serabi mining plc 
annual report and accounts 2005
serabi mining plc annual report and accounts 2005
serabi mining plc
cleary court 2123 st swithins lane
london ec4n 8ad
tel 44 020 7220 9550
fax 44 020 7220 9555
email contactserabiminingcom
web wwwserabiminingcom serabi mining plc is a gold mining and exploration
company currently focused on the tapajos geological
province of northern brazil the tapajos region is a
major underexplored mineral province from which
artisanal miners “garimpeiros” are thought to have
extracted some 30 million ounces of gold mostly from
alluvial and weathered bedrock deposits since the 
early 1970’s the company has established the first
significant hardrock mining operation in the region at
the 100 owned palito gold mine in addition serabi
has amassed a sizeable land position in the tapajos
where advanced exploration and drilling is currently
underway serabi’s goal is to become a lowcost longlife
multimine producer using the experience at palito as
the guide for further mining developments 
t he d esign p ortfolio
a member of the flathill communications group plc
wwwflathillplccom
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Summary:
 3
serabi mining plc annual report and accounts 2005 1
highlights of fiscal year 2005
01 highlights
02 chairman’s statement
04 chief executive’s statement
09 financial review
10 board of directors
12 the community health safety and the environment
13 directors’ report
19 independent auditors’ report
20 profit and loss account
statement of total recognised gains and losses
21 balance sheets
22 consolidated cash flow statement
23 reconciliation of operating loss to net cash flow 
from operating activities
reconciliation of cash to net funds
24 notes to the financial statements
38 notice of annual general meeting
40 corporate directory
74 increase in resources to 825900 ounces
gold equivalent 
improved resource quality as indicated resources
comprise 90 of total resource
continuing mine development and operating
improvements with an initial 17261 ounces of 
gold equivalent production achieved
process plant upgrade completed leading to
average gold recoveries of between 90 and
95 by year end
plans initiated to achieve higher mining and
process rates in 2006 
successful completion of the company’s initial
public offering on london’s aim market