ENP Newswire -
Release date- 27082014 -
Development work at Sao Chico is now progressing well.
An approximately 20 metre deep 'cutback' has been excavated in the unconsolidated saprolite surface material.
The excavated soil has been used to remediate much of the historical artisanal workings adjacent to the planned underground mine.
With hard granodiorite bedrock exposed, hard rock blasting is now underway.
Five additional veins 'outside the current geological resource' discovered during the cutback excavation.
Dedicated mining fleet already at site and ready to be deployed.
Initial camp for workforce close to completion.
The following link can be used to see the latest operational update video at Sao Chico from Serabi's CEO,
The mine portal is now being established in the bedrock and is scheduled for completion before the end of September. To date extraction of softer saprolite material has been by 'free digging' and in the last month the Company has secured arrangements to be able to commence blasting.
With underground development and a surface drill programme planned to be underway during the fourth quarter of this year, the Company intends to provide shareholders with an updated geological resource for Sao Chico by the end of the first quarter of 2015.
'I am delighted to say that this week we commenced hard rock blasting, which is a new milestone, and we anticipate having the portal established and the underground ramp underway by the end of September, with a view to reaching the first mineralized veins in November. 'The first mining equipment dedicated for Sao Chico is already at site, and ready for use. From the resource perspective, we hope to be in a position to issue an updated geological resource by the end of the first quarter of 2015.
This will be achieved with a surface drilling programme, which we plan to start in the fourth quarter of this year, supplemented by geological data obtained from the development of underground workings over the coming months. The potential in the immediate area around the current Sao Chico resource continues to look very promising. In establishing the cutback we have identified five new vein structures parallel to, and slightly to the north of, the current geological resource.
With the second ball-mill now operating at Palito, some 25kilometres away, we remain on course to see the first development ore from Sao Chico being delivered to the Palito process plant before the end of 2014'.
Tel: +44 (0)20 7246 6830
Tel: +44 (0)20 7246 6830
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', 'should' ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions.
These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company.
Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
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