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Serabi Gold plc : Financial Results for the Fir...
Serabi Gold plc : Financial Results for the Fir....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Serabi Gold plc : Financial Results for the First Quarter 2014 and Management's Discussion and AnalysisFor immediate release 14 May 2014Serabi Gold plc(\"Serabi\" or the \"Company\")Financial Results for the First Quarter 2014 and Management's Discussion and AnalysisSerabi Gold (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, today releases its unaudited financial results for the three month period ending 31 March 2014 and at the same time has published the Management's Discussion and Analysis for the same period.First Quarter 2014 - Operational HighlightsSuccessful plant commissioning and production ramp-up during the first quarter at Palito.Gold production of 2,300 ounces(¹) for the quarter.End of quarter ore stockpile of 22,000 tonnes at an average grade of over 8.0 g/t.Palito mine development has continued as planned with production of ore from stopes underway.Remediation of the Carbon in Pulp (CIP) leaching circuit commenced.Second ball mill purchased and preparations underway for it to be operational by end of second quarter.Gold production figures are subject to amendment pending final agreed assays of the gold content of the copper/gold concentrate that is being sold to a refinery.First Quarter 2014 - Financial and Corporate HighlightsCash balance at end of quarter of US$11.6 million.Inventories of US$5.9 million including US$1.9 million of copper/gold concentrate awaiting sale.Net Assets at end of quarter US$77.2 million.Commercial Production expected to be declared during second quarter. Revenue and Operation Costs capitalized until Commercial Production achieved.On 3 March 2014 the Company completed the placement of 200 million new ordinary shares and 100 million share purchase warrants raising gross proceeds of GB£10.0 million to finance the next stage of the evaluation and development of the Sao Chico gold project, to provide working capital for the on-going start-up of the Palito gold mine and for general working capital. Mike Hodgson, CEO of Serabi said, \"With a successful first quarter start up at Palito now behind us, we can look forward to the second quarter, where we will see operational throughput achieve long term monthly rates. In the plant, the early acquisition of a second ball, ultimately design...