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Message: Serengeti Purchases Exploration Data
| May 11, 2009 |
| Serengeti Purchases Exploration Data |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2009) - Serengeti Resources Inc. (TSX VENTURE:SIR) wishes to announce that it has entered into an agreement with Amarc Resources Ltd. ("Amarc") to purchase certain proprietary historical exploration data, including geophysical survey and drilling results from work conducted by Amarc on portions of the Choo property which is now held by Serengeti and the Mil property which is held by Serengeti and Fjordland Exploration Inc. In consideration for the purchase of the data, Serengeti has agreed to issue Amarc 100,000 common shares of Serengeti, subject to acceptance by the TSX Venture Exchange. The shares will be subject to the statutory four month hold 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 focused on the advancement of its Kwanika copper-gold project and on the discovery of gold and copper deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. 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 working capital position of approximately $8.8 million and a 2009 budget of $2.7 million which includes more than 6,000 meters of planned drilling scheduled to start in June. Furthermore, the Company expects to receive a refund of approximately $2.5 million from the B.C. government's METC program in 2010, which amount is not currently included in the working capital position indicated above. |
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