Published: 15:25 10.11.2009 GMT /HUGIN /Source: Serabi Mining plc /LSE: SRB /ISIN: GB00B074J639 Update on Placing and Issue of further Ordinary Shares 10 November 2009 Serabi Mining Plc ("Serabi" or the "Company") Update on Placing Issue of further Ordinary Shares Application to AIM for trading Earlier today the Board of Serabi announced that the Company had placed 139,867,833 New Ordinary Shares (the "Placing Shares") at a price of 1.5 pence per Ordinary Share (the "Placing Price").

In addition, the Company issued 5,054,551 New Ordinary Shares to certain suppliers and consultants in satisfaction of outstanding liabilities of £77,503 (the "Consultant Shares") and the Company announced its intention to issue further New Ordinary Shares to the Directors in settlement of accrued but unpaid remuneration and benefits under the terms of their existing service contracts amounting to £95,917 at the Placing Price. The Board has therefore today allotted 6,394,467 new Ordinary Shares to the Directors (the "Director Shares") at price of 1.5 pence per Ordinary Share, representing in aggregate 4.56% per cent.

of the existing issued share capital, which will rank pari passu with the existing Ordinary Shares, further details of which are set out below:
Director New Ordinary Shares Existing Enlarged Percentage issued in settlement holding of holding of interest in of remuneration and Ordinary Ordinary Enlarged benefits Shares Shares Issued Ordinary Share Capital Bill 1,250,000 37,828,617 39,078,617 13.20% Clough Mike 1,600,000 90,000 1,690,000 0.57% Hodgson Clive Line 1,600,000 343,333 1,943,333 0.66% Graham 1,944,467 845,834 2,780,301 0.94% Roberts
In addition, to meet additional market demand pursuant to the Placing, the Company has issued a further 4,666,667 New Ordinary Shares (the "Additional Placing Shares") at the Placing Price to raise a further £70,000 (before expenses). Application is being made today for the Placing Shares, the Additional Placing Shares, the Consultant Shares and the Director Shares (all of which will rank pari passu with the existing Ordinary Shares) to be admitted to trading on AIM which is expected to commence on 16 November 2009, following which there will be 296,122,583 Ordinary Shares in issue (the "Enlarged Share Capital"). Enquiries: Serabi Mining plc Clive Line, Finance Director Tel: 020 7246 6830 Mobile: 07710 151 692 Website: www.serabimining.com Beaumont Cornish Limited (Nominated Adviser) Roland Cornish / Michael Cornish Tel: 020 7628 3396 Farm Street Communication Simon Robinson Tel 07593 340 107 ENDS ---END OF MESSAGE---
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