Release of Updated Technical Report

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

                      RELEASE OF UPDATED TECHNICAL REPORT

The  Board of  Serabi Mining  plc, the  AIM-listed gold  exploration company, is
pleased  to advise that NCL  Brasil Ltda ("NCL") has  completed and issued a new
Technical  Report in respect of the Palito  Gold Mine and the surrounding Jardim
do  Ouro exploration tenements.  The report  was commissioned in anticipation of
the  Company's previously announced intention to make a listing application to a
Canadian stock exchange.


Mike Hodgson, Chief Executive, commented:

"This  report is an  update to the  Technical Report issued  by NCL in September
2008.  The  previously declared mineral resources  have not been re-estimated in
light  of the limited mining  and additional drilling on  the Palito mine itself
subsequent  to  the  last  estimation  and  remain  as  Measured  and  Indicated
Resources*  of  224,272 ounces  (gold  equivalent)  and  Inferred  Resources* of
443,956 ounces  (gold equivalent).  The report  has been  prepared in compliance
with  the Canadian regulation NI 43-101 and its completion is a key milestone in
the process for making a listing application to a Canadian stock exchange.

*Note: Serabi owns 100% of the Palito Gold Mine and surrounding Jardim do Ouro
       exploration tenements. Accordingly, gross and net resources are the same.


A  copy of the new Technical Report has  been posted on the Company's website at
www.serabimining.com



Enquiries:

 Serabi Mining plc

 Michael Hodgson                   Tel: [phone]

 Chief Executive                   Mobile: [phone]



 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.


Competent Persons

The  technical information  in this  announcement and  the Technical  Report was
prepared in compliance with the Canadian regulation NI 43-101 in accordance with
the rules of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"),
which is an internationally recognised standard pursuant to the Rules.

The  information in this Stock Exchange  regulatory announcement that relates to
Mineral  Resources has been  compiled by Mr  Rodrigo Mello, MAusIMM, who carried
out  the assignment as a consultant  for the firm NCL Brasil  Ltda, and who is a
member  of the Australasian Institute of  Mining and Metallurgy and a registered
Geologist  with the Regional  Council of Engineering,  Minas Gerais. Mr Mello is
familiar with NI 43-101 and, by reason of education, experience and professional
registration,  fulfils the requirements  of a Qualified  Person as defined in NI
43-101.  Mr  Mello is responsible for the  preparation of Sections 1 to 15, 17,
and  19 to 21 of the Technical  Report. Mr Mello consents  to the publication of
the  Technical Report  and the  inclusion of  the information  contained in this
announcement in the form and context and in which it appears.

Additional  information in this Stock  Exchange regulatory announcement has been
compiled  by Mr Eduardo Rosselot, CEng MIMMM,  who carried out the assignment as
an associate consultant for the firm NCL Ingeniería y Construcción Ltda, and who
is  a  practicing  mining  engineer,  a  Chartered  Engineer and a member of The
Institute of Materials, Minerals and Mining and a professional member of Colegio
de Ingenieros de Chile. Mr Rosselot is familiar with NI 43-101 and, by reason of
education, experience and professional registration, fulfils the requirements of
a  Qualified Person as defined in NI 43-101.  Mr Rosselot is responsible for the
preparation  of Sections 16 and 18 of the  Technical Report and the inclusion of
the  information contained in this  announcement in the form  and context and in
which it appears

Glossary of terms used in the Announcement:

"Mineral  Resource" is  a concentration  or occurrence  of material of intrinsic
economic  interest in or on the Earth's crust in such form, quality and quantity
that  there  are  reasonable  prospects  for  eventual  economic extraction. The
location,  quantity,  grade,  geological  characteristics  and  continuity  of a
Mineral  Resource are known,  estimated or interpreted  from specific geological
evidence   and  knowledge.  Mineral  Resources  are  sub-divided,  in  order  of
increasing   geological   confidence,  into  Inferred,  Indicated  and  Measured
categories.

An  "Inferred Mineral  Resource" is  that part  of a  Mineral Resource for which
tonnage,  grade  and  mineral  content  can  be  estimated  with  a low level of
confidence. It is inferred from geological evidence and assumed but not verified
geological  and/or grade continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes which may be limited or of uncertain quality and reliability.

An  "Indicated Mineral Resource"  is that part  of a Mineral  Resource for which
tonnage,  densities, shape, physical characteristics,  grade and mineral content
can  be  estimated  with  a  reasonable  level  of  confidence.  It  is based on
exploration,  sampling  and  testing  information  gathered  through appropriate
techniques  from locations such as outcrops,  trenches, pits, workings and drill
holes.  The  locations  are  too  widely  or  inappropriately  spaced to confirm
geological  and/or grade continuity but are spaced closely enough for continuity
to be assumed.

 A  "Measured Mineral  Resource" is  that part  of a  Mineral Resource for which
tonnage,  densities, shape, physical characteristics,  grade and mineral content
can  be estimated with a  high level of confidence.  It is based on detailed and
reliable   exploration,   sampling  and  testing  information  gathered  through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and  drill holes. The locations are  spaced closely enough to confirm geological
and grade continuity.


ENDS







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Source: Serabi Mining plc via Thomson Reuters ONE

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