Award of Options

Award of options The Company announces that the board of directors of Serabi (the "Board") has agreed to award in aggregate 1,130,000 new options over ordinary shares to its Directors (representing 1.77% of the current issued share capital of 63,968,529 ordinary shares). The options are exercisable at C$0.60, equivalent to approximately UK£0.37 per ordinary share, which compares to the closing mid- market share price in London of 28.5 pence per ordinary share on 27 May 2011. The option awards are as follows: Director Number of new options over Ordinary Shares Mike Hodgson 250,000 Clive Line 250,000 Sean Harvey 200,000 Melvyn Williams 200,000 Doug Jones 200,000 Graham Roberts 30,000 The options have been granted under the Serabi Mining 2011 Share Option Plan (the "2011 Plan") which the Company adopted on 28 January 2011.  The options granted will vest in three equal tranches, with one-third vesting and being exercisable immediately on award, one-third vesting on the first anniversary of the award and the remainder vesting on the second anniversary of the award and the options will lapse three years after the date of the award. The Board has made further option awards to other eligible participants of the 2011 Option Plan representing a further 500,000 new options over ordinary shares also with an exercise price of C$0.60 (approximately UK£0.37) and with the same vesting and expiry periods. Enquiries: Serabi Mining plc Michael Hodgson Tel: 020 7246 6830 Chief Executive Mobile: 07799 473621 Clive Line Tel: 020 7246 6830 Finance Director Mobile: 07710 151692 Email: contact@serabimining.com Website:  www.serabimining.com Beaumont Cornish Limited Nominated Adviser Roland Cornish Tel: 020 7628 3396 Michael Cornish Tel: 020 7628 3396 Hybridan LLP UK Broker Claire Noyce Tel: 020 7947 4350 Farm Street Communications Public Relations Simon Robinson Tel: 07593 340107 Fig House Communications Investor Relations Rebecca Greco Tel: + 1 416 822 6483 Copies of this release are available from the Company's website at www.serabimining.com. Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release. ENDS This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Serabi Mining plc via Thomson Reuters ONE [HUG#1519970]