Result of EGM

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

 Result of Extraordinary General Meeting and completion of issue of
                 £12.5 million placing of new shares


Serabi Mining plc announces that at the Extraordinary General Meeting
of the Company held on 11 July 2007, shareholders approved all the
ordinary and special resolutions proposed in the notice of meeting
dated 15 June 2007.  As a result all remaining conditions related to
the completion of the share placing, previously announced by the
company have now been met and the Board has authorised the issue of
29,069,768 new ordinary shares which will rank pari passu with the
existing shares in issue.  Application has been made for the new
ordinary shares to be admitted to trading on 12 July 2007.

As a result of  this issue of new  ordinary shares and in  conformity
with the  Transparency  Directive's  transitional  provision  6,  the
Company would like to notify the market of the following:

The Company's capital  consists of 140,139,065  ordinary shares  with
voting rights.

The above figure of 140,139,065 may be used by shareholders as the
denominator for the calculations by which they will determine if they
are required to notify their interest in, or a change to their
interest in, the Company under the FSA's Disclosure and Transparency
Rules.

In his  address  to shareholders,  Mr.  Graham Roberts,  Chairman  of
Serabi stated:

"Our objectives for Serabi have not changed since its inception as  a
private company seven years ago.  We are seeking to build Serabi into
a mid-tier  gold producer  with more  than 200,000  ounces of  annual
production; ensure that  this production  can be  achieved with  cash
costs in  the lower  quartile of  the world's  producers; and  ensure
longer term growth of mineral resources to support this.

We have always envisaged that short-term production growth  potential
would most  likely come  from satellite  deposits situated  in  close
proximity to the existing  Palito Mine, known as  the Jardim do  Ouro
district.   Recent exploration  successes at  the Ruari's  Ridge  and
Chico do Santo projects indicate that this strategy is well founded.

The funds that have  been raised will in  part be used to  fast-track
the detailed  evaluation  of  both of  these  prospects,  potentially
leading to their  near-term development,  with a  view to  increasing
total annual  production to  between 60,000  and 70,000  ounces  gold
equivalent.  At the same time, and to prepare for our next  milestone
of  production  of  100,000  ounces,  we  will  also  accelerate  the
assessment of the wider  Jardim do Ouro district  in order to  target
other mineralised  areas that  we believe  exist and  could form  the
basis for achieving the aforesaid production goals.

The additional cash received will also enable us to introduce further
cost reduction measures and to  allow us to competitively pursue  the
best of the many other projects that we see in the Tapajos and  other
parts of Brazil."


Enquiries

Serabi Mining plc

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

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

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

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

Parkgreen Communications
Clare Irvine                    Tel: [phone]
Shannon Leano                   Tel: [phone]

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