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Release of Annual Audited Results and Announcem...
Release of Annual Audited Results and Announcem....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\nSERABI MINING plc (\"Serabi\" or \"the Company\")\nAudited Results for the year ended 31 December 2008 and announcement\nof AGM\n\nSerabi Mining plc (AIM: SRB), the gold Company with interests in\nBrazil, today releases audited results for the year ended 31 December\n2008. It also advises that its Annual General Meeting will be held\nat 11.00 am on 18th August 2009 at the offices of Farrer & Co, 66\nLincoln's Inn Fields, London WC2A 3LH. Notice of the AGM is set out\nin the Company's Annual Report which is being mailed to\nshareholders.\n\nAttached to this release is a PDF version of Serabi's Annual Report\nfor 2008 incorporating the full audited financial statements, which\nare also available from the Company's website - www.serabimining.com.\n\n\nThe following information, comprising the Chairman's Review, the\nIncome Statement, the Group and Company Balance Sheets, Group and\nCompany Statements of Changes in Shareholders' Equity and Group and\nCompany Cash Flows, is extracted from these financial statements.\n\n\nCHAIRMAN'S REVIEW\nThe economic environment in which we find ourselves is unprecedented\nin recent times and has led to major new challenges and uncertainty\nfor all, accompanied by regular and sometimes violent swings of\nbusiness sentiment. The speed and severity of the economic downturn\nover the last year required a substantial and rapid response by many\nand for some just in order to survive. We have made every effort to\nfocus on the issues that are within our control and act with caution\nand restraint in planning and decision making.\n\nIn the mining sector, there has been a subsequent partial recovery in\nsome areas, mostly restricted to established producers and\nparticularly those groups with a meaningful exposure to gold, which\namongst the major metals has maintained its value in the face of the\nmarket turbulence.\n\nHowever, market funding remains limited and current investor appetite\nis primarily for lower risk opportunities. With a few exceptions,\nwhat funding has been available in the mining sector for the mid-tier\nand junior companies has been mainly raised in North America and for\ncompanies listed on North American markets.\n\nAgainst this demanding background, since September 2008 Serabi's\nmanagement has been actively looking at opportunities to secure\nenhanced value at Palit...