CORRECTION NOTICE: Exploration Successes at Pal...

PRESS RELEASE                                   21st November 2007

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

             Accelerated mine development at Palito West
                 following high-grade drill results

Serabi is pleased to announce that the latest campaign of strike and
extension drilling at Palito West has now been completed and has
yielded significant high-grade gold/copper mineralisation.  A
preliminary mine study has determined that the access to Palito West
should be developed from the existing Palito Main Zone ("PMZ")
underground operations rather than using a separate decline portal.

Palito West lies 200m to the south-west of the Palito Main Zone. This
latest round of drilling has confirmed the previously reported
structural continuity within which it has now been shown exists a
high-grade zone of mineralisation extending over 150 metres along
strike and over 150 metres vertically.  It has also confirmed the
existence of a second high-grade zone 40 metres to the south-east and
a third zone some 100 metres to the south-west coincidental with a
large down-hole electromagnetic anomaly.

The Palito West zone has been drilled on an approximate 40 metres x
40 metres grid over 200 metres strike to a vertical depth of 200
metres   The longitudinal section indicates that the high-grade
structure remains open at depth.  A further drilling campaign to
expand the extent of the mineralisation will be undertaken in the
early part of 2008.

Results returned to date include:



 Hole    East    North   Elevation Dip/Az   From    To    Drill    Au    Cu
          (m)     (m)      (mRL)   (local)  (m)    (m)   Interval (g/t) (%)
PDD0343 9894.02 20364.56   1234.92 -45/270  74.65  75.58     0.93  21.4 0.82
PDD0345 9926.16 20325.55   1219.97 -45/270  20.64  21.23     0.59  2.18 0.07
                                           124.45 125.90     1.45  3.95 0.14
PDD0346 9927.19 20325.64   1220.02 -60/270  29.25  29.92     0.67  1.77 0.10
PDD0348 9941.89 20370.02   1238.99 -50/270  13.90  15.72     1.82  3.08 0.01
                                            77.13  78.10     0.97  1.99 0.08
                                            124.9 126.49     1.59  1.36 0.04
                                           133.67 134.38     0.71  20.8 0.39
PDD0349 9865.92 20323.37   1220.94 -45/270  41.72  42.55     0.83  15.6 0.22
PDD0350 9723.02 20211.39   1240.27 -45/90   19.55  21.04     1.49  6.44 0.05
                                            30.01  30.67     0.66  4.13 0.09
                                            45.38  45.90     0.52  2.11 0.01
                                           245.90 246.97     1.07  2.01 0.17
PDD0352 9807.31 20209.77   1222.00 -45/90                         <1g/t
PDD0353 9802.48 20129.62   1221.96 -45/90                         <1g/t
PDD0354 9950.08 20049.09   1213.30 -45/270                        <1g/t
PDD0356 9781.75 19969.45   1207.04 -50/90                         <1g/t
PDD0357 9929.77 20306.98   1213.72 -50/265  16.37  17.26     0.89  29.2 0.25
                                            36.64  37.18     0.54  6.07 0.09
                                            47.97  48.95     0.98  1.68 0.13
                                            96.65  97.16     0.51  5.18 0.43
                                           122.25 124.35     2.10 14.81 0.18
PDD0358 9920.71 20409.77   1245.75 -62/270   8.30   9.28     0.98  1.11 0.02
                                           110.30 110.94     0.64  7.43 0.12
PDD0360 9929.72 20306.53   1213.79 -60/263 165.52 166.56     1.04  41.2 2.00
PDD0362 9939.41 20449.56   1259.09 -50/270  21.67  22.63     0.96  1.95 0.09
                                           108.45 109.28     0.83  55.9 4.50
PDD0363 9966.33 20370.35   1237.90 -50/270  49.97  50.90     0.93  1.50 0.04
                                           178.55 179.24     0.69  3.40 0.85
PDD0364 9950.94  20408.8   1248.11 -60/270 176.69 177.60     0.92  1.35 0.37
PDD0365 9900.20 20253.79   1213.26 -60/267                        <1g/t
PDD0367 9669.83 19870.13   1213.53 -51/91  212.88 213.65     0.77  2.66 0.00
PDD0369 9778.00 20050.15   1218.43 -60/270                        <1g/t

Intercepts calculated using a 0.5g/m Au lower cut, containing maximum
internal waste of 1.2 down hole metres
All samples reported are from half core NQ or BW sized drill core and were
prepared and analysed by SGS Lakefield Geosol Laboratories of Brazil in
accordance with JORC / NI 43-101 compliance guidelines



The preliminary mine design based on these latest results has been
revised and the Company now intends to mine an access from the
existing PMZ ramp allowing the development of the Palito West
mineralisation.

Mr Mike Hodgson, Chief Executive of Serabi, commenting on the results
said that, "Palito West has been taking on a growing importance in
our thinking as the results of this latest campaign have unfolded and
our decision to change the conceptual mine plan is a result of the
excellent results achieved.  This revised plan will permit initial
access to ore at a greater depth and will improve mining efficiency
and flexibility.  The development will intersect the mineralisation
at an elevation of 1150 metres and will involve a cross-cut of some
180 metres.  This work is scheduled for completion by the end of the
first quarter of 2008.  This development plan still provides the
opportunity for rapid future access to the mineralisation of the
Ruari's Ridge prospect.  Our decision to push ahead with this
development is further validated by the recent intersection of
further veins between Palito West and the PMZ.  It is the Company's
intention to evaluate these structures from this underground
development"


Technical and geological information in this report has been read and
approved by Serabi's  Chief Geologist, Mr  Chris Spurway. Mr  Spurway
BSc (Honours) is a graduate of  the University of Sydney in  Geology.
He is a  member of the  AusIMM and has  worked for over  16 years  in
mineral exploration including three years in Brazil.






Enquiries

Serabi             Mining              plc

Graham Roberts       Tel: [phone]
Chairman                   Mobile: [phone]

Clive Line                 Tel: [phone]
Finance Director         Mobile: [phone]

E-mail:                       [e-mail]
Website:                    www.serabimining.com


Numis Securities Limited
John Harrison         Tel: [phone]
James Black           Tel: [phone]

Parkgreen Communications
Simon Robinson     Tel:  [phone]



Notes to Editors

The  Tapajos  region  of  northern  Brazil  encompasses  an  area  of
approximately 100,000  km²,  primarily situated  in  south-west  Para
State.  It has a significant history of alluvial gold production with
estimated gold  production of  some 30  million ounces  having  being
recovered primarily from artisanal workings.

Present in the Tapajos  since 1999, Serabi  has established the  only
'hard rock' mine in the region to date at its Palito gold mine, which
produced 39,197  ounces  of  gold equivalent  in  2006  and  achieved
commercial production at Palito in October 2006

Serabi has a significant exploration programme focused on the Tapajos
region, owns and operates four surface drilling rigs and has its  own
assay laboratory.

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