BUYING BEGINS @1.75P Growth Equities & Company Research initiated coverage of gold miner Serabi Mining* (SRB) at 1.8p with a 'speculative buy' stance and a 4p price target, noting that the firm recently raised 2.2 million net in a placing and open offer that was over-subscribed by 405%. "The company is now funded to pursue the first stage of an aggressive exploration programme designed to increase the size of the total resource and reserves as a pre-requisite for seeking additional finance to bring its prospects into production," observed analyst Jon Levinson. GE&CR values Serabi on the basis of its existing 668,228 ounces resource. "In the short term, any further strengthening of the gold price and any positive exploration results may improve sentiment and give additional upside but the long term value upside comes from turning "drill dollars" into an increased resource with a higher percentage of Measured and Indicated ounces, which offers the promise that Serabi can indeed establish a mine producing 60,000 ounces or more of gold per annum," concluded GE&CR. Serabi shares finished unchanged at 1.8p.

edging up 1.85p now

...We have valued Serabi on the basis of its existing 668,228 oz resource. Given that it is largely in the indicated category and the mixed track record of the company in this region we have valued it at $25 oz and this together with Serabis net cash position gives a sum of the parts valuation of 12.95 million or 4.3p per share. In the short term, any further strengthening of the gold price and any positive exploration results may improve sentiment and give additional upside but the long term value upside comes from turning drill dollars into an increased resource with a higher percentage of Measured and Indicated ounces which offers the promise that Serabi can indeed establish a mine producing 60,000 oz or more of gold per annum. Our target price is 4.3p and our stance is speculative buy
The article is on www.uk-analyst.com

.

.

yes been in for a while.. looking better since share issue.

.

don't say it.....got to come down.....hope not lol

Market likes latest RNS:

Serabi shares leap 106%
StockMarketWire.com
Brazilian gold explorer, Serabi Mining saw its share price leap more than 100% after the Board announced that it had entered into a share subscription agreement with Eldorado Gold Corporation, a Canadian-based gold producer with existing interests and operations in Turkey, China, Brazil and Greece.

Eldorado has agreed to invest 3.6m in buying 120m new Serabi shares at 3.0p per share to give it a 26.8% stake in the Company.

The proceeds will enable Serabi to extend its current exploration programmes at Palito and support further IP surveys over the remaining VTEM targets.

After early morning trading, Serabi shares were standing at a mid -price of 2.38p - up 106.5% since the market open.