Drilling funded by Freeport-McMoRan of Canada Limited underway on Serengeti's Choo and Tchentlo properties, British Columbia
VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 14, 2012) – Serengeti Resources Inc. (TSX VENTURE:SIR)(FRANKFURT:34S) is pleased to report that drilling has started on its Tchentlo and Choo properties in a program funded by Freeport-McMoRan of Canada Limited ("FMCL"). The program may consist of up to approximately 2600 metres in 10 to 12 holes testing seven separate porphyry copper-gold targets on any of the two properties and is expected to last five to six weeks. Results will be released once they become available and have been reviewed by the partners.
Targets may include the Camp prospect on the Choo property, where past drilling reportedly encountered up to 0.18% Cu over 127 m, hosted within chlorite, magnetite, and biotite altered volcanics. Immediately to the north of this drilling, the 2011 Induced Polarization (IP) and soil geochemistry surveys identified a strong, open-ended IP chargeability anomaly associated with a large copper, molybdenum, and platinum anomaly. At the Tchentlo project, numerous IP chargeability targets have been identified within a northwest trending, glacial till covered valley. Wide spaced soil sampling identified local copper, gold, and platinum anomalies associated with the IP targets, identifying several attractive porphyry drill targets.
The proposed budget for the program is C$1.05 million and which FMCL may fund in its discretion. Pursuant to the Tchentlo and Choo agreement signed in May, 2011, FMCL has the option to earn an initial 51% interest in the properties by incurring US $5 million in exploration expenditures and making certain cash payments. Serengeti is the project operator during this initial earn-in phase.
Serengeti currently holds a 100% interest in the Tchentlo and Choo properties, which jointly cover 14,830 Ha and are located within the productive Quesnel Trough porphyry belt, west of the Mt. Milligan mine development project. The porphyry copper-gold targets identified on the properties are largely covered by glacial till, which has hampered prior exploration efforts and yet provides the opportunity to conceal undiscovered porphyry deposits.
"The targets being tested in this program are similar to those we drilled to make the initial discovery at Kwanika and all have the potential to lead us to a major porphyry-copper-gold deposit," stated David Moore, President and CEO of Serengeti Resources.
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 conducts 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 $3.0 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.
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.
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