reported its highest annual gold production recorded in a company update on Tuesday.
The AIM and TSX listed Brazilian gold mining and development company, revealed that production in the fourth quarter of 2020 was 10,223 ounces of gold.
It produced 40,101 ounces for the year, within its initial guidance, and provided a full year production guidance for 2020 of between 45,000 and 46,000 ounces of gold.
Shares in Serabi Gold were trading 1.32% higher at 77p during Tuesday morning trading
Mike Hodgson, CEO, commented: “This was another excellent quarter, with over 10,000 ounces produced and resulting in the Company having annual production in excess of 40,000 ounces of gold for the first time in our operational history.”
“With the plant operating at full capacity the increased production and the operational consistency throughout the year is extremely satisfying”
Mr. Hodgson added: “With drilling continuing at Sao Chico and more permitting progress with Coringa, I look forward to reporting further positive news in the coming months.”
Serabi Gold also reported year-end cash holdings of US$14.3 million in the update.
The company also mentioned that it anticipates the receipt of the preliminary license at Coringa after public hearing on February 6 2020.
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Dave Wall, Managing Director of 88 Energy, said: "The decision by the Board to raise additional funds at this time was for several reasons, namely: unsolicited demand for investment at a premium to the most recent placement in September 2019; and a subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program.”
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