Business
Interim Results
Interim Results.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Serabi Mining plc\n26 September 2006\n\n\n\nSerabi Mining plc Interim Report 2006\n\n\n\nHighlights\n\n\n\n• Year-to-date production increases to 17,742 ounces gold equivalent from\n 6,009 ounces in 2005, with successive quarterly improvements of 43% and 24% \n for the first two quarters of 2006\n\n• Commercial production imminent at the Palito Gold Mine\n\n• Completion of decline access and increased mechanisation at Palito\n leading to much improved mining rates\n\n• Introduction of grid electricity supply to Palito results in a\n significant reduction of energy costs\n\n• 74% year-on-year increase in total resources at Palito to 825,900 ounces\n gold equivalent\n\n• Successful capital raising of US$4.3 million to finance further\n productivity enhancing initiatives at Palito and acceleration of the \n exploration programme\n\n\n\nReport of the Chairman and Chief Executive\n\n\n\nThe first six months of 2006 have seen a number of important milestones in the\ndevelopment of Serabi.\n\n\n\nA key focus has been to bring the Palito Mine into a state of sustainable\ncommercial production and to this\nend we have now:\n\n• completed a decline ramp which will provide long-term access to ore\n located at depth;\n\n• introduced long-hole stoping operations to improve mining\n productivity;\n\n• connected to the grid electricity system, creating significant\n reductions in power supply costs;\n\n• expanded and enhanced the crushing and milling circuits to improve\n throughput, reliability and plant availability;\n\n• completed expansion of in-house laboratory and geological\n facilities; and\n\n• commissioned two underground drilling rigs to improve ore\n definition and mining efficiency.\n\n\n\nA substantial 74% increase in the Palito mineral resource to 825,900 ounces gold\nequivalent was announced earlier in the year providing a strong foundation for\nfuture mine development. Meanwhile, we have been expanding exploration following\nthe acquisition of two additional surface drill rigs and have now started to\ndeploy some of this capacity on projects outside the Palito Mine, at Jardim do\nOuro and elsewhere in the Tapajos region.\n\n\n\nPalito - operating results (1)\n 2006 Q1 2006 Q2 2006 H1 2005 H1\nMined t 31,555 34,055 65,610 21,442\nPer day 351 374 362 118\nMilled t 25,514 29,851 55,365 22,228\nPer day 2...