VANCOUVER, British Columbia, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Serengeti Resources Inc. (SIR:
TSX-V) ("Serengeti" or "the Company") is pleased to report that Kwanika Copper Corporation (“KCC”), a private company
jointly-owned by Serengeti Resources (65%) and POSCO DAEWOO Corporation (“PDC” 35%), has completed the diamond and geotechnical
drilling campaign at the Kwanika Copper Gold Project in support of the on-going Pre-Feasibility Study (“PFS”). Completion of the
fully-funded PFS is expected mid-2019.
Kwanika Copper Corporation completed a total of 7,411 metres in twenty-one holes to support detailed mine design
and resource upgrade drilling program at the Kwanika Central Zone. Drill core was oriented and retrieved with triple-tube core
barrels (“split tubes”) to enable comprehensive geotechnical data capture for detailed underground and open-pit mine engineering
design. Included in the program were three drill holes to test foundation characteristics for potential tailings storage facility
(“TSF”) options. Additionally, down-hole hydraulic testing was completed, and vibrating wire piezometers and monitoring wells were
installed in nine of the twenty-one drill holes to gather hydrogeological data on an ongoing basis as the project advances.
In addition to the drilling program, KCC also installed four hydrology stations in West Kwanika and Kwanika
Creeks to capture data on surface water flow cycles and enable early development of a site-wide water balance hydrology model.
Water quality monitoring for environmental baseline purposes was also completed and is on-going at six stations in the local
area.
David W Moore, President & CEO of Serengeti Resources and President of Kwanika Copper Corporation stated,
“We are pleased to have completed this substantial drilling program at Kwanika that was designed to meet a number of
objectives, including testing for: engineering to inform mine design decisions; expansion of the resource envelope; enhancement of
deposit grade by identifying and targeting potential high grade domains; exploration to test new areas and ideas. We are confident
that the overall objectives of the program were met and believe this will be demonstrated as we advance the PFS.”
Wonchan Seo, General Manager, Mineral Project Development Group of PDC stated, “PDC is pleased to witness
the great effort being invested to successfully complete the drilling program given the complexity of the multi-purpose drilling
operation at the site. We are confident that the upcoming results of the drilling program will provide a firm stepping stone to the
successful development of Kwanika Copper-Gold Project.”
Assay results from the recently completed drilling will be released in batches as they become available from the
laboratory.
Kwanika Copper Corporation acknowledges that the successful completion of the drilling program is due largely to
the support of local contractors and service providers as well as the contributions of many local employees from the Takla First
Nation and communities in north-central BC.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo.
President, CEO and Director
Qualified Person
David W. Moore, M.Sc., P. Geo., President and CEO of Serengeti Resources Inc. and a Qualified Person as defined by NI-43-101, has
reviewed and approved the technical information in this press release.
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 advancing the Kwanika copper-gold project in partnership with POSCO DAEWOO
Corporation as well as exploring its extensive portfolio of 100% held properties in north-central British Columbia. A number of
these other projects are available for option or joint venture and additional information can be found on the Company’s website at
www.serengetiresources.com.
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 as well as a comprehensive list of risk factors 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. Forward-looking statements are based on the
estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update
forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised
not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
For further information, please contact:
Serengeti Resources Inc. Suite 520 – 800 West Pender St., Vancouver, BC, V6C 2V6
Tel: 604-605-1300 / Email: info@serengetiresources.com / Website: www.serengetiresources.com
NR: 2018-13