Coringa Ore Sorter Acquired

Serabi Gold (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, is pleased to announce that it has completed the purchase from the Comex Group of an ore sorter to be used for the Company’s Coringa gold project.

HIGHLIGHTS

The ore sorter being prepared for shipment and is expected to arrive into Brazil before the end of 2023

Capacity is 40 tonnes per hour the same as at Palito and the machine has been designed to a very similar specification. Once operational it will lead to a significant increase in gold production rates with both mines feeding high grade sorted ore into the central Palito plant.

The Company is anticipating that the ore sorter could be operational early in the third quarter of 2024.

Mike Hodgson, CEO of Serabi, commented:

“I have talked to the opportunity for Coringa to double Group production and the ore sorter is an important part in realising this objective. This machine had been set aside for Serabi by the manufacturer, Comex and with the encouragement we are receiving from all stakeholders in support of the project and our strong cash position, the Board has approved this purchase to ensure that we are in the best position to maximise our gold production during 2024.

“We hope to see further progress on the licencing front before the end of the year and be in a position to start the civil works and acquisition of the crushing plant early in 2024. The purchase of the ore sorter is a further commitment by Serabi to invest in the Tapajos region of Brazil and when fully operational we expect Coringa to be a significant employer for the region. If things fall into place as we anticipate, the ore sorter could be operational early in the third quarter of 2024, allowing us to improve the grade of the ore being transported to the Palito Complex for processing and boosting gold production from Coringa in the second half of the year.

"The immediate cash outlay is about €630,000, and we are forecasting a further €250,000 to €300,000 for the importation costs and shipment from Poland to the Coringa site.”

Assay Results

Assay results reported within this release include those provided by the Company's own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognised standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.