TIDMSRB
For immediate release
15 May 2017
Serabi Gold plc
("Serabi" or the "Company")
Unaudited Interim Financial Results for the three month period to 31
March 2017 and Management's Discussion and Analysis
Serabi Gold (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and
development company, today releases its unaudited interim financial
results for the three month period ending 31 March 2017 and at the same
time has published its Management's Discussion and Analysis for the same
period.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE MONTHSING 31 MARCH 2017
3 months to 12 months to 3 months to
31 Mar 2017 31 Dec 2016 31 Mar 2016
US$ US$ US$
Revenue 13,173,584 52,593,751 11,679,089
Cost of sales (9,792,350) 32,906,426 (6,689,506)
Provision for impairment of
inventory (220,000) - -
Depreciation and amortisation
charges (1,900,704) 8,384,738 (1,216,727)
Gross profit 1,260,530 11,302,587 3,772,856
(Loss) / profit before tax (33,941) 1,870,179 1,501,304
Profit / (loss) after tax (114,043) 4,430,292 1,347,665
Earnings / (loss) per ordinary
share (basic) (0.016 cents) 0.659 cents 0.195 cents
Average gold price received US$1,204 US$1,245 US$1,165
As at As at
31 Mar 2017 31 Dec 2016
Cash and cash equivalents 3,407,117 4,160,923
Net assets 64,798,397 63,378,973
Cash Cost and All-In Sustaining 3 months to 12 months to 3 months to
Cost ("AISC") 31 Mar 2017 31 Dec 2017 31 Mar 2016
Gold production for cash cost and
AISC purposes 9,861 39,390 9,771
Total Cash Cost of production US$800 US$770 US$662
(per ounce)
Total AISC of production (per US$1,043 US$965 US$858
ounce)
Key Operational Information
SUMMARY PRODUCTION STATISTICS FOR THE FIRST QUARTER
TO 31 MARCH 2017
Quarter Quarter Quarter Quarter Quarter
1 1 2 3 4 Total Total
2017 2016 2016 2016 2016 2016 2015
Horizontal
development
- Total Metres 2,251 2,925 2,941 2,649 2,694 11,209 9,600
Mined ore -
Total Tonnes 36,918 37,546 33,606 43,133 44,579 158,864 135,847
Gold grade (g/t) 10.12 11.02 9.56 9.61 8.94 9.74 9.80
Milled ore Tonnes 46,663 36,615 39,402 42,464 40,485 158,966 130,299
Gold grade (g/t) 7.09 8.58 8.17 8.08 7.60 8.11 8.43
Gold
production
(1) (2) Ounces 9,861 9,771 9,896 10,310 9,413 39,390 32,629
1. Gold production figures are subject to amendment pending final agreed
assays of the gold content of the copper/gold concentrate and gold
doré that is delivered to the refineries.
2. Gold production totals for the first quarter of 2016 include treatment of
4,941 tonnes of flotation tails.
Financial Highlights
-- Cash Cost for the quarter of US$800 per ounce (12 months to 31 December
2016: US$770).
-- All-In Sustaining Cost for the quarter of US$1,043 per ounce (12 months
to 31 December 2016: US$965).
-- Working capital increased by approximately US$0.75 million since 31
December 2016.
-- Cash holdings of US$3.4 million at 31 March 2017.
-- Average gold price of US$1,204 received on gold sales in the first
quarter of 2017.
2017 Guidance
-- Forecast gold production for 2017 expected to be approximately 40,000
ounces.
-- Cost guidance for 2017 of an All-In Sustaining Cost of US$950 to US$975
per ounce.
First Quarter 2017 Operational Highlights
-- Strong first quarter production of 9,861 ounces of gold, on budget and in
line with guidance.
-- Mine production totalled 36,918 tonnes at 10.12 grammes per tonne ("g/t")
of gold.
-- 46,663 tonnes of ore processed through the plant for the combined mining
operations, at a combined grade of 7.09 g/t of gold.
-- 2,251 metres of horizontal mine development completed in the quarter.
-- At Palito, expansion of working areas continues, with development and
production now coming from eight veins from the 25 included in the
geological resource.
-- Test stopes using long-hole mining are underway in the Senna vein, with
good success to date. The Senna vein is showing wider widths,
potentially allowing for an increased level of mechanisation. Four
sublevels are already in development with a new cross cut being
established at the 180 metre relative level ("mRL").
