LONDON (ShareCast) - (ShareCast News) - Shares in Serabi Gold shone on Monday as the company reported solid resource and reserve estimates for its Tapajos mining and processing operations in Brazil.
The AIM-listed shares were up 10% to 3.44p as Serabi revealed proven and probable mineral reserve for the Palito and Sao Chico ore-bodies of 182,000 ounces of gold, which would support more than four years' worth of production.

The company said mineral reserves for the Palito ore-body are estimated at 157,000 ounces of contained gold (613,000 tonnes at an average diluted gold grade of 7.99 grammes per tonne (g/t).

Mineral reserves for the Sao Chico ore-body are estimated at 24,000 ounces of contained gold (90,000 tonnes at an average diluted gold grade of 8.43 g/t).

Measured and Indicated mineral resources for the Palito ore-body increased by 31%, compared with the previous resource estimation of June 2012, to 271,000 ounces of contained gold with a further Inferred mineral resource of 177,000 ounces of contained gold.

Measured and Indicated mineral resources for Sao Chico ore-body increased by 44%, compared with the October 2012 resource estimation, to 36,000 ounces of contained gold with an additional inferred mineral resource of 54,000 ounces of contained gold.

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