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Serabi Gold commissions mine development at Coringa

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(Kitco News) - Serabi Gold (TSX:SBI), the Brazilian-focused gold mining and development company, today announced the start-up of mining development at the company's wholly owned gold project at Coringa.

The company said that Coringa is located 200km south of Serabi's current gold operation at Palito and represents a strategically important asset for Serabi that will upon reaching full production double the group gold production.

Serabi added that the development of the mine portal began in late July, to reach the Serra zone, one of three main zones at Coringa. Blasting into hard rock is now well underway and the company anticipates intersecting the Serra orebody in mid-October.

CEO Mike Hodgson said, "This is a very important milestone for the company in achieving our mid-term objective of becoming a 100,000-ounce gold producer. With permits in place to commence the mining operation, I am delighted to see mine development underway."

Serabi Gold is a gold exploration and production company involved in the evaluation and development of gold deposits in Brazil. The company's primary interests are its 100% owned Palito Mining Complex and the recently acquired Coringa gold project both located in the Tapajos region of northern Brazil.  

Combined gold production from the Palito Mining Complex is currently approximately 40,000 ounces per annum, whilst the Coringa project, when in production, is forecast to produce an average of 38,000 ounces per annum, the company said.

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