Filing of Final Prospectus, C$4.95 million fina...

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

                           FILING OF FINAL PROSPECTUS
           PROPOSED C$4.95 MILLION FINANCING AND CHANGES TO THE BOARD

Serabi Mining plc the AIM-traded gold exploration company, is pleased to
announce that, further to its announcement on 11 February 2011 that it had filed
a preliminary prospectus with the securities regulators in Canada, the Company
has today filed with the relevant Canadian securities authorities a final
prospectus (the "Prospectus") ahead of the proposed listing of its shares on the
Toronto Stock Exchange ("TSX") subject to fulfillment of the remaining listing
conditions of the TSX.  The Ordinary Shares will continue to be admitted to
trading on AIM.

A  copy of the Prospectus has been posted  on SEDAR at www.sedar.com and is also
available to be viewed on the Company's website at www.serabimining.com.

Concurrent  with the proposed  listing of its  ordinary shares (the "Shares") on
the Toronto Stock Exchange (the "TSX"), the Company is also planning to issue up
to  9 million units to raise gross proceeds  of up to C$4.95 million (equivalent
to approximately £3.10 million).

The  Company has engaged Fraser Mackenzie Limited  as its broker in Canada, who,
on   a   reasonable  best  efforts  basis,  will  be  offering  the  units  (the
"Offering").   Each unit (a "Unit")  will be comprised of  one new Share and one
half  of  a  share  purchase  warrant  entitling  the holder of each whole share
purchase  warrant (an "Offering  Warrant") to subscribe  for one new  Share at a
price  of $0.75  at any  time from  the closing  date of  the Offering  until 2
December  2010 .  Each Unit  has been priced  at 55 cents (equivalent  as of 23
March  2011 to  34.40 pence).  The  TSX  has  given conditional approval for the
Shares  to  be  admitted  to  trading  on  the TSX, subject to completion of the
Offering  and it  is currently  anticipated that  the Offering  will close on or
about  30 March 2011 (the  "Closing"). It  is intended  that the proceeds of the
Offering  will be used  to further the  Company's current exploration programmes
and for general working capital purposes.

Eldorado   Gold  Corporation  ("Eldorado")  and  Greenwood  Investments  Limited
("Greenwood"),  who respectively are interested in 26.7% and 20.0% of the issued
Shares  of the Company, have  both indicated that they  will be participating in
the  Offering. As both Eldorado  and Greenwood are each  interested in more than
10 per  cent of the Company's  issued share capital, and  as the Offering is not
being  made on a  pre-emptive basis, any  participation by Eldorado or Greenwood
would  be  a  related  party  transaction  for  the purposes of the AIM Rules. A
further announcement will be made in due course in accordance with the AIM Rules
should Eldorado or Greenwood participate as indicated in the Offering.

The  Prospectus will also qualify (for the purposes of Canadian regulations) the
distribution of 10,070,000 units ("SW Units") of the Company, each SW Unit being
comprised  of one Share and  one-half of one share  purchase warrant (each whole
share purchase warrant a "SW Warrant"), issuable for no additional consideration
on  the exercise  or deemed  exercise of  10,070,000 special warrants  that were
issued  by the Company on 2 December 2010 ("Special Warrants").  The Shares that
will  be issued  on exercise  will therefore  be freely tradeable. Upon Closing,
these  special warrants will be automatically exercised on behalf of the holders
into  10,070,000 new Shares and 5,035,000 share  purchase warrants entitling the
holder  of each whole share purchase warrant to subscribe for one new Share at a
price  of 75 cents at  any time from  the closing date  of the Offering until 2
December 2012 (the "SW Warrants").

The  new Shares to be issued  pursuant to the Offering and  the new Shares to be
issued  pursuant to the exercise of the Special Warrants will rank pari passu in
all  respects  with  the  existing  Shares  including  the  right to receive all
dividends and other distributions declared, made or paid after the date of their
issue and application will be made for the new Ordinary Shares to be admitted to
trading  on AIM.  Assuming  that the Offering  is fully subscribed and following
the exercise of the Special Warrants, there will be 63,968,529 Shares in issue.

The Company will also be applying to list all of the 4,500,000 Offering Warrants
and the 5,035,000 SW Warrants on the TSX.

The  Company is also proposing that immediately following the Closing that three
new  non-executive Directors  will be  appointed to  its board of directors (the
"Board"), being Mr. T. Sean Harvey, Mr. Melvyn Williams and Dr. Doug Jones.  The
Company  also announces that Mr. William Clough,  the founder of the Company has
stepped  down from  the Board  with immediate  effect.  The  Board expresses its
gratitude  to  Mr.  Clough  who  was  Chief  Executive  of the Company since its
formation  until September 2007, for his dedicated service to Serabi.  Mr Clough
will continue to make himself available to the Company and provide assistance in
a technical and business development capacity.

