Business
Serabi Gold plc : Strong fourth quarter product...
Serabi Gold plc : Strong fourth quarter product....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Serabi Gold plc : Strong fourth quarter production to close the yearFor immediate release 18 January 2018Serabi Gold plc(\"Serabi\" or the \"Company\")Strong fourth quarter production to close the yearSerabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, is pleased to report its fourth and final quarter production of 9,337 ounces of gold at its Palito/Sao Chico high grade gold operation in the Tapajos region of Para State, Northern Brazil. HIGHLIGHTSThe acquisition of Chapleau Resources Ltd and its wholly owned 370,000 ounce Coringa gold deposit. Commencement of an initial 8,000 metre surface drill programme at Palito in December 2017.Fourth quarter production of 9,337 ounces of gold.Total gold production for 2017 of 37,004 ounces. Mine production totalling 49,011 tonnes at 8.25 grammes per tonne (\"g/t\") of gold. 43,345 tonnes processed through the plant for the combined mining operations, with an average grade of 7.27 g/t of gold.2,762 metres of horizontal mine development completed in the fourth 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 has now reached level 10mRL, approximately 245 vertical metres below surface. Production is coming from levels 100mRL and 86mRL with levels 70mRL, 56mRL, 40mRL, 26mRL and 10mRL all either developed or in development, nicely ahead of production. By the end of the year, surface ore stocks were approximately 15,000 tonnes, (September 2017: 15,000 tonnes) with an average grade of 3.0 g/t of gold, together with approximately 40,000 tonnes of flotation tailings grading approximately 3.0 g/t gold. Mike Hodgson, CEO, said: \"I think it is fair to say we have enjoyed an exciting end to the year. The acquisition of Coringa has been the highlight of the fourth quarter, this being an asset we had been keen to acquire for some time and one that, I feel, will serve the Company well and bring great value over the coming years. Our day-to-day business is gold production, and I am also very pleased to report a very good final quarter, with over 9,300 ounces of gold produced. \"Overall I am delighted with the ...