Serabi Gold delays Brazilian mine viability study results

Serabi Gold on Monday reported that its independent consultants had requested more time to complete work assessing the economic case for the company's Coringa gold project in Brazil.

The Brazilian focused gold mining and development company said Global Resource Engineering required further time to complete the preliminary economic assessment (PEA) due to the AIM traded company's decision to switch to a dry stacking solution and dispense with a conventional tailings dam, a decision which has impacted on the process flow sheet design.

According to the consultants, the results will be available before the end of August and every effort will be made to deliver them earlier.

Mike Hodgson, chief executive of Serabi, said: "Whilst we had planned for to be able to issue the results of the PEA during this week, we expect the delay in completion will be limited, and look forward to the publication of the PEA results later this month."

Serabi Gold's shares were up 15.64% at 61.00p at 1554 BST.