Terence  Sean Harvey, 51, has over 20 years  experience in the mining sector and
has held senior executive and board positions with various mining companies. Mr.
Harvey  was  President  and  CEO  of  Orvana  Minerals Corp. from 2005 to 2006.
Previously,  he was President  and CEO of  TVX Gold at  the time of  its sale to
Kinross Gold in 2003 and, subsequent to that, was President and CEO of Atlantico
Gold,  a private company involved  in the development of  the Amapari Project in
Brazil  that was sold  to Wheaton River  Minerals Ltd. (presently Goldcorp Ltd).
Mr. Harvey also currently sits on several other mining company boards, including
Allied  Gold Limited, an ASX, TSX and AIM listed gold exploration and production
company.

Douglas  (Doug) Alan  Jones, 56, is  a geologist  with 34 years of international
exploration,  exploration  management  and  consulting  experience in the mining
industry.  Between 2003 and 2007 Dr. Jones  served as Vice President Exploration
(non-board)  for Golden Star Resources,  responsible for world wide exploration.
Before  that he was  Chief Geologist, New  Business South America  at Delta Gold
Limited.  Dr Jones  is currently  the Managing  Director of  ASX and  TSX listed
Chalice  Gold Mines Limited and a  non-executive director of ASX listed Liontown
Resources  Limited.  He is also  a non-executive director of  TSX and AIM listed
Minera  IRL Limited,  a Latin  American precious  metals mining, development and
exploration  company and a  former director of  TSX, AIM and  ASX listed company
Moto Goldmines Limited.

Melvyn (Mel) Williams, 62, is the Chief Financial Officer (non-board) and Senior
Vice President of Finance and Corporate Development of Brigus Gold, a TSX listed
mid-tier  gold producer with  projects in Ontario,  Saskatchewan, Mexico and the
Dominican  Republic. From  2000 to 2003, Mr  Williams served  as Chief Financial
Officer  of TVX Gold, which  merged with Kinross Gold  in 2003. Mr. Williams has
over  30 years of  financial experience  and currently  serves as an independent
director  of Andina  Minerals, a  TSX listed  Chilean gold  exploration company.


The  directorships held by Mr  Harvey, Dr Jones and  Mr Williams in the previous
five years are as follows:

Proposed Director:        Current:                   Former:

Terence Sean Harvey       Allied Gold Limited        Australian Solomons Gold

                          Andina Holdings Inc        Manicouagan Minerals Inc.

                          Andina Minerals Inc        Moto Goldmines Ltd

                          Perseus Mining Limited     Nord Resources Corporation

                          Sarama Resources           Orvana Minerals Corp.

                          Victoria Gold Corp.        Polaris Geothermal Inc.





Douglas (Doug) Alan Jones Minera IRL Limited         Bogoso Holdings

                          Chalice Gold Mines Limited Caystar Holdings

                          Chalice Gold Mines         Caystar Management Holdings
                          (Eritrea) Pty Ltd

                          Chalice Operations Pty Ltd Golden Star Exploration
                                                     Holdings

                          Keren Mining Pty Ltd       Golden Star Resources
                                                     (Ghana) Limited

                          Sub Sahara Resources       Moto Goldmines Limited
                          (Eritrea) Pty Ltd

                          Universal Gold Pty Ltd     Moto Goldmines Australia
                                                     PTY Ltd

                          Western Rift Pty Ltd       Wasford Holdings

                          Liontown Resources Limited





Melvyn (Mel) Williams     Andina Minerals Inc.       -

                          Nickel Mountain Resources
                          AB



Mr Harvey currently holds 100,000 special warrants of Serabi.  Neither, Dr.
Jones or Mr. Williams has any interests in the share capital of Serabi. There is
no further information on Mr. Harvey, Dr. Jones or Mr. Williams required to be
disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for
Companies.



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]



 Fraser Mackenzie Limited
 Canadian Broker

 JC St-Amour                       Tel: [phone]



 Hybridan LLP
 UK Broker

 Claire Noyce                      Tel: [phone]



 Farm Street Communications
 Public Relations

 Simon Robinson                    Tel: [phone]



 Fighouse 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 includes certain forward-looking statements. All statements,
other than statements of historical fact, included herein, including without
limitation, statements regarding the future plans and objectives of Serabi, are
forward-looking statements that involve various known and unknown risks and
uncertainties as well as other factors. Such forward-looking statements are
subject to a number of risks and uncertainties that may cause actual results or
events to differ materially from current expectations, including delays in
obtaining or failure to obtain required regulatory approvals. There can be no
assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements.
Any forward-looking statements speak only as of the date hereof and, except as
may be required by applicable law, Serabi disclaim any obligation to update or
modify such forward-looking statements, either as a result of new information,
future events or for any other reason.

Qualified Persons Statement

The  information  contained  within  this  announcement  has  been  reviewed and
verified  by Michael Hodgson as required by the AIM Guidance Note on Mining. Oil
and Gas Companies dated March 2006.  Michael Hodgson is an Economic Geologist by
training with 20 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






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Source: Serabi Mining plc via Thomson Reuters ONE

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