Serabi Gold PLC - Brazilian-focused gold mining and development company - Says 0.13 parts per million of gold were found at the Matilda copper project in Brazil in phase one of drilling. Adds 3,204 metres of diamond drilling have been completed in nine holes at Matilda. Says a further 3,200 metre phase two drilling programme started last month. The Matilda project is being developed as part of an exploration alliance between Serabi and Vale SA.
Chief Executive Officer Mike Hodgson says: "We are very excited about these results and therefore the potential of Matilda. The new drilling results confirm the presence of good grades of copper mineralisation and opens new perspectives for the future of the company. The results demonstrate that the Serabi tenement portfolio is located in a very fertile area of the Tapajos and the limited historic exploration activity provides a significant first mover advantage for the company."
Current stock price: 23.85 pence, down 0.6% on Friday
12-month change: down 16%
By Sabrina Penty, Alliance News reporter
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Serabi (SRB)