Business
Preliminary un-audited results for the year end...
Preliminary un-audited results for the year end....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\nSERABI MINING plc (\"Serabi\" or \"the Company\")\n\nSerabi Mining plc (AIM: SRB), the gold production and exploration Company with\noperations in Brazil, today announces preliminary un-audited results for the year\nended 31 December 2007.\n\nHighlights:\n\n* Strong balance sheet with cash holdings of $18.5 million\n at the end of the year\n* Profit before tax and exploration write downs of\n US$633,273 (2006 loss : US$2.2 million)\n* Average operating expenses in H2 reduced by 2.6% in USD\n terms (16.6% in Brazilian Real terms) against Q4 2006.\n* Introduction of key mining equipment is now underway and\n set to underpin significant production improvements during 2008.\n* Initial results from geophysical survey indicate new\n areas of potential mineralisation and drill targets are being\n assessed.\n\n Commenting on the results, Serabi's Chairman Graham Roberts, noted\n that 2007 had been a challenging year for Serabi despite favourable\n gold and copper prices, largely because of long lead times involved\n in bringing new machinery to the site. With this equipment now\n arriving he was confident that the Company was in a good position\n to deliver on its objectives for 2008.\n\n He went on to say that \"production issues have been well reported\n but despite manufacturing and delivery delays, the first of several\n deliveries of the new mining fleet (two mini-scoops and one\n mini-jumbo drill) have arrived and are now on site. The remaining\n machinery will arrive during the current quarter. We firmly\n believe that this equipment will play a significant role in\n improving production results this year, principally through the\n reduction of mining dilution that hampered our 2007 production. It\n is a testament to the quality of the ore-body that notwithstanding\n the excessive dilution, we were still able to attain a head grade\n of 5.8 g/t through 2007. We also anticipate that following last\n year's exploration success, up to 7 ore-bodies should be in\n production by the end of this year compared with 3 last year,\n providing much greater flexibility. Meanwhile the plant continues\n to perform well with recovery maintained above 90%, despite a 47%\n year on year increase in throughput. Work has already commenced to\n improve throughput further during the second half of 2008.\n\n We have continued to concentrate o...