palito gold mine. At\nthe same time, based on the success of an on-going drill campaign, it\nis developing on-lode exploration drives as part of the next stage of\nevaluation of these new structures. Ore recovered from these drives\nmay be processed during 2008.\n\n\n * Drill results identify new high-grade mineralised structures\n close to the Palito gold mine\n * Mining development has commenced to access and develop those\n veins closest to the Palito Main Zone (\"PMZ\") underground\n operation\n * Follow-up on-lode development will soon be underway to evaluate\n these structures and additional zones further.\n * Improved understanding of local geological controls assisted by\n this discovery will be important in locating additional\n mineralisation across the Palito area.\n\n\n\n2007 Production and Outlook for 2008\n\nProduction for the fourth quarter was 7,069 gold equivalent ounces,\nresulting in total production for the year of 33,963 gold equivalent\nounces. Operating difficulties previously highlighted resulted in\nreduced head grades during 2007 and, as was anticipated, continued\nduring the fourth quarter. This problem is now being resolved\nthrough the introduction of mini-scoops for use in mining\ndevelopment, which is then expected to result in improved development\ngrades. Two of these machines are on order and are now scheduled to\nbe released by the manufacturer in mid-February, following a delay in\nsourcing key components from a subcontractor. This delay has had an\neffect on the timing of the introduction of the revised mining\nmethod.\n\nManagement currently forecasts that following the introduction of the\nrevised mining methods, production for 2008 will rise to between\n40,000 and 45,000 gold equivalent ounces....