Business
Serabi Gold plc : Interim Accounts and Financia...
Serabi Gold plc : Interim Accounts and Financia....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Serabi Gold plc : Interim Accounts and Financial Results for the Second Quarter and Management's Discussion and AnalysisFor immediate release 14 August 2014Serabi Gold plc(\"Serabi\" or the \"Company\")Financial Results for the Second Quarter 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 and six month periods ending 30 June 2014 and at the same time has published Management's Discussion and Analysis for the same periods.Financial and Corporate Highlights - For three and six month periods ending 30 June 2014Commercial production at Palito declared with effect from 1 July 2014.Equity financing closed on 3 March 2014 raising gross proceeds of UK£10 million.Revenues of US$5.2 million recognised in the first six months from sales of approximately 3,900 ouncesCash holdings at 30 June 2014 of US$5.9 million.Operational Highlights - For three and six month periods ending 30 June 2014Successful plant commissioning and production ramp-up at Palito has continued during the second quarter.Gold production of 3,242(1) ounces for the second quarter 2014 and 5,542(1) ounces for the year to date.Total mine ore production for second quarter of 15,808 tonnes @ 11.36 g/t Au. Total milled production for second quarter of 18,645 tonnes @ 8.08 g/t Au. Approximately 3,300 metres of underground horizontal development has been completed in the six months to 30 June 2014. Surface ore stockpile at 30 June 2014 of approximately 13,000 tonnes @ 5.4 g/t Au.At 30 June 2014 more than 32,500 tonnes of flotation tailings stockpiled and awaiting cyanidation treatment, with a grade in excess of 2.0 g/t Au, and contained gold of more than 2,100 ounces.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.Post Period HighlightsCarbon in Pulp leaching circuit completed during July 2014 and commissioning will commence during August 2014.A second ball mill has been installed and tested and has been operational since 20 July 2014. The following link can be used to listen to an interview with Clive Line, Finance Director with BRR Mediahttp...