Serabi Mining , the gold producer focused on Brazil, said that it would produce between 40,000 and 45,000 ounces of gold in 2008.
The Company produced almost 34,000 ounces of gold from its Palito gold mine in 2007, but confirmed that operational difficulties in the past year were now being resolved through the introduction of "mini-scoops" which would help boost head grades at the mill.
Serabi added that it had identified three new high grade, narrow vein structures some 50 to 100 metres east of the Palito Main Zone, the most significant vein having a strike length of 300 metres and still open to the north, south and down dip. Exploration success did not stop their either, with confirmation of additional exploration success which the Company said it would update the market on when it had more detailed information.
Mike Hodgson, CEO of Serabi said:
"Production in 2007 has been disappointing, however, I am confident that following the implementation of a number of initiatives the outlook for 2008 will show significant improvement in performance as we focus on developing sustainable, profitable production and long term growth."