-- At Palito Main Zone, the main ramp has now reached the -50mRL, where the
G3 vein is now under development.
-- At Sao Chico the main ramp has now been deepened to the 56mRL,
approximately 190 vertical metres below surface. Production is coming
from the 140mRL, and with sublevels developed on levels 128mRL, 116mRL,
100mRL, 86mRL and 70mRL, development is well ahead of production.
-- By the end of the first quarter, surface ore stocks were approximately
13,000 tonnes (31 December 2016: 21,000 tonnes) with an average grade of
4.0 g/t of gold.
-- A ground induced polarisation ("IP") survey undertaken at Sao Chico has
identified some excellent targets within 500 metres of the current
operation.
Mike Hodgson, CEO of Serabi commented,
"Following on from a very successful 2016, I am pleased that 2017 has
started with a strong first quarter during which the Group produced
almost 10,000 ounces of gold with a cash cost of US$800.
"Cash holdings are slightly down compared with the end of December 2016
but this is simply a consequence of the timing of receipts from gold
sales and at 31 March 2017 the Group was due approximately US$1.8
million for sales made in March, which would otherwise have improved the
cash position to US$5.2 million compared with US$4.2 million at the end
of December 2016. The overall working capital position of the Group has
improved by approximately US$0.75 million over the last three months.
This improvement also reflects the consumption of some of the surface
stockpiles during the quarter although the release of the costs
associated with these is reflected in our reported operating costs being
slightly higher than in prior quarters. The treatment of this lower
grade stockpiled material also impacted slightly on the overall grades
processed during the quarter.
"Our quarterly operating costs, compared with the same quarter in 2016,
are, in local currency terms, generally tracking well and are also, for
the most part, close to or below our internal forecasts for 2017. The
relative strength of the Brazilian Real compared with the exchange rate
that prevailed in the first quarter of 2016, and even compared with the
average exchange rate for 2016 calendar year masks this. We estimate
that had we experienced the same exchange rate as prevailed for the
first quarter of 2016 our AISC for the first quarter of 2017 would have
reduced by approximately U$170 per ounce. Even considering the average
rate for the 2016 calendar year the effect is approximately US$80 per
ounce.
"We continue to look for improvements in the cost structure to improve
margins but in the longer term increased production and the ability to
spread costs over a larger production base will have the greatest effect
on unit costs.
With this objective, I am keen to re-start the exploration programmes on
both the Sao Chico and Palito orebodies, which were suspended late last
year due to the wet season. The results were very encouraging,
especially at Sao Chico with some excellent new targets identified
within 500 metres of the current operation. Considering the extent of
past artisanal activity in the vicinity, we feel very confident the
programme will bring new discoveries. At Palito the down-the-hole
geophysics programme was completed and we have a number of drill targets
identified which I hope will confirm and prove up the current known
discoveries."
SERABI GOLD PLC
Condensed Consolidated Statements of Comprehensive Income
For the three months ended
31 March
2017 2016
(expressed in US$) Notes (unaudited) (unaudited)
CONTINUING OPERATIONS
Revenue 13,173,584 11,679,089
Cost of sales (9,792,350) (6,689,506)
Provision for impairment of Inventory (220,000) -
Depreciation and amortisation charges (1,900,704) (1,216,727)
Gross profit 1,260,530 3,772,856
Administration expenses (1,241,455) (1,132,200)
Share-based payments (65,620) (123,116)
Profit on sale of fixed assets - 2,568
Operating (loss) / profit (46,545) 2,520,108
Foreign exchange gain/(loss) 46,837 (40,799)
Finance expense (33,817) (978,040)
Finance income 34 35
(Loss) / profit before taxation (33,491) 1,501,304
Income tax expense (80,552) (153,639)
(Loss) / profit for the period from continuing operations
attributable to the owners of the parent(1) (114,043) 1,347,665
Other comprehensive income (net of tax)
Items that may be reclassified subsequently to profit
or loss
Exchange differences on translating foreign operations 1,467,847 4,270,129
Total comprehensive profit for the period operations
attributable to the owners of the parent 1,353,804 5,617,794
(Loss) / profit per ordinary share (basic) (1) 3 (0.016c) 0.205c
(Loss) / profit per ordinary share (diluted) (1) 3 (0.016c) 0.195c
(1) All revenue and expenses arise from continuing operations.
