Business
Progress Update on Palito Gold Project
Progress Update on Palito Gold Project.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\n SERABI MINING plc (\"Serabi\" or \"the Company\")\n\n update ON PALITO GOLD PROJECT in BRAZIL\n\nSerabi , the AIM-traded gold exploration and production is pleased to provide a\nprogress update on the Company's 100% owned Palito gold project in the Tapajos\nregion of northern Brazil.\n\n·           Geophysical and geochemical exploration programme on 18 targets at\nPalito gold project now underway\n·           Palito district is highly prospective for gold with extensive\nartisanal workings\n·           Objective of expanding gold resources above 1.5 million ounces\n·           Cash on hand year end 2009 of £2.5m\n·           Gold production from small scale surface mining operations\ncontinues\n\nMike Hodgson, Chief Executive comments:\n\"Serabi has developed considerably over the last twelve months, culminating in\nour successful  financing December last year. The Company's prime focus is on\nexpanding the project's hard rock resource to over one and a half million\nounces, from its present 630,000 ounces of gold equivalent. With a reduced burn\nrate, highly prospective targets and an established small scale oxide mining\noperation, Serabi is well positioned to see significant further progress in\n2010. I look forward to updating shareholders on our exploration results in due\ncourse.\"\n\nExploration programme\nIn 2008 the Company undertook an airborne geophysical survey over the Palito\nproject area. The electromagnetic survey combined with other exploration data\ndefined at least eighteen priority targets which exhibit similar geophysical\nresponses to the existing Palito mine area. Fifteen of the targets are within\nthree kilometers of the mine and of these fifteen, seven are situated within the\nCompany's existing mine licence. The remaining targets are located within the\nCompany's surrounding exploration licences. Serabi is focused on exploring these\ninitial eighteen targets for quartz vein and massive sulphide hosted gold\nresources, with the objective of increasi...