Drilling result confirms potential structural a...

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

Drilling result confirms potential structural and mineralized continuity of the
                         Palito and Currutela prospects

Serabi  Mining plc  (AIM:SRB, TSX:SBI  and SBI.WT),  the Brazilian  focused gold
exploration  Company, is pleased  to announce results  from a drill hole between
the  Palito and Currutela prospects at its  100% owned Jardim do Ouro project in
the Tapajos region.

Further to the drilling update dated 11 July 2011, assay results have since been
received  for drill hole PDD0470,  a drill hole spaced  300 metres to the south-
east  of the last known  intersection of the Palito  gold deposit and 900 metres
north-west   of   the  closest  Currutela  drill  hole  (PDD0469)  targeting  an
interpreted  structural lineament  potentially hosting  both prospects. Drilling
intersected  multiple  zones  of  hydrothermally  altered  granite,  similar  to
previously reported Palito and Currutela intercepts, at down-hole depths between
84 metres and 102 metres.

The  bulk mineralised zone  returned 17.06m @ 1.17g/t Au  from 84.25 metres down
hole depth, equivalent to a vertical depth of approximately 65 metres.

A   number  of  promising  assays  were  returned  using  Serabi's  intersection
calculation criteria, including:
+------------------------------------------------------------------------------+
|                                     Hole                                     |
| Hole     East      North      RL   Depth   Dip/Azm   From    To   Width  Au  |
|                                                                              |
|          (UTM)     (UTM)    (UTM)   (m)              (m)    (m)    (m)   g/t |
+------------------------------------------------------------------------------+
|PDD0470 634661.32 9300795.13 201.01 145.55  -49/217  84.25  85.01  0.76  1.14 |
|                                                                              |
|                                                     89.50  93.82  4.32  1.58 |
|                                                                              |
|                                           including 90.98  91.86  0.88  5.25 |
|                                                                              |
|                                                     97.78  101.31 3.53  2.89 |
|                                                                              |
|                                           including 100.70 101.31 0.61  10.90|
+------------------------------------------------------------------------------+

Note:  Assay intercepts are calculated based on a minimum weighted average grade
of 0.5g/t Au using a 0.5g/t Au weighted average lower cut and a maximum internal
waste  interval of 1.2m. All assays were completed by EcoTech Laboratory using a
30gm Fire Assay charge with an AAS analysis.

As  reported  by  the  Company  in  its  announcement  dated  23 May 2011, a re-
interpretation  of the  structural setting  of the  Palito deposit and near mine
environment   using  re-processed  aeromagnetic  data  was  recently  completed.
Particular  emphasis was  placed on  the fault  and lineament architecture.  The
results of this review were sufficiently encouraging to undertake a single drill
hole,  PDD0470, to  test the  predicted continuity  of the Palito host structure
along  a  south-east  trending  strike  extension towards the Currutela prospect
where a discovery drill programme has been underway since May.

This  drilling  result  indicates  that  the  host  structures can be reasonably
interpreted  from the aeromagnetic data and the Company intends to use this data
to  identify  other  potential  target  areas  in  its  tenements and well as in
prioritising existing target areas.



Mike Hodgson, Chief Executive, commented:

"This  is an excellent result  and lends support to  our initial theory that the
Palito  and Currutela prospects could be hosted in a single structure that could
bear  mineralization  over  some  three  kilometres.   Furthermore,  as the bulk
intersection was at some 65 metres vertical depth, it is an encouraging sign for
open  pit mining potential in the area.  Not only is this hole 900 metres north-
west  of Currutela and some 300 metres south-east of the last known intersection
at  Palito, it  is also  750m south-east of  the limit  of Palito's 650,000 gold
ounce  mineral resource inventory, which clearly  opens up the possibility of an
infill drilling programme.

We are also very encouraged that, from the reprocessed aeromagnetic data, we can
interpret  other structural lineaments which coincide  with those areas where we
have  received  positive  results  from  our  airborne  and  surface geophysical
targets.   This  positive  drill  result  gives  us  greater  confidence  in the
potential  for discovering mineralization  when these prospects  are drilled and
will  also assist  with the  planning, and  we would  hope the success, of these
drill programmes.

We  intend to  undertake further  Induced Polarisation  ("IP") work to the north
west  of the  Currutela prospect  to extend  the surface geophysical coverage in
this  area  and  continue  to  improve  our  understanding of the geology before
undertaking further drilling of this potential strike extension."

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]



 Fox Davies Capital Ltd
 UK Broker

 Simon Leathers                    Tel: [phone]

 Jonathan Evans                    Tel: [phone]



 Farm Street Communications
 Public Relations

 Simon Robinson                    Tel: [phone]



 Fig House Communications
 Investor Relations

 Rebecca Greco                     Tel: + 1 416 822 6483



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

[HUG#1531078]