25 May 2012

Grade cheer for Serabi

29/06/2011 Robert Tyerman

Brazil-focused Serabi Mining (SRB) has had more pleasing drilling results at its Jardim do Ouro project in the country's Tapajos region. Assays recently returned from the Currutela target area in the project include 2.24 metres at a pleasing 12.92 grammes of gold per tonne of ore and one metre at an impressive 25.6 grammes a tonne.

The AIM-quoted company, which is also at work at Palito in the same area, has so far achieved encouraging results from two of three targets drilled and has nine more to go before substantially increasing its existing gold resource estimate of 600,000 oz next year. Canadian gold producer Eldorado holds 26 per cent of Serabi, which has $11 million (£6.9 million) in the bank, enough for its present first phase of drilling. 

Serabi shares, which have traded between 41p and 17.5p over the past year, now stand at 28.38p, valuing the company at £18.1 million. They have speculative possibilities.

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Tags: AIM market, Brazil, Eldorado, Gold, Jardim do Ouro

Sector: Mining

Companies: Serabi Gold

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