Serabi Share News (SRB)

Gold developer Serabi Gold delivered good news to its shareholders on Tuesday, after saying that it expected the shortfall in gold production to be quickly recovered in 2015.Total gold production for 2014 was 18,452 ounces of gold, missing group's estimates of 23,000 to 24,000 ounces, the group said, adding it could not process 4,000 ounces worth of flotation tailings in the year while the carbon in pulp plant was being built and commissioned.With the plant now completely operational, the group said it will process 55,000 tonnes of flotation tails up to September and it expects that to make up for the decline in production it reported this year.For 2015, Serabi has indicated it expects to produce around 35,000 ounces of gold."With 18,452 ounces of gold produced in 2014, including over 10,000 ounces in the last four months, we expect 2015 to be a good year for Serabi," said group chief executive Mike Hodgson.In 2014, the mill at the Palito mine in Brazil produced 85,987 tonnes of ore at 8.84g of gold per tonne, while 76,500 tonnes of ore was mined on the site, containing 24,400 ounces of gold.However, Serabi added that not of the contained gold was processed, which led to the group missing its production target by about 4,000 to 6,000 ounces.Serabi shares soared 13.41% to 4.82p at 15:42 on Tuesday.