Serengeti Resources Inc. - Croy Bloom/Davie Creek Property

Croy Bloom/Davie Creek Property

In July 2008 SIR signed a binding Heads of Agreement with a Canadian subsidiary of Newcrest Mining Limited whereby Newcrest may earn a joint venture interest in Serengeti's Croy Bloom/Davie Creek property located in the Quesnel trough of central BC.

The following are some key points about Newcrest:

Newcrest is Australia's largest gold producer and one of the world's top 10 gold mining, companies by production, reserves and market capitalization
Newcrest offers:
- Portfolio of low cost, long life operating mines
- Strong pipeline of growth projects
- Highly prospective brown & greenfield exploration projects
ASX trading symbol = NCM
NCM currently operates 6 Australian mines
World class exploration team

Newcrest and Serengeti have an incredible opportunity together; Newcrest may earn a 51% interest by funding C$10.0 million in exploration expenditures and making C$500,000.00 cash payments over 4 years. Newcrest may then elect to earn an additional 14% interest by funding an additional C$25.0 million in qualifying expenditures towards a pre-feasibility study over a further 4 years. The first year's work program of C$1.0 million is a commitment with installment payments.

The Croy Bloom property is located within a two kilometer of a logging road spur from the Kemess Haul road in the Johansson Lake area of the northern Quesnel Trough. Prior work has outlined a large IP anomaly coincident with 4 square kilometer copper-gold geochemical anomaly containing values up to 5.5% copper, 9.4 g/t gold and 0.075% cobalt in grab samples. Four Drill ready targets have been identified for one drill, and drilling is planned to commence in August 2008 with the initial drilling program to include approximately 2,500 meters.

Projects

Croy Bloom/Davie Creek Property