Update on Placing and Issue of further Ordinary...

10 November 2009
                          Serabi Mining Plc
                     ("Serabi" or the "Company")
                          Update on Placing
                  Issue of further Ordinary Shares
                   Application to AIM for trading

Earlier today the Board of Serabi announced that the Company had
placed 139,867,833 New Ordinary Shares (the "Placing Shares") at a
price of 1.5 pence per Ordinary Share (the "Placing Price"). In
addition, the Company issued 5,054,551 New Ordinary Shares to certain
suppliers and consultants in satisfaction of outstanding liabilities
of £77,503 (the "Consultant Shares") and the Company announced its
intention to issue further New Ordinary Shares to the Directors in
settlement of accrued but unpaid remuneration and benefits under the
terms of their existing service contracts amounting to £95,917 at the
Placing Price.

The Board has therefore today allotted 6,394,467 new Ordinary Shares
to the Directors (the "Director Shares") at price of 1.5 pence per
Ordinary Share, representing in aggregate 4.56% per cent. of the
existing issued share capital, which will rank pari passu with the
existing Ordinary Shares, further details of which are set out below:


Director   New Ordinary Shares    Existing   Enlarged   Percentage
           issued in settlement   holding of holding of interest in
           of remuneration  and   Ordinary   Ordinary   Enlarged
           benefits               Shares     Shares     Issued
                                                        Ordinary
                                                        Share Capital
Bill       1,250,000              37,828,617 39,078,617 13.20%
Clough
Mike       1,600,000              90,000     1,690,000  0.57%
Hodgson
Clive Line 1,600,000              343,333    1,943,333  0.66%
Graham     1,944,467              845,834    2,780,301  0.94%
Roberts


In addition, to meet additional market demand pursuant to the
Placing, the Company has issued a further 4,666,667 New Ordinary
Shares (the "Additional Placing Shares") at the Placing Price to
raise a further £70,000 (before expenses).

Application is being made today for the Placing Shares, the
Additional Placing Shares, the Consultant Shares and the Director
Shares (all of which will rank pari passu with the existing Ordinary
Shares) to be admitted to trading on AIM which is expected to
commence on 16 November 2009, following which there will be
296,122,583 Ordinary Shares in issue (the "Enlarged Share Capital").

Enquiries:

Serabi Mining plc
Clive Line, Finance Director Tel: [phone] Mobile: [phone]
Website: www.serabimining.com

Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish / Michael Cornish Tel: [phone]

Farm Street Communication
Simon Robinson Tel [phone]

ENDS

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