Serabi Mining , the Brazilian focused gold producer set out a number of goals for 2008 to investors today in a quarterly update. The Company said it believed production of 40-45,000 gold equivalent ounces at an operating cost of less than US$400/ounce was achievable, and that it was working towards building a "sustainable, optimum economic" operation.
A number of changes to the mine plan and equipment had already been introduced, and combined with several new sulphide ore's at Jatoba, Chico da Santa and Ruari's Ridge, the outlook for Serabi is looking better.
In addition to current discoveries and operations, Serabi added that is still had considerable potential for new discoveries and announced that it had recently completed a 6,000 hectare electro-magnetic airborne survey which it hoped would define several new targets. Results from the survey are expected around the end of the first quarter.