08:49 AM EDT, 10/07/2024 (MT Newswires) -- Serabi Gold ( SRBIF ) , a Brazilian focused gold mining and development company, was at last look up 8% in Monday afternoon UK trading after announcing results of an updated Preliminary Economic Assessment for its currently producing, 100%-owned Coringa Gold Project located in Para State, Brazil.

Serabi in a statement said the annual production is estimated at 28,000oz in 2025, and then averages 36,000oz per year between 2026 and 2031 with an 11-year mine life until 2034. It cited Average Life of Mine (LOM) All-In Sustaining Cost (AISC) of US$1,241/oz including royalties and refining costs using the Base Case gold price.

At the beginning of 2024, the statement noted, it was decided by Serabi's management to prepare the updated PEA that reflects the company's current operating plan for Coringa. The company commenced development of Coringa in June 2021 and first gold was produced in July 2022, and it said since then 18,458oz have been produced.

"The current operations have materially improved the understanding of the geology, and in particular, the amenability of the deposit to ore-sorting technology," the company said. "This has allowed management to adopt a plan utilising the existing process plant capacity at Palito Complex in preference to the construction of a full stand-alone process plant at Coringa, which is significantly cheaper on initial capital, carries less operational risk and does not compromise the mine development plan or production rates of Coringa."

SBI fell $0.08 or 5.6% on the TSX last Friday.