Business
Statement re lifting of IBAMA suspension
Statement re lifting of IBAMA suspension.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\n SERABI MINING plc\n (\"Serabi\" or \"the Company\")\n\n Palito update - IBAMA suspension lifted\n\nThe Board of Serabi Mining plc, the AIM-traded gold exploration and production\ncompany, is pleased to announce that it has received a notification from the\nBelem office of IBAMA (Instituto Brasileiro do Meio Ambiente e dos Recursos\nNaturais Renovaveis), the Federal Environmental Agency, that effective from 21\nSeptember 2010, the suspension notice that had been placed on Serabi Mineracao\nSA (\"SM SA\"), the Company's wholly-owned subsidiary and operator of the Palito\nMine has been lifted on the basis that IBAMA is satisfied that SM SA is in\ncompliance with the terms of its Operating Licence. IBAMA has acknowledged that\ntwo of the conditions of the Operating Licence, specifically a Cadastro Ambiente\nRural (CAR) and a monitoring programme of flora and fauna have been fulfilled.\n\nMr Michael Hodgson, Chief Executive of Serabi commented, \"this has been a drawn\nout process which has been frustrating for management and shareholders but we\nare delighted that this uncertainty for the Company has now been removed and\nthat we can move forward with our plans at Palito. At this stage IBAMA has not\nyet made any formal decision regarding the fine that was originally assessed and\nour discussions are continuing, but we understand IBAMA is of the view that the\noriginal proposed fine was unnecessarily severe relative to the alleged\nbreaches.\"\n\n\"We have been in regular dialogue with our preferred drilling contractor during\nthis period and will now be seeking from them a date when they will be able to\nmobilise to site as they have deployed drilling equipment to other contracts\npending this decision. We will inform the market of a commencement date for the\ninitial 7,500 metre Discovery Drilling programme as soon as the timetable can be\nagreed with the contractor.\"\n\nEnquiries:\n\n Serabi Mining plc\n\n Graham Roberts Tel: 01737 773691\n\n Chairman Mobile: 07768 902475\n\n\n\n Clive Line Tel: 020 7246 6830\n\n Finance Director Mobile: 07710 151 692\n\n\n\n Email: [email protected]\n\n Website: www.serabimining.com\n\n\n\n Beaumont Cornish Limited\n Nominated Adviser and Broker\n\n Roland Cornish Tel: 020 7628 3396\n\n Michael Cornish Tel: 020 7628 3396\n\n\n\n Hybridan LLP\n Br...