VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/05/10 -- Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S) and the Takla Lake First Nation today announced signing of an Exploration Access Agreement for Serengeti's Kwanika property, located 120 km north of Fort St. James in north central British Columbia. The Agreement covers all exploration and related activities on the Kwanika property until such time as a decision is made to enter into the mining permit application process.
Since Serengeti began exploration on the Kwanika property, it has consistently sought input from the nearby Takla Lake First Nation and hired many of its members to work at the site. The Agreement ensures that Serengeti will continue to provide Takla with opportunities to provide meaningful input into such aspects as environmental monitoring, protection of habitat for cultural important species, and protection of sites of important cultural or spiritual significance. It also provides training, employment, and business opportunities for members of the Takla Lake First Nation. In return, Serengeti has greater confidence in the continued access to the Kwanika property and the support of the local community as the project advances, as well as access to a local labour supply.
'We are very pleased to have reached this point in our relationship with Takla Lake,' said David Moore, President & CEO, Serengeti Resources Inc. 'It has been very important to us from the outset of exploration on the property, that local communities support our endeavors.'
Chief Dolly Abraham of the Takla Lake First Nation, stated, 'Takla has a policy of requiring all companies operating in our Territory to sit down with us and work out respectful agreements. Serengeti from the very beginning has been very proactive in seeking out a relationship with us, which is very important. That area is important to our Nation and members and we appreciate that Serengeti has been sensitive to our concerns about where they go, what they pay attention to in the environment, and how they do their sampling. It also means a lot to our people to be able to work close to home.'
Approximately 75% of staff on site during the 2010 exploration program are from the Takla community.
About Serengeti
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 $7.7 million which includes $2.9 million receivable from the B.C. government's METC program. Serengeti has 46.2 million shares issued and outstanding and 51.5 million shares on a fully diluted basis.
PLEASE NOTE: Serengeti Resources Inc. will hold its Annual General Meeting on Thursday August 19th, 2010 at 10:30 a.m. at the Terminal City Club, 837 West Hastings Street, Vancouver, B.C.
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 (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Serengeti Resources Inc.
Martti Kangas
Investor Relations
647-521-9261
mkangas@proconsulcapital.com
Serengeti Resources Inc.
Andreas Curkovic
Investor Relations
416-577-9927
acurkovic@proconsulcapital.com
Serengeti Resources Inc.
604-605-1300
www.serengetiresources.com
