Drilling Update - High Grade Gold Intersected a...

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

           DRILLING UPDATE - HIGH GRADE GOLD INTERSECTED AT CURRUTELA

Serabi  Mining plc  (AIM:SRB, TSX:SBI  and SBI.WT),  the Brazilian  focused gold
exploration  Company, is  pleased to  announce further  results from its ongoing
Phase  1 discovery drilling campaign at its 100% owned Jardim do Ouro project in
the  Tapajos region.   These results  covering a  total of 7 further drill holes
include  the first 3 holes into the Currutela target area, as well as completion
of  the Piaui  target (as  set out  in the  announcement dated 7 April 2011) and
Panhandle targets.

Drilling  has commenced  at the  Currutela target  area, with  assay results now
received  for three of the holes completed  to date on this target. Drilling has
intersected  multiple zones of hydrothermally  altered granite. These alteration
zones  appear to be very  similar to those hosting  mineralization at the Palito
deposit  which lies  along strike  some two  kilometres to  the northwest of the
Currutela target.

A number of promising assays have been returned to date including:

+---------------------------------------------------------------------------------------+
|                                              Hole                                     |
|Prospect   Hole     East      North      RL   Depth  Dip/Azm   From    To   Width  Au  |
|                                                                                       |
|                    (UTM)     (UTM)    (UTM)   (m)             (m)    (m)    (m)   g/t |
+---------------------------------------------------------------------------------------+
|Currutela PDD0464 635621.41 9300232.70 235.18  251   -59/208  65.41  66.86  1.45  0.40 |
|                                                                                       |
|                                                              184.66 185.42 0.76  5.30 |
|                                                                                       |
|                                                              226.35 227.21 0.86  0.74 |
+---------------------------------------------------------------------------------------+
|Currutela PDD0465 635799.24 9300176.26 216.43  300   -48/024  208.54 210.68 2.14  12.92|
|                                                                                       |
|                                                    including 208.54 209.54 1.00  25.60|
+---------------------------------------------------------------------------------------+
|Currutela PDD0466 635853.56 9300262.83 253.26 275.1  -50/030  182.99 183.58 0.59  1.35 |
|                                                                                       |
|                                                                                       |
+---------------------------------------------------------------------------------------+
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.

The  Company is also pleased  to report it has  also increased drilling capacity
with  a second contracted drill rig now operational at site.  This increase will
accelerate  the  current  8,100m target  testing  drilling  programme  on the 9
integrated  geophysical/geological targets  derived from  the 2008 airborne VTEM
survey  and  2010 ground  geophysical  surveys.   The Phase 1 discovery drilling
programme is scheduled to complete before the end of Q3 2011.


Mike Hodgson, Chief Executive, commented:

"We have eagerly awaited the drill assay results of the Currutela target, as its
geophysical and geochemical characteristics rank it as a very prospective area.
We  are  therefore  very  pleased  to  see  all  of the first three holes record
successful  intersections.  Thirteen  holes in  total are  planned at Currutela,
testing  a series of anomalies, hence it is too early to consider structural and
grade  continuity within  these first  three holes.  Nevertheless the geological
nature  of the intersections appears much the same as the Palito Resource, where
mineralization  has already been established over 1km.  We are therefore looking
forward  to the results from the remainder of the Currutela drill programme.  We
are  also delighted to  have secured a  second rig to  accelerate drilling. With
current demand for drilling contractors given the levels of exploration activity
it  is an excellent achievement.  We remain committed to completing the Phase 1
discovery drilling during Q3".

Assays  have  been  completed  in  respect  of  the final two holes at the Piaui
target,  and the  Phase 1 drilling  here has  now been  completed. The two drill
holes  tested the eastern  strike extension of  the anomaly (PDD0460 & PDD0461),
and   intersected   the  same  mylonitic,  hydrothermally  altered  zone  within
granodiorite,  which  hosted  gold  mineralization  in  the  previous five holes
including  1.93 metres at 22.86g/t and 2.5 metres at 6.22 g/t (as set out in the
announcement  dated 7 April  2011), demonstrating the  continuation of  the host
structure.  However no significant assays were reported from drill holes PDD0460
& PDD0461.

The host structure has been intersected continuously along 450m of strike at the
Piaui  target,  and  remains  open  to  the  east and west. Further trenching is
programmed   along  these  open  strike  extensions,  where  coincident  surface
geochemistry  indicates the  structure is  mineralized. In  addition a follow-up
infill drilling programme, targeted on the shallower portion of this mineralized
structure is anticipated to commence once the initial Phase 1 discovery drilling
of the remaining untested targets is completed.

A  two hole drill  programme was also  undertaken into the  Pan Handle anomalous
geophysical/geochemical  target (PDD0462 & PDD0463). No causative source for the
anomaly was intersected and no significant assays were returned.

The  following table sets out summary data for the Piaui and Pan Handle drilling
described above
+------------------------------------------------------------------------------+
|                                              Hole                            |
|Prospect   Hole     East      North      RL   Depth Dip/Azm From To  Width Au |
|                                                                              |
|                    (UTM)     (UTM)    (UTM)   (m)          (m)  (m)  (m)  g/t|
+------------------------------------------------------------------------------+
|                                                              No significant  |
|Piaui     PDD0460 633201.28 9300357.36 216.61 250.5 -52/028       assays      |
+------------------------------------------------------------------------------+
|                                                              No significant  |
|Piaui     PDD0461 633322.01 9300302.85 219.86  300  -66/022       assays      |
+------------------------------------------------------------------------------+
|Pan                                                           No significant  |
|Handle    PDD0462 633399.28 9300867.07 299.08  126  -60/213       assays      |
+------------------------------------------------------------------------------+
|Pan                                                           No significant  |
|Handle    PDD0463 633559.75 9300750.30 272.21  201   -0.28        assays      |
+------------------------------------------------------------------------------+


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: + 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

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