|By Marketwired .||
|January 17, 2013 02:45 AM EST||
LONDON -- (Marketwire) -- 01/17/13 -- Following the completion of a share placing, which resulted in the issue of 270,000,000 new Ordinary shares in the company and raising of gross proceeds of UK£ 16.2 million, Serabi Gold (AIM: SRB) (TSX: SBI), the Brazilian focused gold exploration and development company announces the following operational update on progress with the development and start-up of gold mining operations at its 100 per cent owned high-grade Palito gold mine, located in Para state.
- Dewatering of the Palito gold mine completed two months ahead of schedule
- Project manager appointed
- Senior mining personnel are arriving at site this month.
- Mining equipment ordered
Commenting on Serabi's recent and planned development work, Michael Hodgson, Chief Executive of Serabi, said, "The board of Serabi is extremely grateful to Fratelli Investments Limited for their support in underwriting the recent share issue. Their investment is a demonstration of their belief in the Palito gold project and the opportunity that the Company has to develop a robust and bigger gold company around this. Serabi has made substantial progress in recent months, and in particular with the dewatering of the Palito gold mine which is now essentially complete, two months ahead of our original schedule. This new funding has already allowed the company to progress towards bringing the Palito mine back into production, which we expect to start before the end of this year."
Since October considerable essential preparatory work has been undertaken at the Palito gold project, of which perhaps the most time-critical was the de-watering of the mine. This task is sufficiently complete that there is access to all the essential previously developed areas of the Palito mine. This is some two months ahead of schedule.
The company has begun the process of recruiting the personnel and acquiring the equipment required to develop the Palito mine. A project manager was appointed in November 2012 and a key team of senior mining personnel is arriving at site this month, initially to commence work on detailed mine planning and optimisation. An initial team of contract mining personnel will also start work during February with mine development activities.
The Company has entered into an arrangement to rent a jumbo drill rig and an underground loader. In the meantime orders for new equipment have been placed and this underground mining fleet is anticipated to be delivered in the second half of the year in time for the scheduled increase in mine development. Contract negotiations are currently being finalised with a contractor who will supply the specialist mining personnel whilst the Company's employees will undertake the ramp and gallery development activities. Engineering studies on the plant rehabilitation are also underway.
All ore that is mined from development activity over the next nine month period will be stockpiled on the surface. The Company intends to establish a sufficiently large, uncrushed, high-grade ore stockpile ensuring that, once the plant is commissioned in the fourth quarter, a guaranteed ore feed for the first few months of processing is available.
The immediate tasks in the mine are to re-establish mine services (power, compressed air supply and ventilation) and to commence work on ramp deepening and gallery development to establish new stoping panels.
On surface, work will be undertaken to overhaul the primary and secondary crushers, the principle ball mill will be refurbished and re-mounted, flotation cells refurbished or replaced and Serabi's management will be looking to optimise the configuration and operation of the Carbon in Pulp circuit and installing additional leaching tanks if necessary.
Exploration activity has been suspended since the early part of 2012 and it is not planned to recommence exploration work until positive cash flow is being realised from the Palito mining operations can be deployed to finance the next stage of exploration. The Company intends to use the cash flow from the mine to fund the resource drilling programme to further evaluate the discoveries made during 2011 at Palito South, Currutela Creek and Piaui. Management envisages a 12 month resource drilling programme at the end of which, the Company would be in a position to generate a new resource estimate upon which a commercial decision regarding the development and subsequent expansion of the production at Palito can be made.
Commenting on potential transaction-based activity, Michael Hodgson, said: "Looking at the bigger picture, the Tapajos region, where the Palito gold mine is situated, is a very exciting and undeveloped gold area. The Palito mine remains the only licenced hard rock mine and we believe that Serabi's ability to generate cash flow and secure the longer term future for the Company places it in a very strong position relative to its peers in the region.
"Serabi's board believes that given current market sentiment towards the junior mining sector for both explorers and producers, it is essential that some consolidation takes place to create a business of sufficient size to be attractive to a wider investment community. With the outlook for gold prices remaining strong the board feels that having production and therefore cash-flow will enable Serabi to be a core part of any such consolidation and at the same time allow the board flexibility to pursue the most value adding strategy for shareholders."
Serabi Gold plc Michael Hodgson Tel: +44 (0)20 7246 6830 Chief Executive Mobile: +44 (0)7799 473621 Clive Line Tel: +44 (0)20 7246 6830 Finance Director Mobile: +44 (0)7710 151692 Email: [email protected] Website: http://www.serabigold.com/ Beaumont Cornish Limited Nominated Adviser Roland Cornish Tel: +44 (0)20 7628 3396 Michael Cornish Tel: +44 (0)20 7628 3396 Fox Davies Capital Ltd UK Broker Simon Leathers Tel: +44 (0)20 3463 5010 Jonathan Evans Tel: +44 (0)20 3463 5010 Blythe Weigh Communications Ltd Public Relations Tim Blythe Tel: +44 (0)20 7138 3204 Rob Kellner Tel: +44 (0)20 7138 3204
Copies of this release are available from the Company's website at www.serabigold.com.
This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent annual information form filed with the Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Qualified Persons Statement
The information contained within this announcement has been reviewed and verified by Michael Hodgson, CEO of the Company. Mr Hodgson is an Economic Geologist by training with over 25 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release.
It's time to face reality: "Americans are from Mars, Europeans are from Venus," and in today's increasingly connected world, understanding "inter-planetary" alignments and deviations is mission-critical for cloud. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, discussed cultural expectations of privacy based on new research across these elements
May. 26, 2015 06:00 AM EDT Reads: 3,390
In today's application economy, enterprise organizations realize that it's their applications that are the heart and soul of their business. If their application users have a bad experience, their revenue and reputation are at stake. In his session at 15th Cloud Expo, Anand Akela, Senior Director of Product Marketing for Application Performance Management at CA Technologies, discussed how a user-centric Application Performance Management solution can help inspire your users with every applicati...
May. 26, 2015 04:00 AM EDT Reads: 4,645
The consumption economy is here and so are cloud applications and solutions that offer more than subscription and flat fee models and at the same time are available on a pure consumption model, which not only reduces IT spend but also lowers infrastructure costs, and offers ease of use and availability. In their session at 15th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed this shifting dynamic with an ...
May. 26, 2015 02:00 AM EDT Reads: 3,131
As enterprises engage with Big Data technologies to develop applications needed to meet operational demands, new computation fabrics are continually being introduced. To leverage these new innovations, organizations are sacrificing market opportunities to gain expertise in learning new systems. In his session at Big Data Expo, Supreet Oberoi, Vice President of Field Engineering at Concurrent, Inc., discussed how to leverage existing infrastructure and investments and future-proof them against e...
May. 26, 2015 02:00 AM EDT Reads: 3,031
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackI...
May. 26, 2015 01:00 AM EDT Reads: 4,387
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT transformation?
May. 26, 2015 12:00 AM EDT Reads: 4,189
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
May. 25, 2015 11:00 PM EDT Reads: 5,921
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
May. 25, 2015 10:00 PM EDT Reads: 6,211
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
May. 25, 2015 09:00 PM EDT Reads: 4,755
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
May. 25, 2015 08:45 PM EDT Reads: 1,364
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
May. 25, 2015 08:00 PM EDT Reads: 1,871
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 25, 2015 07:00 PM EDT Reads: 1,522
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
May. 25, 2015 07:00 PM EDT Reads: 1,325
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
May. 25, 2015 07:00 PM EDT Reads: 5,712
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
May. 25, 2015 06:00 PM EDT Reads: 3,952