AGM Statement

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

                                 AGM Statement


Serabi  Mining plc  (AIM:SRB, TSX:SBI  and SBI.WT),  the Brazilian  focused gold
exploration  Company, advises that at 2.00pm today (UK time), it will be holding
its Annual General Meeting.

The following is the text of the statement that will be made by Michael Hodgson,
the Chief Executive of the Company:

"This  time  last  year  the  investment  made  by Eldorado Gold Corporation was
somewhat   overshadowed  by  the  suspension  notice  served  on  our  Brazilian
subsidiary  for alleged environmental infringements.  This notice occurred as we
were  about to embark on the initial  drilling programme.  Whilst the matter was
successfully  resolved, with the suspension lifted  and the fine removed, it did
create delays in the commencement of the programme by approximately six months.

Whilst  this was  frustrating for  all stakeholders,  the programme  is now well
underway and I, along with my fellow directors, am very pleased with the results
to  date.  I think it is fair to say  that the results have so far, exceeded our
expectations.    This has been  a very encouraging  start to our  overall aim of
discovering additional gold deposits in the immediate Palito Mine vicinity, with
the  initial goal  of increasing  the Company's  existing total mineral resource
inventory  to  1.5 million  ounces.   The  close  proximity of the targets under
investigation  means that  any such  mineral resource  inventory could easily be
incorporated into the existing Palito production infrastructure.

Our  intention on completion of this  first phase exploration programme, funding
dependent,  will be to  move straight to  Phase 2 which will  involve infill and
extension  drilling on the best discoveries with the objective of establishing a
revised  resource estimate.  With drill rigs in short supply I do not want to be
forced  to release our current rigs and risk further delays and any cessation of
drilling.

In  addition to increasing the mineral resource at Palito, we are also trying to
establish  a pipeline of exploration targets within our tenements.  Whilst these
may be slightly further afield from the Palito Mine, I would like to stress that
the  areas  under  investigation  are  all  within 25km of Palito; and therefore
should  exploration success  follow, such  targets could  feasibly be  part of a
larger  Palito  production,  using  the  production  facilities and valid mining
licenses that are in place.  The cornerstone of our exploration success over the
past  2 years at Palito has  been an airborne geophysical  survey flown in 2008
over  the immediate 6,000 Ha enveloping the Palito deposit.  The survey included
aeromagnetics  and electromagnetics (VTEM).  Based on  this success, we took the
opportunity  of flying a  further airborne geophysical  survey earlier this year
extending the surveyed area and have identified a further series of targets.  We
will  want to follow these up with  further ground based exploration work and in
the fullness of time the best of these would be subjected to drill testing.

We  have also  integrated and  re-processed the  magnetic data  from this latest
airborne geophysical survey and the similar 2008 survey and the results have had
a  significant impact  on our  structural interpretation  of the  Jardim do Ouro
project  area.  As a result, we now believe the structural zone hosting the main
Palito  deposit could well be  substantially longer than originally interpreted,
possibly  extending as far  to the south-east  as the Currutela target currently
being  drilled.  The  re-interpretation also  suggests a  number of sub-parallel
trending lineaments also exist.  These also exhibit substantially greater strike
lengths  than first  thought.  We  are keen  to test  the theory that Palito and
Currutela  are in fact  two parts of  a continuous structure  which could extend
over  some three  kilometers and  are looking  to drill this potential extension
zone.

The  Company has changed much over the last  few years but is well positioned to
capitalise on its exploration success.  With the shares now listed on the TSX as
well  as AIM we have extended our access and flexibility in the capital markets.
We  believe  that  introducing  and  increasing awareness amongst North American
investors  will have a positive impact on the Company's investor base which sees
the  value upside  that Serabi  provides to  shareholders. This value is derived
from  not just  the existing  resources and  exploration potential  but also the
physical  location of its tenements, their close proximity to infrastructure and
workforce,  the existing plant and facilities  already established at Palito and
most  importantly the requisite permits already  being in place.  With continued
exploration  success, we would hope that this value upside will in time manifest
itself in the share price.

With this transition and the appointment of three new non-executive directors at
the  end of March 2011, Mr. Graham Roberts,  who until then had been Chairman of
Serabi  since its inception in 2004, has elected to step down from the Board.  I
would  like to  thank Graham  for all  his dedication  and efforts over the past
seven  years and I know that he will continue to be an enthusiastic supporter of
Serabi  in the future.   Mr.  Sean Harvey was appointed  as Chairman on 30 March
2011.

The  next eighteen months promises to be an interesting time for the Company and
I  hope that our work will be  rewarded with some good exploration results which
will  in  turn  allow  us  to  start  looking  at the re-establishment of mining
operations."




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]



 Hybridan LLP
 UK Broker

 Claire Noyce                      Tel: [phone]



 Farm Street Communications
 Public Relations

 Simon Robinson                    Tel: [phone]



 Fig House Communications
 Investor Relations

 Rebecca Greco                     Tel: [phone]



Copies of this release are available from the Company's website at
www.serabimining.com


Forward-looking statements
This press release contains forward-looking statements. All statements, other
than of historical fact, that address activities, events or developments that
the Company believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding the estimation of mineral
resources, exploration results, potential mineralization, potential mineral
resources and mineral reserves) are forward-looking statements. Forward-looking
statements are often identifiable by the use of words such as "anticipate",
"believe", "plan", may", "could", "would", "might" or "will", "estimates",
"expect", "intend", "budget", "scheduled", "forecasts" and similar expressions
or variations (including negative variations) of such words and phrases.
Forward-looking statements are subject to a number of risks and uncertainties,
many of differ materially from those discussed in the forward-looking
statements. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, without
limitation, failure to establish estimated mineral resources, the possibility
that future exploration results will not be consistent with the Company's
expectations, the price of gold and other risks identified in the Company's most
recent annual information form filed with the Canadian securities regulatory
authorities on SEDAR.com. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any forward-
looking statement.


Qualified Persons Statement

The  information  contained  within  this  announcement  has  been  reviewed and
verified  by Michael Hodgson,  CEO of the  Company.   Mr Hodgson  is an Economic
Geologist by training with over 25 years' experience in the mining industry.  He
holds  a  BSc  (Hons)  Geology,  University  of  London,  a  MSc Mining Geology,
University  of Leicester and is a Fellow of the Institute of Materials, Minerals
and  Mining  and  a  Chartered  Engineer  of  the  Engineering  Council  of  UK,
recognizing him as both a Qualified Person for the purposes of Canadian National
Instrument  43-101 and by the AIM Guidance Note on Mining. Oil and Gas Companies
dated March 2006.


Quality Assurance and Quality Control Procedures Disclosure

The  Company has  implemented and  maintains a  Serabi quality assurance/quality
control  (QA/QC)  protocol  at  its  JDO  Project  as defined in its "NI 43-101
Technical  Report for the Jardim Do Ouro  Project, Para State, Brazil" dated 22
December  2010.  This ensures best industry practice in sampling and analysis of
exploration and resource definition samples.  The insertion of field duplicates,
certified  standards and blank samples  into the sample stream  form part of the
Serabi  procedure (these act as an independent check on contamination, precision
and accuracy in the analytical laboratory).

Assay results are reported once rigorous QAQC procedures have been approved


Neither  the  Toronto  Stock  Exchange,  nor  any  other  securities  regulatory
authority, has approved or disapproved of the contents of this news release.


ENDS







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Source: Serabi Mining plc via Thomson Reuters ONE

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