SERABI GOLD PLC
Condensed Consolidated Balance Sheets
As at As at As at
31 March 31 March 31 December
2017 2016 2016
(expressed in US$) (unaudited) (unaudited) (audited)
Non-current assets
Deferred exploration costs 10,234,360 8,767,288 9,990,789
Property, plant and equipment 45,862,328 42,680,815 45,396,140
Deferred taxation 3,313,099 - 3,253,630
Total non-current assets 59,409,787 51,448,103 58,640,559
Current assets
Inventories 6,534,060 9,709,839 8,110,373
Trade and other receivables 2,996,060 5,646,516 1,233,049
Prepayments and accrued income 4,417,677 3,325,117 3,696,550
Cash and cash equivalents 3,407,117 4,410,589 4,160,923
Total current assets 17,354,914 23,092,061 17,200,895
Current liabilities
Trade and other payables 4,713,274 5,045,368 4,722,139
Interest bearing loan 1,371,489 3,812,500 1,371,489
Convertible loan facility - 1,846,605 -
Trade and asset finance
facilities 1,152,298 6,112,688 1,592,568
Derivative financial liabilities - 674,145 -
Accruals 485,765 263,520 635,446
Total current liabilities 7,722,826 17,754,826 8,321,642
Net current assets 9,632,088 5,337,235 8,879,253
Total assets less current
liabilities 69,041,875 56,785,338 67,519,812
Non-current liabilities
Trade and other payables 2,260,691 2,042,840 2,211,078
Provisions 1,904,989 2,083,286 1,851,963
Interest bearing liabilities 77,798 134,657 77,798
Total non-current liabilities 4,243,478 4,260,783 4,140,839
Net assets 64,798,397 52,524,555 63,378,973
Equity
Share capital 5,540,960 5,263,182 5,540,960
Share premium reserve 1,722,222 - 1,722,222
Option reserve 1,404,272 2,481,576 1,338,652
Other reserves 3,273,143 361,461 3,051,862
Translation reserve (29,140,001) (34,956,406) (30,607,848)
Retained earnings 82,688,801 79,374,742 82,333,125
Equity shareholders' funds 64,798,397 52,524,555 63,378,973
The interim financial information has not been audited and does not
constitute statutory accounts as defined in Section 434 of the Companies
Act 2006. Whilst the financial information included in this announcement
has been compiled in accordance with International Financial Reporting
Standards ("IFRS") this announcement itself does not contain sufficient
financial information to comply with IFRS. The Group statutory accounts
for the year ended 31 December 2016 prepared under IFRS as adopted in
the EU and with IFRS and their interpretations adopted by the
International Accounting Standards Board will be filed with the
Registrar of Companies following their adoption by shareholders at the
next Annual General Meeting. The auditor's report on these accounts was
unqualified but did contain an Emphasis of Matter with respect to the
Company and the Group regarding Going Concern. The auditor's report did
not contain a statement under Section 498 (2) or 498 (3) of the
Companies Act 2006.
SERABI GOLD PLC
Condensed Consolidated Statements of Changes in Shareholders' Equity
(expressed in
US$)
Share Other
Share Share option reserves Translation Retained Total
(unaudited) capital premium reserve (1) reserve Earnings equity
Equity
shareholders'
funds at 31
December
2015 5,263,182 - 2,747,415 450,262 (39,226,535) 77,549,321 46,783,645
Foreign
currency
adjustments - - - - 4,270,129 - 4,270,129
Profit for the
period - - - - - 1,347,665 1,347,665
Total
comprehensive
income for
the period - - - - 4,270,129 1,347,665 5,617,794
Share options
lapsed in
period - - (388,955) - - 388,955 -
Warrants
lapsed - - - (88,801) - 88,801 -
Share option
expense - - 123,116 - - - 123,116
Equity
shareholders'
funds at 31
March 2016 5,263,182 - 2,481,576 361,461 (34,956,406) 79,374,742 52,524,555
Foreign
currency
adjustments - - - - 4,348,558 - 4,348,558
Profit for the
period - - - - - 3,082,627 3,082,627
Total
comprehensive
income for
the period - - - - 4,348,558 3,082,627 7,431,185
Transfer to
taxation
reserve - - - 2,690,401 - (2,690,401) -
Shares Issued
in period 277,778 1,722,222 - - - - 2,000,000
Release of
fair value
provision on
convertible
loan - - - - - 1,195,450 1,195,450
Share options
lapsed in
period - - (1,370,707) - - 1,370,707 -
Share option
expense - - 227,783 - - - 227,783
Equity
shareholders'
funds at 31
December
2016 5,540,960 1,722,222 1,338,652 3,051,862 (30,607,848) 82,333,125 63,378,973
Foreign
currency
adjustments - - - - 1,467,847 - 1,467,847
Loss for the
period - - - - - (114,043) (114,043)
Total
comprehensive
income for
