Vancouver, B.C., March 4th, 2011: Serengeti Resources Inc. – (SIR: TSX-V; 34S-FSE) Serengeti reports that it has filed on Sedar an independent NI 43-101 technical report outlining the updated resource estimate for its 100% owned Kwanika copper-gold property in British Columbia and also announces that it has engaged Paradox Public Relations to provide investor relations services.
“We are pleased to have completed this updated technical report which represents the latest milestone in the development of the Kwanika Project,” stated Serengeti President and CEO David Moore. “Furthermore, the exciting new target identified immediately adjacent to the Central Zone and reported on last month, provides the potential to expand the very significant resource already identified at Kwanika. We are also very pleased to have engaged an investor relations group of the quality of Paradox Public Relations and look forward to a successful working relationship with them.
A NI 43-101 technical report authored by David W. Rennie P. Eng. of Scott Wilson Roscoe Postle Associates Inc. has now been filed on Sedar (www.sedar.com). The base case open pit resource estimate at $7.50/t cut-off was first published on January 20, 2011. The following table drawn from the technical report expands on this initial reporting and shows resource estimates for the Central and South Zones at Kwanika at a range of cut-off grades expressed as $/tonne.
CENTRAL ZONE MINERAL RESOURCES
|(g/t)||(M oz)||(%)||(M lb)||(g/t)||(M oz)|
SOUTH ZONE MINERAL RESOURCES
|(g/t)||(M oz)||(%)||(M lb)||(%)||(M lb)||(g/t)||(M oz)|
Resources are reported within a conceptual pit shell with a 45 degree pit slope angle for rock and 30 degrees for overburden and are based on an insitu cut-off of $7.50/tonne, then adjusted for metallurgical recovery and offsite costs. The dollar value and Copper Equivalent (CuEq) calculations are based on the following metal prices: US $3.50 / lb copper, US $1,200 / oz gold, US $21 / oz silver, US $17 lb molybdenum with assumed recoveries as follows: Cu 89%, Au 70%, Ag 75%, Mo 60% based partially on preliminary metallurgical test work conducted on a sample from the Central Zone. At the prices used, a US $7.50 insitu cut-off is considered reasonable for a porphyry open pit deposit at this location. CIM definitions were followed for mineral resource estimation and classification. By prescribed definition Mineral Resources do not have demonstrated economic viability and Indicated Resources have a higher degree of confidence than do Inferred Resources.
Serengeti has retained the services of Paradox Public Relations Inc. to handle its investor relations. Paradox will focus on developing and expanding Serengeti’s communications with the investment community through a comprehensive investor relations program. Paradox has been providing investor relations services in multiple industries for eight years. Subject to TSX Venture Exchange approval, Paradox will be granted an option to acquire 500,000 common shares of Serengeti at a price of $0.40 per share, with quarterly vesting over one year as per Policy 4.4 of the TSX-V and will be paid a monthly fee of $7,000.
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, exploring its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia and has initiated 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 $5.4 million, which includes $2.9 million receivable from the B.C. government’s METC program. Serengeti has 46.8 million shares issued and outstanding and 52.2 million shares on a fully diluted basis.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Investor Relations: Paradox Public Relations (tel) 514-341-0408 (toll free in North America) 1-866-460-0408
Serengeti Resources Inc., (tel) 604-605-1300 SIR: TSX.V 34S: FSE