Business
Announcement of Interim Financial Results for t...
Announcement of Interim Financial Results for t....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\nPRESS RELEASE - 15  September 2010\n\nSERABI MINING plc (\"Serabi\" or \"the Company\")\n\nAnnouncement of Interim Financial Results for the 6 months to 30 June 2010\n\n\nHighlights\n\n * Eldorado Gold subscribed for 120,000,000 new shares at 3 pence in June 2010\n and have taken a 26.8% interest in the Company\n\n * The IP survey undertaken in first half of the year has yielded nine drill\n targets - a better than expected result\n\n * Cash balances at the end of the period were US$7.2 million\n\n\n\n\n   Overview\n   2010 has so far been a year of relative success, with the identification of\nnine drill targets at Palito and the completion of a share subscription by\nsenior Canadian based gold mining company Eldorado Gold Corporation\n(\"Eldorado\").\n\n   Exploration undertaken in the first half of the year yielded better than\nexpected results, with activity comprising follow-up ground geophysics based on\nthe first twelve of eighteen anomalies identified in the 2008 airborne\ngeophysical survey.  Based on these and other exploration results we are now\nplanning a discovery drill programme that could potentially confirm the presence\nof additional resources in close proximity to the Palito mine.  We believe that\nthis could form the basis for achieving our objective of establishing a minimum\n1.5 million ounce resource in the area.\n\n   Following a subscription agreement that was announced on 16 June 2010,\nEldorado acquired 120,000,000 shares in Serabi, which equates to a 26.8%\ninterest in the Company.  The gross proceeds were £3.6 million, equivalent at\nthe time to approximately US$5.4 million.  Eldorado has also recently completed\nthe acquisition of our near neighbour in the Tapajos, TSX listed Brazauro\nResources Corp for a consideration of approximately C$120 million.  As a result\nof this transaction Eldorado has acquired a 100% interest in the Tocantinzinho\nproject which is located only 70 kilometres to the north-west of Palito.\n Eldorado has subsequently announced that it will be undertaking a\npre-feasibility study (\"PFS\") on the project which it hopes to complete during\nQ4, 2010 and that, subject to the outcome of the PFS and the necessary\npermitting applications, it hopes to be ...