the period - - - - 1,467,847 (114,043) 1,353,804
Transfer to
taxation
reserve - - - 221,281 - (221,281) -
Share option
expense - - 65,620 - - - 65,620
Equity
shareholders'
funds at 31
March 2017 5,540,960 1,722,222 1,404,272 3,273,143 (29,140,001) 82,688,801 64,798,397
1. Other reserves comprise a merger reserve of US$361,461 and a taxation
reserve of US$2,911,682 (31 December 2016: merger reserve of US$361,461
and a taxation reserve of US$2,690,401)
SERABI GOLD PLC
Condensed Consolidated Cash Flow Statements
For the three months
ended
31 March
2017 2016
(expressed in US$) (unaudited) (unaudited)
Operating activities
Operating (loss) / profit (114,043) 1,347,665
Net financial expense 13,054 1,018,804
Depreciation - plant, equipment and mining properties 1,900,704 1,216,727
Provision for impairment of inventory 220,000 -
Provision for taxation 80,552 153,639
Share based payments 65,620 123,116
Foreign exchange 99,230 202,883
Changes in working capital
Decrease / (Increase) in inventories 1,470,683 (607,704)
Increase in receivables, prepayments and accrued
income (2,243,810) (26,441)
Decrease in payables, accruals and provisions (891,243) (255,977)
Net cash inflow from operations 600,747 3,172,712
Investing activities
Purchase of property, plant and equipment and assets
in construction (267,915) (520,141)
Capitalised mine development costs (1,086,790) (663,961)
Geological exploration expenditure (2,521) -
Proceeds from sale of assets - 2,568
Interest received 34 35
Net cash outflow on investing activities (1,357,192) (1,181,499)
Financing activities
Draw-down of short-term loan facility - 2,000,000
Receipts from short-term trade finance - 5,150,289
Repayment of short-term trade finance - (6,315,744)
Repayment of finance lease liabilities - (211,728)
Interest paid and finance charges (11,648) (225,396)
Net cash (outflow) / inflow from financing activities (11,648) 397,421
Net (decrease) / increase in cash and cash equivalents (768,093) 2,388,634
Cash and cash equivalents at beginning of period 4,160,923 2,191,759
Exchange difference on cash 14,287 (169,804)
Cash and cash equivalents at end of period 3,407,117 4,410,589
Notes
1. General Information
The financial information set out above does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. Whilst the
financial information included in this announcement has been compiled in
accordance with International Financial Reporting Standards ("IFRS")
this announcement itself does not contain sufficient financial
information to comply with IFRS. A copy of the statutory accounts for
2016 will be filed with the Registrar of Companies following their
adoption by shareholders at the next Annual General Meeting. The full
audited financial statements for the years end 31 December 2016 do
comply with IFRS.
2. Basis of Preparation
These interim condensed consolidated financial statements are for the
three month period ended 31 March 2017. Comparative information has been
provided for the unaudited three month period ended 31 March 2016 and,
where applicable, the audited twelve month period from 1 January 2016 to
31 December 2016. These condensed consolidated financial statements do
not include all the disclosures that would otherwise be required in a
complete set of financial statements and should be read in conjunction
with the 2016 annual report.
The condensed consolidated financial statements for the periods have
been prepared in accordance with International Accounting Standard 34
"Interim Financial Reporting" and the accounting policies are consistent
with those of the annual financial statements for the year ended 31
December 2016 and those envisaged for the financial statements for the
year ending 31 December 2017. The Group has not adopted any standards or
interpretation in advance of the required implementation dates. It is
not anticipated that the adoption in the future of the new or revised
standards or interpretations that have been issued by the International
Accounting Standards Board will have a material impact on the Group's
earnings or shareholders' funds.
These financial statements do not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006.
1. Going concern
On 1 February 2016, the Group announced that, with effect from 1 January
2016, the Sao Chico Mine had achieved Commercial Production. The Palito
Mine has been in Commercial Production since 1 July 2014.
