Update on timing of Preliminary Economic Assessment for the Coringa Gold Project

For immediate release

5 August 2019

Serabi Gold Plc
(“Serabi” or the “Company”)

Update on timing of Preliminary Economic Assessment for the Coringa Gold Project

Serabi Gold Plc (AIM: SRB, TSX: SBI), the Brazilian focused gold mining and development company, advises that its independent consultants, Global Resource Engineering (“GRE”), have requested further time to complete their work and deliver the results of the Preliminary Economic Assessment (”PEA”) of Serabi’s Coringa gold project. The timing has had to be extended following the Company’s decision to switch to a dry stacking solution and dispense with a conventional tailings dam which has impacted on the process flow sheet design. The consultants have undertaken to Serabi that the results will be available before the end of August and will make every effort to deliver them earlier

Mike Hodgson, CEO of Serabi commented:

“Whilst we had planned for to be able to issue the results of the PEA during this week, we expect the delay in completion will be limited, and look forward to the publication of the PEA results later this month.”

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

The person who arranged for the release of this announcement on behalf of the Company was Clive Line, Director.

Enquiries:

Copies of this announcement are available from the Company's website at www.serabigold.com.

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this announcement.

Qualified Persons Statement
The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 26 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognising him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.

Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.

ENDS