VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/02/10 -- Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S) is proud to welcome Michael Thicke, M.Sc., P. Geo. to the Serengeti team as Principal Consulting Geologist. The company also announces that it has met the requirements for a Tier 1 company and effective August 30, 2010 is listed for trading as such on the TSX-Venture Exchange.
Mr. Thicke has 30 years of global exploration experience, with expertise in porphyry copper systems. He has extensive experience in porphyry exploration in North and South America and Asia. He was a key member of the Rio Algom team that discovered the large scale Spence porphyry copper deposit in 1998. Mr. Thicke also has precious metal experience in South America and Mexico. Up until April 2008, Mr. Thicke was a senior member of BHP Billiton's Global Porphyry Exploration group, leading teams in the exploration and evaluation of porphyry copper deposits.
Mr. Thicke will be based in Vancouver where he joins David W. Moore, CEO as a key member of the Serengeti team. 'We are delighted to have Mike join us and look forward to his contribution to our continued exploration success,' said Moore. 'Serengeti Resources has a proven track record for discovery at Kwanika and the ability to rapidly generate and assess exploration opportunities,' said Mr. Thicke. 'I look forward to working with the Serengeti team in BC and Mexico.'
The company also announces the retirement of Myron Osatenko as Chief Geologist. 'I wish to thank Myron for his significant contributions to the company and wish him all the very best' said David Moore.
Serengeti has received approval for the Tier 1 listing which is the TSX-Venture Exchange's premier category. The requirements include net tangible assets of more than $2 million and a material interest in a mineral property on which drilling or sampling has identified potentially economic mineralization.
Serengeti also reports the grant of 125,000 incentive stock options to certain consultants and employees of the company, exercisable at a price of $0.24 for five years, subject to the company's option plan which provides for vesting over an 18 month period.
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 $6.2 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.
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.
Contacts:
Serengeti Resources Inc.
Martti Kangas
Investor Relations
647-521-9261
mkangas@proconsulcapital.com
Serengeti Resources Inc.
604-605-1300
www.serengetiresources.com