The Directors anticipate the Group now has access to sufficient funding
for its immediate projected needs. The Group expects to have sufficient
cash flow from its forecast production to finance its on-going
operational requirements, to repay its secured loan facilities and to,
at least in part, fund exploration and development activity on its other
gold properties. The secured loan facility is repayable by 31 August
2017 and at 31 March 2017, the amount outstanding under this facility
was US$1.37 million (31 December 2016: US$1.37 million). The Group is
currently in negotiations to increase and extend the terms of its loan
facilities.
The Directors consider that the Group's operations are performing at the
levels that they anticipate, but the Group remains a small scale gold
producer with limited cash resources to support any unplanned
interruption or reduction in gold production, unforeseen reductions in
the gold price, or appreciation of the Brazilian currency, all of which
could adversely affect the level of free cash flow that the Group can
generate on a monthly basis. In the event that the Group is unable to
generate sufficient free cash flow to meet its financial obligations as
they fall due, or to allow it to finance exploration and development
activity on its other gold properties, additional sources of finance may
be required. Should additional working capital be required the
Directors consider that further sources of finance could be secured
within the required timescale.
On this basis, the Directors have therefore concluded that it is
appropriate to prepare the financial statements on a going concern
basis. However, there is no certainty that such additional funds either
for working capital or for future development will be forthcoming and
these conditions indicate the existence of a material uncertainty, which
may cast significant doubt over the Group's ability to continue as a
going concern and, therefore, that it may be unable to realise its
assets and discharge its liabilities in the normal course of business.
The financial statements do not include the adjustments that would
result if the Group was unable to continue as a going concern.
(ii) Use of estimates and judgements
There have been no material revisions to the nature and amount of
changes in estimates of amounts reported in the 2016 annual financial
statements.
(iii) Impairment
At each balance sheet date, the Group reviews the carrying amounts of
its property, plant and equipment and intangible assets to determine
whether there is any indication that those assets have suffered
impairment. Prior to carrying out of impairment reviews, the significant
cash generating units are assessed to determine whether they should be
reviewed under the requirements of IFRS 6 - Exploration for and
Evaluation of Mineral Resources or IAS 36 - Impairment of Assets. Such
determination is by reference to the stage of development of the project
and the level of reliability and surety of information used in
calculating value in use or fair value less costs to sell. Impairment
reviews performed under IFRS 6 are carried out on a project by project
basis, with each project representing a potential single cash generating
unit. An impairment review is undertaken when indicators of impairment
arise; typically when one of the following circumstances applies:
(i) sufficient data exists that render the resource
uneconomic and unlikely to be developed
(ii) title to the asset is compromised
(iii) budgeted or planned expenditure is not expected in the
foreseeable future
(iv) insufficient discovery of commercially viable resources
leading to the discontinuation of activities
Impairment reviews performed under IAS 36 are carried out when there is
an indication that the carrying value may be impaired. Such key
indicators (though not exhaustive) to the industry include:
(i) a significant deterioration in the spot price of gold
(ii) a significant increase in production costs
(iii) a significant revision to, and reduction in, the life of
mine plan
If any indication of impairment exists, the recoverable amount of the
asset is estimated, being the higher of fair value less costs to sell
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money
and the risks specific to the asset for which the estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is
estimated to be less than its carrying amount, the carrying amount of
the asset (or cash generating unit) is reduced to its recoverable
amount. Such impairment losses are recognised in profit or loss for the
year.
Where an impairment loss subsequently reverses, the carrying amount of
the asset (or cash-generating unit) is increased to the revised estimate
of its recoverable amount, but so that the increased carrying amount
does not exceed the carrying amount that would have been determined had
no impairment loss been recognised for the asset (or cash-generating
unit) in prior years. A reversal of an impairment loss is recognised in
profit or loss for the year.
3. Earnings per share
3 months ended
31 March 2017 3 months ended
(unaudited) 31 March 2016 (unaudited)
(Loss) / profit attributable to ordinary shareholders
(US$) (114,043) 1,347,665
Weighted average ordinary shares in issue 698,701,772 656,389,204
Basic (loss) / profit per share (US cents) (0.016) 0.205
Diluted ordinary shares in issue (1) 748,611,772 692,774,989
Diluted (loss) / profit per share (US cents) (0.016) (2) 0.195
1. Assumes the exercise of 49,910,000 share options that were in issue but
not necessarily vested as at 31 March 2017.
