Vancouver, B.C., March 20, 2012: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) is pleased to announce that its Mexican subsidiary Cia. Minera FB Integral SA de CV, has begun a drilling program that will test high priority gold-silver targets on three properties located in Southern Chihuahua State, Mexico. A total of 3000 to 4000 meters of reverse circulation (RC) drilling will be completed in approximately 25 holes. Drilling has been initiated at the Victoria property where a large scale sediment-hosted gold target has been identified. The drill will then proceed to the Cuates property where a number of locally high grade gold-silver veins and structures have been identified and finally move to the Dorado property, where one to two holes will test a large scale geochemical response.
The Victoria project is located approximately 40 kilometers northwest of Levon Resources Cordero Ag-Pb-Zn deposit. As described in a news release dated January 5th, 2012, the target at Victoria consists of a strong, 50 to 200 meter wide, 2.2 kilometer long, induced polarization (IP) geophysical anomaly associated with outcropping gold-silver mineralization grading up to 2.0 g/t Au, 5.6 g/t Ag over 22 meters and related strongly anomalous arsenic-lead soil geochemistry. Twelve widely spaced RC drill holes are planned to test this large target.
The Cuates property is located on the north edge of the Parral Mining district and was described in a news release dated February 7th, 2012. Since that time, results from an additional 630 surface rock samples have further outlined at least three locally high-grade, gold-silver bearing, deeply oxidized fault structures and quartz vein zones occurring within a 300 by 1100 meter area hosted in an altered diorite intrusion. The principal mineralized structure is defined by ninety samples averaging 2.5 g/t gold, 7 g/t silver collected from multiple, relatively narrow veins and structures occurring within a 600 meter long, 10 to 30 meter wide zone. Seventeen samples collected from this zone exceed 5.0 g/t gold and a grab sample from the eastern end assayed 20.6 g/t gold, 969 g/t silver (cut to 50 g/t silver for purposes of the average reported above). A second target, defined by 45 samples, averages 1.2 g/t gold, 13 g/t silver and 0.5% combined lead-zinc along 400 meters of strike, but does appear narrower than the main structure described above. Rock sampling results also indicate a third mineralized zone located between the two described above as well as additional gold-silver mineralized veins and structures to the west. An initial program of twelve RC holes is planned to test this target.
Finally one to two holes are planned to test a several kilometer long, high-contrast, gold-silver-lead ionic leach soil geochemical anomaly identified in an area of apparent deep overburden on the Dorado property located 35 kilometers northeast of Parral.
“We are very pleased to have commenced drill testing of these high quality precious metals targets,” stated David Moore, President and CEO of Serengeti Resources. “This is an important milestone in our Mexican Altiplano exploration project which we initiated two years ago”.
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its Kwanika copper-gold project and exploring its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia and is conducting exploration for gold-silver deposits in Mexico. Additional information on Serengeti’s projects can be found on the Company’s website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a current working capital position of approximately $3.7 million. Serengeti has 51.1 million shares issued and outstanding or 59.4 million shares on a fully diluted basis.
Quality Assurance/Quality Control
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the Company’s qualified person, David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc. Analytical results reported on here from samples collected by the Company were conducted by Acme Analytical Laboratories Ltd. of Vancouver, BC.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Readers are advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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Serengeti Resources Inc., (tel) 604-605-1300 SIR: TSX.V 34S: FSE