News Releases
| January 18, 2010 Serengeti Announces Major Resource Expansion at Kwanika | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| News Release: 2010-01 Vancouver, B.C., January 18, 2010: Serengeti Resources Inc. (SIR: TSX-V) is pleased to announce the initial resource estimate for the South Zone at the Company's 100% owned Kwanika property in British Columbia. Aggregate mineral resources at Kwanika combining the current South Zone and previously released Central Zone (see NR 2009-4 dated Feb 25, 2009), now total 1.1 billion pounds of copper and 1.6 million ounces of gold in the Indicated category (in the Central Zone), plus 1.0 billion pounds of copper and 0.5 million ounces of gold in the Inferred category (in the South & Central Zones) all estimated at a 0.25% copper-equivalent (CuEq) cut-off grade. At a 0.25% copper-equivalent (CuEq)1 cut-off the Kwanika South Zone Mineral Resources are:
The estimate was prepared by independent geological and mining consultants, Scott Wilson Roscoe Postle Associates Inc., under the direction of David W. Rennie, P.Eng. an Independent Qualified Person as defined by NI 43-101. Mr. Rennie has reviewed and approved the contents of this release. A technical report providing details of the estimate will be filed on Sedar (www.sedar.com) within 45 days. The South Zone Inferred Resource at Kwanika is additional to the Central Zone Indicated Resource of 183 Million tonnes grading 0.29% copper and 0.28% grams per tonne gold and the Inferred Resource of 29 Million tonnes grading 0.20 % copper and 0.20 grams per tonne gold.
"We are extremely pleased with the results of this initial resource estimate from the South Zone at Kwanika which has resulted in a major expansion of the resource base on the property" stated Serengeti President & CEO, David Moore. "Furthermore, as can be seen on the accompanying map, this resource increase results from testing a small portion, actually less than 30%, of the favourable target area at the South Zone. We therefore plan a major expansion drilling program for this area in 2010, followed by scoping level preliminary economic assessment." elaborated Moore. Note 1: Copper equivalent calculation uses the following metal prices; copper, US$2.00/lb; gold, US$900/oz; molybdenum, US $15/lb; silver, US $12/oz; and makes no provision for metallurgical recoveries and net smelter returns. Note 2: CIM definitions were followed for mineral resource estimation and classification. By prescribed definition Mineral Resources do not have demonstrated economic viability and Indicated Resources have a higher degree of confidence than do Inferred Resources. The mineral resources fall within a pit shell defined by long term metal prices of copper, US$2.00/lb; gold, US$900/oz; molybdenum, US $15/lb; silver, US $12/oz. At the prices used, a 0.25% CuEq cut-off is considered to be reasonable for a porphyry deposit open pit in this location, and at current prices, 0.20% CuEq cut-off may also be considered. About Serengeti Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of discovery. The Company is focused on the advancement of its Kwanika copper-gold project located in the Quesnel Trough of British Columbia. Additional information on Serengeti's projects can be found on the Company's website at www.serengetiresources.com A Drill sections for Kwanika can be viewed at www.corebox.net/properties/kwanika. Serengeti is well funded to advance its projects with a current working capital position of approximately $8.4 million which includes $2.2 million receivable from the B.C. government's METC program. Serengeti has 46.0 million shares issued and outstanding or 51.8 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 & CEO of Serengeti Resources Inc. Sample analysis for the Kwanika drilling was completed at Acme Analytical Laboratories Ltd and check analyses were performed at ALS Laboratory Group, both of Vancouver, BC. A comprehensive quality assurance/quality control program formed part of the sampling protocol in addition to the laboratory's own quality assurance program. 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 accepts responsibility for the adequacy or accuracy of this release. David W. Moore, President and CEO, Serengeti Resources Inc., 604-605-1300 Email: dmoore@serengetiresources.com Website: www.serengetiresources.com Investor Relations: ph 604-685-8184 / Email: info@serengetiresources.com
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