Business
3rd Quarter Investor Update 2008
3rd Quarter Investor Update 2008.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\nSerabi Mining plc (\"Serabi or \"the Company\") the AIM listed gold\nproduction and exploration company, with operations in Brazil\n(AIM:SRB), announces that it has today issued its 3rd Quarter\nshareholder update.\n\nThe full pdf file can be accessed directly from the Company's website\nwww.serabimining.com\n\nThe highlights of the update are:\n\n- Production of 5,406 gold equivalent ounces for the quarter\n\n- Strategic review indicates the need to return the Palito mine to an\nextended period of development mining in order to achieve stable long\nterm profitability\n\n- Revised mine planning and improved operating margins indicates\nshort term production opportunities may be extended\n\n- Drill results indicate a significant expansion of mineralised\nstructures at Palito\n\n- Detailed assessment of the airborne geophysical survey and other\nrelated exploration results across the Palito district, indicates 66\nanomalies, including 16 high priority zones\n\n- Review of preliminary exploration results at Pison confirms the\nwidespread occurrence of gold and the potential for large areas of\nmineralisation\n\n Palito - Operating Results (1)\n 2008 2007\n Q1 Q2 Q3 YTD YTD\nTotal Mined t 57,542 59,772 64,289 181,603 173,721\n(per day) (632) (657) (699) (663) (636)\nMined Ore t 33,022 34,829 37,519 105,370 138,029\n(per day) (363) (383) (408) (385) (506)\nMilled t 32,479 34,027 35,369 101,875 133,004\n(per day) (357) (374) (384) (372) (487)\nHead Grade g/t 4.52 5.1 4.69 4.77 5.9\nRecovery % 88.97 89 87.4 88.44 90.2\nGold oz 4,217 4,963 4,658 13,838 22,953\nCopper t 85.81 78.97 81.07 245.85 348.8\nGold Equivalent (2) oz 4,985 5,754 5,406 16,144 26,894\n\n\n(1) Provisional (2) Includes Copper and Silver\n\nThe Management Review presented by the Chairman and Chief Executive\nsummarises the quarter as follows:\n\nContinued mining problems experienced during the last quarter have\ndetracted from what has been a successful period on the exploration\nfront.\n\n- New Reserve and Resources statement on 9th July and, for the first\ntime, an ore reserve reported for Palito.\n\n- Exploration around Palito has confirmed significant extensions to\nthe known mineralisation around the Palito Main Zone and Palito West\nareas.\n\n- Detailed analysis of the airborne electromagnetic survey over and\naround the Palito area has highlighted a t...