Business
Operational update, progress on proposed acquis...
Operational update, progress on proposed acquis....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Operational update, progress on proposed acquisition of Kenai and appointment of new Director For immediate release14 May 2013Serabi Gold plc(\"Serabi\" or the \"Company\")Operational update, progress on proposed acquisition of Kenai and appointment of new DirectorSerabi Gold plc (AIM: SRB, TSX:SBI), the Brazilian focused gold mining and exploration company announces a further operational update on its Palito gold mine, an update on the proposed acquisition of Kenai Resources (\"Kenai\") and the appointment of a new non-executive director.Operational Update The Company is continuing to make good progress with the development and start-up of gold mining operations at its wholly owned high-grade Palito gold mine, located in Para state, Brazil.Highlights:Development mining now underway Ore production from remnant ore blocks underway Development ore stockpile now being generated Two main ventilation raises to surface have been started Reassembly of the primary crushing circuit due for completion by end of the second quarter, 2013 Remediation of flotation circuit due to be completed by end of the second quarter, 2013 Detailed engineering of the milling circuit complete and disassembly and reassembly of the old plant well underway Initial mining fleet on site in February 2013 with further items expected to be commissioned at start of third quarter 2013 Plant commissioning remains on schedule With the arrival of an experienced mine management and technical team during the first quarter, the Company has focused on rehabilitation and underground operational mining activities at the Palito Mine, which included reinstatement of the underground mine services before mine development could commence. Work on the main ramp and gallery development started during this month. The additional mine mobile fleet ordered late last year will begin to arrive at site in the next month, and the by end July 2013, the Company expects to have two new drilling jumbos and three new underground loaders delivered to site. An ore development stockpile is now being generated, which will continue to increase as the plant remediation continues throughout this year. By year end, when the commissioning of the plant is scheduled to commence, the Company anticipates having an ore stock in excess of ...