Statement re lifting of IBAMA suspension

23.09.2010  |  Globenewswire Europe

SERABI MINING plc
("Serabi" or "the Company")

Palito update - IBAMA suspension lifted

The Board of Serabi Mining plc, the AIM-traded gold exploration and production
company, is pleased to announce that it has received a notification from the
Belem office of IBAMA (Instituto Brasileiro do Meio Ambiente e dos Recursos
Naturais Renovaveis), the Federal Environmental Agency, that effective from 21
September 2010, the suspension notice that had been placed on Serabi Mineracao
SA ("SM SA"), the Company's wholly-owned subsidiary and operator of the Palito
Mine has been lifted on the basis that IBAMA is satisfied that SM SA is in
compliance with the terms of its Operating Licence.  IBAMA has acknowledged that
two of the conditions of the Operating Licence, specifically a Cadastro Ambiente
Rural (CAR) and a monitoring programme of flora and fauna have been fulfilled.

Mr Michael Hodgson, Chief Executive of Serabi commented, "this has been a drawn
out process which has been frustrating for management and shareholders but we
are delighted that this uncertainty for the Company has now been removed and
that we can move forward with our plans at Palito.  At this stage IBAMA has not
yet made any formal decision regarding the fine that was originally assessed and
our discussions are continuing, but we understand IBAMA is of the view that the
original proposed fine was unnecessarily severe relative to the alleged
breaches."

"We have been in regular dialogue with our preferred drilling contractor during
this period and will now be seeking from them a date when they will be able to
mobilise to site as they have deployed drilling equipment to other contracts
pending this decision.  We will inform the market of a commencement date for the
initial 7,500 metre Discovery Drilling programme as soon as the timetable can be
agreed with the contractor."

Enquiries:

Serabi Mining plc

Graham Roberts Tel: 01737 773691

Chairman Mobile: 07768 902475



Clive Line Tel: 020 7246 6830

Finance Director Mobile: 07710 151 692



Email: contact@serabimining.com

Website:  www.serabimining.com



Beaumont Cornish Limited
Nominated Adviser and Broker

Roland Cornish Tel: 020 7628 3396

Michael Cornish Tel: 020 7628 3396



Hybridan LLP
Broker

Claire Noyce Tel: 020 7947 4350



Farm Street Communications
Public Relations

Simon Robinson 07593 340107


Copies of this release are available from the company's website
www.serabimining.com.


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Source: Serabi Mining plc via Thomson Reuters ONE


Unternehmen: Serabi Mining plc - ISIN: GB00B074J639