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Serabi Gold plc: Operational Review of Second Q...
Serabi Gold plc: Operational Review of Second Q....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Serabi Gold plc: Operational Review of Second Quarter 2018For immediate release 23 July 2018Serabi Gold plc(“Serabi” or the “Company”)Operational Review of Second Quarter 2018Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, is pleased to report gold production of 9,563 ounces for the second quarter of 2018 at its Palito Complex high grade gold operation in the Tapajos region of Para State, Northern Brazil. CORPORATE HIGHLIGHTSCompletion of £6.4 million brokered share placement to follow the US$15 million investment made by Greenstone Resource II LP.OPERATIONAL HIGHLIGHTSSecond quarter production of 9,563 ounces of gold.Mine production totalling 36,071 tonnes at 8.12 grams per tonne (“g/t”) of gold. 38,155 tonnes of run of mine (“ROM”) ore processed through the plant from the combined Palito and Sao Chico orebodies, with an average grade of 7.71 g/t of gold.Additional 4,861 tonnes of historical tailings processed through the leaching circuit at a grade of 4.38 g/t of gold. 2,744 metres of horizontal mine development completed during the quarter.Palito development and production continues to focus on the four main sectors of Senna, Pipocas, G3 and Mogno, whilst in the Sao Chico orebody, the main ramp is now close to reaching the next planned level at -15mRL, approximately 280 vertical metres below surface. Production is coming from levels 70 and 56mRL, with levels 10 and -3mRL in development. Step out surface drilling is underway on both the Palito and Sao Chico orebodies with initial drilling results to be released during Q3By the end of the quarter, surface ore stocks were approximately 7,800 tonnes, (March end 2018: 10,200 tonnes) with an average grade of 3.5 g/t of gold, together with approximately 36,000 tonnes of flotation tailings grading approximately 3.0 g/t gold.Mike Hodgson, CEO, said: “We enjoyed an excellent second quarter, producing 9,563 ounces of gold, bringing total gold production for the year to date to 18,750 ounces, remaining well on track to meet our annual production guidance. It has been another quarter of consistency for mined grades, tonnage and plant processing throughput. The mined grades were particularly pleasing increasing from 7.49 g/t in the f...