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Ore Reserve and Mineral Resource Update
Ore Reserve and Mineral Resource Update.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n PALITO ORE RESERVE & MINERAL RESOURCE UPDATE\n\nSerabi Mining plc (\"Serabi\" or the \"Company\") announces an update of\nmineral resources at its 100% owned Palito gold mine in Para state,\nnorthern Brazil and, for the first time, reports an ore reserve for\nthe mine.\n\n* Mineral resource of 0.67 million total contained gold\n equivalent ounces established at the Palito gold mine\n* Based on 25 mineralised structures, the resource\n definition has expanded to encompass three new mineralised areas\n discovered during the past year\n* Ongoing exploration demonstrates possible further\n significant extension of a number of the mineralised veins, which\n also remain open\n* Contained within the resource estimate, a total proved\n and probable ore reserve of 187,538 ounces gold equivalent\n established\n* Mineral resource and ore reserve reported in this release\n have been reviewed and verified by the mining consultancy group NCL\n Brasil Ltda\n\nMineral Resources\n\nThe total mineral resource at the Palito mining operation, including\nall categories as at 31st March 2008, has been estimated at 0.67\nmillion ounces of gold equivalent, assuming a 1.0 g/t cut-off. These\nresources are based on extensive surface and underground drilling\ncombined with sampling results from underground development. Within\nthe 0.67 million ounces of mineral resources, 224,300 ounces of gold\nequivalent occur in the higher confidence Measured and Indicated\ncategories, with the balance in the Inferred resource category.\n\nDetails of the resource estimation as at 31st March 2008, are tabled\nbelow with mining depletion up to 31st March 2008 taken into\naccount.\n\nTable 1: Serabi Mining plc Mineral Resource Statement (1) (2) (3)\n(5), as at 31 March 2008\n\nMineral Contained Contained Gold\nResource tonnage Gold g/t Copper % Gold Ounces Equivalent\n Ounces (4)\nMeasured\nResources\nPalito Main 97,448 9.51 0.26 29,793 32,045\nZone (PMZ)\nPalito West - - - - -\n(PW)\nChico da - - - - -\nSanta (CS)\nRuari Ridge - - - - -\n(RR)\nTotal\nMeasured 97,448 9.51 0.26 29,793 32,045\nResources\nIndicated\nResources\nPalito Main 593,175 7.15 0.23 136,417 148,546\nZone (PMZ)\nPalito West 46,844 13.16 0.26 19,825 20,902\n(PW)\nChico da 78,987 5.91 0.23 15,011 16,681\nSanta (CS)\nRuari's Ridge 34,740 4.85 0.22 5,420 6,100\n(RR)\nTotal\nIndicated 753,74...