September 29, 2008
Newcrest Commences Drilling at Serengeti’s Croy Bloom/Davie Creek Property
Serengeti Resources Inc. (TSX VENTURE: SIR) reports that Newcrest Mining Limited has begun a four hole, 2,500 meter drill program on Serengeti's Croy Bloom/Davie Creek property located in the Quesnel Trough of north-central British Columbia.
Earlier this year a Canadian subsidiary of Newcrest Mining Limited ("Newcrest") signed a binding Heads of Agreement whereby Newcrest may earn a 51% joint venture interest in Serengeti's Croy Bloom/Davie Creek property by funding $10 million in exploration expenditures and making $0.5 million in cash payments over four years. Newcrest may then elect to earn an additional 14% interest by funding an additional $25 million towards a pre-feasibility study. The current drill program will consist of a minimum of four drill holes, each 500 to 700 meters in depth and is budgeted at $1.4 million.
The Croy-Bloom property is located within two kilometers of a logging road spur from the Kemess Mine haul road in the Johansson Lake area of the northern Quesnel Trough. Prior work by Serengeti and others has outlined a large induced polarization (IP) anomaly coincident with a four square kilometers copper-gold-cobalt geochemical anomaly containing values up to 5.5% copper, 9.4 g/t gold and 0.075% cobalt in grab samples. Serengeti's adjacent Davie Creek property is also part of the earn-in arrangement with Newcrest. Prior drilling at Davie Creek has outlined molybdenum values up to 0.073% Mo over 203 meters lying within a three kilometers long soil geochemical and IP chargeability anomaly.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is focused on the advancement of its Kwanika copper-gold project and on the discovery of copper-gold and molybdenum deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. Serengeti is well funded to advance its projects with a working capital position of $10 million.
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.
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 results and 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.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Contacts: Serengeti Resources Inc. David W. Moore President and CEO (604) 605-1300 (604) 899-1240 (FAX) Email: [email protected] Serengeti Resources Inc. Investor Relations (604) 685-8184 Email: [email protected] Website: www.serengetiresources.com
SOURCE: Serengeti Resources Inc.