On April Fools Day, Serabi Gold PLC (LON:SRB)(TSE:SBI) revealed that US$80,000 of cash withdrawals from its bank account lacked documentary support.
Alas, it was no joke.
The company has now revealed that, following further investigation, around US$200,000 is missing and unaccounted for.
The unexplained cash drain stretches back six years, which means that the local forensic accountants recently retained by Serabi will have their work cut out if the company is going to be able to produce financial results ahead of the stipulated date on 30 June.
Two senior Brazil-based managers are being sacked, although the company anticipates there might well be a protracted legal fight.
Separately, Serabi also announced the results of recent drilling at its Palito gold mine in Brazil.
Drilling on the Mogno and Ipe veins has confirmed depth extensions over 100 metres below the lowest mined level at Palito.
Furthermore, step out drilling indicates additional payable ore shoots up to 600 metres along strike in both directions.
Among the notable intercepts were 0.75m grading 39.96 grams per tonne gold, 0.50 metres grading 12.52 grams, and one metre at 51.76 grams.