Serengeti Completes Geochemical Sampling Program on QUEST Joint Venture Properties
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/07/10 -- Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S) today announced completion of an extensive geochemical sampling program which started in early June on six properties held by the QUEST Joint Venture (Serengeti Resources Inc. 59% and Fjordland Exploration Inc. 41%) in the Quesnel Trough of north-central British Columbia. The goal of the survey is to upgrade and to prioritize the porphyry copper-gold targets for future drill testing.
To date the QUEST JV has spent roughly $1.2 million on acquisition, target development, and exploration. The QUEST JV was formed in 2007 with the stated goal of identifying porphyry deposits in the central portion of the underexplored and highly prospective Quesnel trough, consisting initially of 18 properties covering 115,000 hectares. The current portfolio consists of 10 properties covering 56,600 hectares, located from south of the Mount Polley mine to the Mt. Milligan deposit. Most recently the portfolio was expanded to include a promising target area at Reid Lake located 20 kilometers northwest of Prince George. Past exploration in this part of British Columbia has been constrained by the presence of extensive tracts of glacial overburden. Recent exploration successes within the province have demonstrated that prospective terrains under cover can be successfully explored by experienced exploration teams. In addition, a recently published study by Geoscience BC regarding the covered Kwanika deposit demonstrated that employing specialized new methods such as 'Ah' soil geochemical sampling and measuring soil acidity can successfully identify 'blind' porphyry deposits within glaciated environments.
About Serengeti
The Company's Kwanika drill program continues, made up entirely of step-out drilling to expand the existing resource at the South Zone where 70% of the favorable target area remains to be tested. Upon completion of this summer's drill program at Kwanika, the Company expects to update the Resource Estimate, followed by completion of a Preliminary Economic Assessment. Serengeti is well funded to advance its projects with a current working capital position of $7.7 million that includes $2.9 million receivable from the B.C. government's METC program. Serengeti has 46.2 million shares issued and outstanding or 51.5 million shares on a fully diluted basis.
Cautionary Statement
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 (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Serengeti Resources Inc.
Investor Relations
604-685-8184
mchant@serengetiresources.com
Serengeti Resources Inc.
604-605-1300
www.serengetiresources.com