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Serabi Gold (TSX:SBI) leaps first hurdle in Coringa licensing process
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  • Serabi Gold (SBI) has reported improving fourth quarter production from its activities in the Tapajos region of Para State, Northern Brazil
  • Fourth quarter gold production totalled 7,254 ounces, a small improvement on the third quarter
  • December 2020 production exceeded 3,000 ounces, the company's best monthly result since the end of April 2020
  • The company's annual gold production topped 32-thousand ounces
  • Serabi Gold remains unchanged with shares trading at C$1.46 per share

Serabi Gold (SBI) has reported improving fourth quarter production from its activities in the Tapajos region in Northern Brazil.

The company mined a total of 46,275 tonnes during the quarter, at 5.24 grams of gold per tonne.

Fourth quarter gold production totalled 7,254 ounces, a small improvement on the third quarter.

That resulted in an annual total of 32,003 ounces.

Gold production in December of 2020 exceeded 3,000 ounces, the best monthly result since the end of April 2020.

The company anticipates that production for 2021 from the current Palito Complex operations will be between 33,000 and 36,000 ounces with production in 2022 then increasing to approximately 45,000 ounces.

"It goes without saying that 2020 has presented unique challenges, so in that context producing 7,254 ounces in the final quarter to bring annual gold production for the year to over 32,000 ounces was a success," said CEO Michael Hodgson.

"I think we can see the benefits of a return to normality and can look forward to 2021 with great optimism. The gold not produced during 2020, has not been lost.  It still remains in the ground and will therefore be produced in the future and with the continued strength of the gold price may generate better revenues," he added.

Headquartered in the United Kington, Serabi Gold is an exploration and production company involved in the evaluation and development of deposits in Brazil.

Serabi Gold remains unchanged with shares trading at C$1.46 per share at 12:10pm EST on January 15.

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