2. As the effect of dilution is to reduce the loss per share, the diluted
loss per share is considered to be the same as the basic loss per share
4. Post balance sheet events
Between the end of the financial period and the date of this management
discussion and analysis, there has been no item, transaction or event of
a material or unusual nature likely, in the opinion of the Directors of
the Group, to affect significantly the continuing operations of the
entity, the results of these operations, or the state of affairs of the
entity in future financial periods.
Enquiries:
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: contact@serabigold.com
Website: www.serabigold.com
Beaumont Cornish Limited
Nominated Adviser and Financial Adviser
Roland Cornish Tel: +44 (0)20 7628 3396
Michael Cornish Tel: +44 (0)20 7628 3396
Peel Hunt LLP
UK Broker
Matthew Armitt Tel: +44 (0)20 7418 9000
Ross Allister Tel: +44 (0)20 7418 9000
Blytheweigh
Public Relations
Tim Blythe Tel: +44 (0)20 7138 3204
Camilla Horsfall Tel: +44 (0)20 7138 3224
Copies of this announcement are available from the Company's website at
www.serabigold.com.
Neither the Toronto Stock Exchange, nor any other securities regulatory
authority, has approved or disapproved of the contents of this
announcement.
The Company will, in compliance with Canadian regulatory requirements,
post the Unaudited Interim Financial Statements and the Management
Discussion and Analysis for the three month period ended 31 March 2017
on SEDAR at www.sedar.com. These documents will also available from the
Company's website - www.serabigold.com.
Serabi's Directors Report and Financial Statements for the year ended 31
December 2016 together the Chairman's Statement and the Management
Discussion and Analysis, are available from the Company's website -
www.serabigold.com and on SEDAR at www.sedar.com.
This announcement is inside information for the purposes of Article 7 of
Regulation 596/2014.
GLOSSARY OF TERMS
The following is a glossary of technical terms:
"Au" means gold.
"assay" in economic geology, means to analyse the proportions of metal
in a rock or overburden sample; to test an ore or mineral for
composition, purity, weight or other properties of commercial interest.
"development" - excavations used to establish access to the mineralised
rock and other workings.
"doré - a semi-pure alloy of gold silver and other metals produced
by the smelting process at a mine that will be subject to further
refining.
"DNPM" is the Departamento Nacional de ProduĂ§Ă£o Mineral.
"grade" is the concentration of mineral within the host rock typically
quoted as grams per tonne (g/t), parts per million (ppm) or parts per
billion (ppb).
"g/t" means grams per tonne.
"granodiorite" is an igneous intrusive rock similar to granite.
"igneous" is a rock that has solidified from molten material or magma.
"Intrusive" is a body of igneous rock that invades older rocks.
"on-lode development" - Development that is undertaken in and following
the direction of the Vein.
"mRL" - depth in metres measured relative to a fixed point - in the case
of Palito and Sao Chico this is sea-level. The mine entrance at Palito
is at 250mRL.
"saprolite" is a weathered or decomposed clay-rich rock.
"stoping blocks" - a discrete area of mineralised rock established for
planning and scheduling purposes that will be mined using one of the
various stoping methods.
"Vein" is a generic term to describe an occurrence of mineralised rock
within an area of non-mineralised rock.
Qualified Persons Statement
The scientific and technical information contained within this
announcement has been reviewed and approved by Michael Hodgson, a
Director of the Company. Mr Hodgson is an Economic Geologist by training
with over 26 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,
recognising 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.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be,
forward looking statements. Forward looking statements are identified by
their use of terms and phrases such as "believe", "could", "should"
"envisage", "estimate", "intend", "may", "plan", "will" or
the negative of those, variations or comparable expressions, including
references to assumptions. These forward looking statements are not
based on historical facts but rather on the Directors' current
expectations and assumptions regarding the Company's future growth,
results of operations, performance, future capital and other
expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, business prospects and opportunities.
Such forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to the
Directors. A number of factors could cause actual results to differ
materially from the results discussed in the forward looking statements
including risks associated with vulnerability to general economic and
business conditions, competition, environmental and other regulatory
changes, actions by governmental authorities, the availability of
capital markets, reliance on key personnel, uninsured and underinsured
losses and other factors, many of which are beyond the control of the
Company. Although any forward looking statements contained in this
announcement are based upon what the Directors believe to be reasonable
assumptions, the Company cannot assure investors that actual results
will be consistent with such forward looking statements.
ENDS
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Serabi Gold plc via Globenewswire
http://www.serabigold.com
(END) Dow Jones Newswires
May 15, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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