Business
2nd Quarter Investor Update
2nd Quarter Investor Update.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n For immediate\nrelease\n 30 July 2009\n\n SERABI MINING plc\n (\"Serabi\" or \"the Company\")\n\n\n Release of Investor Update for Quarter 2\n\nSerabi announces that it has today issued its Investor Update in\nrespect of the second quarter of 2009 ending 30 June 2009.\n\nHighlights and operating results reported for the quarter were:\n\n\n * Production of 1,802 ounces of gold for the quarter from surface\n oxide mining\n * Continued positive operational cash flow for the year to date\n * Potential for the identification and continued mining of oxide\n gold deposits at Palito - with approval for a US$250,000 surface\n oxide drilling programme\n * Continued reduction in overheads\n * Geophysical targets at Palito provide principal focus for future\n exploration to increase resources\n\n\n\n\n Palito - Operating Results (1)\n 2009 2008\n Q1 Q2 YTD YTD\nMilled t 17,580 19,151 36,731 66,506\n(per day) (197) (210) (203) (365)\nHead Grade (2) g/t 3.78 3.09 3.42 4.82\nRecovery % 92.3 94.7 93.6 89.0\nGold (3) oz 1,973 1,802 3,775 10,738\n\n\n(1) Provisional (2) Ore feed to the process plant (3) For 2008\ngold production Includes copper and silver credits\n\nThe following is the text of the Investor Update. A copy of the\nInvestor Update can be accessed by following the link in this news\nrelease and is also available from the company's offices or from the\ncompany's website - www.serabimining.com.\n\nMANAGEMENT REVIEW\n\nThe second quarter of 2009 (\"Q2\"), saw continued positive cash-flow\nfor the Palito Operation. Gold production from surface oxide ore\nsources continued much as reported in the first quarter of 2009, with\n1,802 ounces produced during Q2. For the year to date this means\nthat production has met the costs of the Brazilian operation, a\nconsequence of the previous dramatic reduction in overheads, a\ncontinued strong US dollar gold price and a favourable Brazilian Real\nto US dollar exchange rate over the period.\n\nConsidering the continued, albeit very modest success of surface\nmining and gold production at Palito, the Directors have approved a\nUS $250,000 surface oxide drilling programme with the objective of\ntesting a series of anomalies, that it is hoped can be readily turned\ninto mineable oxide deposits. Initial results from this programme\nshould be available by the Q3 2009 update.\n\nThe surface go...