Filing of Preliminary Prospectus in Canada

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

                   Filing of preliminary prospectus in Canada

Serabi  Mining, the AIM-traded gold exploration company, advises that further to
its announcement of 3 December 2010 which stated it was seeking a listing of its
shares  on a  recognized Canadian  stock exchange,  the Company  has now filed a
preliminary  prospectus  ("the  Preliminary  Prospectus")  with  certain  of the
securities  regulators in Canada.  The Preliminary Prospectus remains subject to
comments  by the securities regulators and  potential amendment, but will be the
basis  for a final prospectus that will qualify the distribution of the ordinary
shares  and  ordinary  share  purchase  warrants  issuable  on  the  exercise of
10,070,000 previously  issued special warrants  (the "Special Warrant Offering")
also  announced by the  Company on 3 December  2010.  The preliminary prospectus
will  also to qualify the distribution of additional securities that the Company
has  previously advised it may issue at  the time that it completes the proposed
listing of its shares.

The  Special Warrant Offering was  completed on a private  placement basis on 2
December  2010. Fraser Mackenzie Limited  acted as the  Canadian placement agent
for  the Special  Warrant Offering.  Each whole  ordinary share purchase warrant
issuable  on exercise  of the  special warrants  is exercisable for one ordinary
share  at a  price of  $0.75 at  any time  prior to  5:00 p.m. (Toronto time) on
December  2, 2012.  As part of  the conditions of  the Special Warrant Offering,
the Company undertook to obtain a listing of its shares in Canada before 1 April
2011.  The  Company  at  this  stage  expects  that  it will be in a position to
fulfill this condition.

The ordinary shares will continue to be listed and traded in the UK on AIM.


EXPLORATION STATUS

Drilling  activity is on-going at Palito and, as previously advised, the Company
expects to announce results from each of the nine target drilling areas for each
discrete  area as soon as its has received and interpreted all results from that
area.   The Company still hopes that first  results will be available before end
of the first quarter.

The  previously announced 8,000 hectare  helicopter borne VTEM  survey was flown
and  completed during January and  the Company is waiting  for the contractor to
review, verify and collate the various data files gathered, before being able to
pass   this   information  to  the  Company's  own  geophysical  consultant  for
interpretation  and  correlation  with  other  geological  data that the Company
holds.



CAUTIONARY STATEMENT
In  accordance with Canadian practice the  Preliminary Prospectus has been filed
on  the  System  for  Electronic  Document  Analysis and Retrieval ("SEDAR") the
mandatory  document and filing system for  Canadian public companies.  It should
be  noted that whilst the Preliminary Prospectus is required to be made publicly
available under Canadian securities legislation, under securities regulations in
the  UK  it  would  not  be  normal  practice  for a document in the form of the
Preliminary   Prospectus   to  be  made  publicly  available.   The  Preliminary
Prospectus  has not become final  for the purpose of  the sale of any securities
and  the  information  contained  within  the  Preliminary Prospectus may not be
complete  and may have to  be amended.  No reliance  therefore may be placed for
any   purpose  whatsoever  on  the  information  contained  in  the  Preliminary
Prospectus  or on  its completeness  and neither  the Company, its Directors and
officers  or its professional advisers accept  any liability for any information
or  opinions contained therein.  The offering of  securities contemplated by the
Preliminary  Prospectus remains subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory approvals.

As  the  Preliminary  Prospectus  is  available  on SEDAR, under AIM Rule 26 the
Company is required to make available the Preliminary Prospectus on its web-site
www.serabimining.com.   Any  party  accessing  the Preliminary Prospectus should
note  the disclaimers contained therein in particular  in relation to the use of
the Preliminary Prospectus and its distribution to investors in the UK.



FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.  More particularly, this
press   release  contains  statements  concerning  the  offering  of  securities
contemplated by the Preliminary Prospectus, the exercise of the Special Warrants
and  the  listing  of  the  Company's  shares  in  Canada,  The  forward-looking
statements  are based  on certain  key expectations  and assumptions made by the
Company.  Although the Company believes that the expectations and assumptions on
which  the forward-looking statements  are based are  reasonable, undue reliance
should  not be placed on the  forward-looking statements because the Company can
give  no assurance  that they  will prove  to be correct.  Since forward-looking
statements  address  future  events  and  conditions,  by their very nature they
involve   inherent   risks  and  uncertainties.   Actual  results  could  differ
materially  from  those  currently  anticipated  due  to a number of factors and
risks. The  forward-looking statements contained in  this press release are made
as  of  the  date  hereof  and  the  Company  undertakes no obligation to update
publicly  or revise any forward-looking statements  or information, whether as a
result  of new  information, future  events or  otherwise, unless so required by
applicable securities laws.


Enquiries:

 Serabi Mining plc

 Clive Line                        Tel: [phone]

 Finance Director                  Mobile: [phone]



 Email: [e-mail]

 Website:  www.serabimining.com



 Beaumont Cornish Limited
 Nominated Adviser

 Roland Cornish                    Tel: [phone]

 Michael Cornish                   Tel: [phone]



 Fraser Mackenzie Limited
 Canadian Broker

 JC St-Amour                       Tel: [phone]



 Hybridan LLP
 UK Broker

 Claire Noyce                      Tel: [phone]



 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

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