Serabi Gold sees double digit increases in gold production as company releases Q1 results
May 03, 2024 at 12:09 am IST
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Serabi Gold CEO Michael Hodgson joined Steve Darling from Proactive at our OTC studios in New York City to shared updates on the company's first-quarter highlights, showcasing significant improvements and progress in various areas. Serabi Gold reported a Q1-2024 gold production of 9,007 ounces, marking a notable 12.5% increase compared to Q1-2023 and representing the highest quarterly total reported since 2021. The Coringa project contributed 3,871 ounces of gold production at mined grades of 6.39 g/t gold, while the Palito plant processed a record quarterly total of over 54,000 tonnes of ore.
Hodgson highlighted the successful arrival of a new ore sorter acquired for the Coringa project in Brazil, which has cleared customs and is en route to the site. The company remains on track for the commissioning of the ore sorter in Q4-2024. Additionally, Serabi Gold has initiated work on an updated Preliminary Economic Study at Coringa, which will incorporate revised geological resources, mineral reserves, and economic analyses outlining the planned use of the classification plant and process at the Palito Complex.
Serabi Gold is reiterating its FY2024 consolidated gold production guidance of 38,000 – 40,000 ounces, demonstrating confidence in its operational capabilities and project advancement strategies. These developments underscore Serabi Gold's commitment to delivering value to its stakeholders and maintaining its position as a leading player in the gold mining industry.
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Proactive North America
+1 605-699-8158
na-editorial@proactiveinvestors.com
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Serabi Gold plc is a United Kingdom-based gold mining and development company. The Company is focused on conducting gold mining and exploration in Brazil. It operates the Palito Mining Complex and the Coringa Project, in the Tapajos region of the State of Para. The Palito Mining Complex is formed by approximately 64,707 hectares (ha) of tenements, including 1,150 ha of mining concession. In addition, there are 2,877 ha in mineral exploitation applications, 41,588 ha in mineral exploration licenses, 15,896 ha in three extension requests for exploration licenses and two applications for exploration comprising over 3,196 ha. Palito Mining Complex consists of the Palito and Sao Chico gold deposits in Para State in central north Brazil. Its Coringa Gold Project is located approximately 200 kilometers (km) south of Palito and 70km southeast of the city of Novo Progresso in the State of Para. Its five zones of vein mineralization include Valdette, Galena, Mae de Leite, Meio and Come Quieto.