Serengeti Enters into Agreement with Major Mining Company to Explore its Quest JV Properties
21 Septembre 2011 - 2:30PM
Marketwired
Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S) is
pleased to announce that Xstrata Copper Canada, a business unit of
Xstrata Canada Corporation, has entered into an option agreement to
explore a number of Serengeti's Quest JV properties, currently held
with Fjordland Exploration Inc. (TSX VENTURE: FEX) in a 63.7% (SIR)
/ 36.3% (FEX) joint venture. The agreement provides Xstrata the
right to earn an initial 51% interest in the properties by funding
$5 million in exploration expenditures and making firm and optional
cash payments to the joint venture over four years, totalling
$325,000. Xstrata has the right to earn an additional 14% interest
for an aggregate 65% interest in the properties by completing a
feasibility study or incurring no less than an additional $25
million in expenditures on the properties.
The six properties that are subject to this agreement (Rob,
Ping, Reid Lake, ST, PG, and MP) total approximately 27,700
hectares and are located in the Quesnel Trough porphyry belt
between Mt. Milligan and south of Prince George, British Columbia.
All the properties are considered prospective for hosting porphyry
copper-gold deposits and several of these properties already have
drill targets identified, as a result of prior exploration by
Serengeti and Fjordland by expending of approximately $1.7
million.
David Moore, President and CEO of Serengeti, stated: "Our
existing Quest Joint Venture partnership is extremely pleased to
have Xstrata Copper join us in advancing these high quality
porphyry prospects. This agreement should result in these
properties being aggressively explored in the near term. This is
Serengeti's third agreement with a major mining company in the
Quesnel Trough and is consistent with our goal of attracting
partnerships to leverage our early-mover advantage in this
favourable belt."
In addition, the Company announces the grant of 30,000 incentive
stock options to an employee of the Company, in accordance with the
Company's Stock Option Plan, exercisable at a price of $0.26 for a
period of five years from the date of issuance.
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 has initiated 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 $5.1 million. Serengeti has 51.1
million shares issued and outstanding or 58.8 million shares on a
fully diluted basis.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
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. Readers are 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.
Contacts: Paradox Public Relations Investor Relations
514-341-0408 or (toll free in North America) 1-866-460-0408
info@paradox-pr.ca Serengeti Resources Inc. Investor Relations
604-605-1300 www.serengetiresources.com
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