Vancouver, B.C., June 6, 2011: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) reports on board approval for a $3.3 million budget for 2011, the initiation of its summer exploration program in British Columbia and on the progress of exploration in Mexico.
- Serengeti’s board has approved a $3.3 million budget for 2011, including $1.2 million for exploration in British Columbia, $1 million for Mexico and $1.1 million G&A.
- Field crews have been mobilized to the Kwanika property to initiate a 4,000 sample, Ah geochemical program designed to identify additional drill targets on the property.
- Drilling of the high quality Northeast Target, immediately adjacent to the Central copper-gold zone at Kwanika is scheduled to commence June 21st. An initial 1,500 meter, four hole program is planned to test the Northeast target described in the Company’s news release of February 7, 2011 and now thought to potentially represent an offset portion of the Central Zone. A second, newly-identified IP geophysical target partially outlined by a survey conducted on the property in April of this year will also be drilled.
- On the recently announced, Choo and Tchentlo option agreement with Phelps Dodge Corporation of Canada Limited (PDCC), a wholly owned, indirect subsidiary of Freeport-McMoRan Copper & Gold Inc., the initial payment has been received pursuant to the agreement, an exploration planning meeting has been held with PDCC and property due diligence is ongoing.
- In Mexico, field crews have been active on four properties over the last few months, conducting geological mapping, rock, silt and mesquite geochemical sampling. To date 1,100 samples have been collected and partial results received. A 2,700 line kilometer airborne magnetic and radiometric survey has also recently been completed on five of Serengeti’s properties in Chihuahua and Durango by the SGM, the Mexican government’s airborne geophysical contracting division. Results when received will be synthesized for follow-up ground targeting and possibly drilling.
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 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 $5.2 million, which includes $3.5million receivable from the B.C. government’s METC program. Serengeti has 46.9 million shares issued and outstanding and 52.6 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