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Monday, 3rd November 2008 (1783 views)

Serabi Mining is currently in talks about a potential takeover deal and confirmed that it has received preliminary approaches.

Located in the Tapajos region of northern Brazil, the company's primary operation is the 100 per cent owned Palito Gold Mine.

"Shareholders of Serabi should be aware that there is no certainty that an offer or other transaction will be forthcoming," the firm said in a statement. "A further announcement will be made in due course."

Gold mining and exploration company Serabi is involved in the evaluation, development and mining of gold deposits in Brazil and reported production of 5,406 gold equivalent ounces for the third quarter of 2008.

The AIM listed firm is planning to return the Palito mine to an extended period of development in order to ensure that it achieves long-term profitability and short-term production opportunities may be extended.

 

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