Serabi Gold PLC - Brazilian-focused gold mining and development company - Reported a yield of 8,504 ounces of gold in the second quarter ending June 30 in the Tapajos region of Para State, northern Brazil, this was down from 9,020 ounces in the first quarter ending March 31. This brings the year's total yield to date at 17,525 ounces of gold. Serabi said 43,519 tonnes of ore was mined during the quarter at 5.85 grams of gold per tonne, an increase from 42,036 ounces of ore in the first quarter. There was 3,004 meters of horizontal development during the quarter, the highest level of development meters to date, according to the company. The firm also reported its cash balance at end of June was USD9.6 million and its loan from Sprott Resource Lending Partnership of USD7.0 million was paid. These results come after Serabi took Covid-19 precautions such as sending home the elderly as well as those who were not directly involved in gold production. Serabi Gold expects its third quarter to be similar to the second with full year production expected to be between 34,000 and 37,000 ounces.
Current stock price: 84.90
Year-to-date change: up 31%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Serabi (SRB)