Operations

Overview

Serabi’s principal asset is the 100% owned Palito Gold Mine which has been in operation since late 2003. The Palito Gold Mine is an underground mine extracting high-grade, gold-copper veins.  Production in 2006 totalled 39,197 ounces of gold equivalent with cash costs for the fourth quarter reported at $252 per ounce of gold equivalent.  Whilst 2007 production is targeted to result in a small increase over 2006 levels, planned escalation in the evaluation of areas immediately surrounding the Palito Gold Mine should facilitate near term expansion of production to achieve annualised rates of 60,000 and 70,000 ounces gold equivalent. 

The company has an extensive land position in the Tapajos Region of approximately 273,000 hectares which represents an increase of 165% since our listing in May 2005.