Retransmission-Serengeti Announces Positive PEA Results: 21% IRR Pre-tax for Kwanika Copper-Gold Project

Serengeti Resources Inc. (TSXV:SIR)(FRANKFURT:34S) announces the completion of an independent NI 43-101 compliant Preliminary Economic Assessment (“PEA”) for its 95% owned Kwanika copper-gold porphyry project located in the Quesnel Trough of North-Central British Columbia, Canada. The results of the PEA demonstrate the potential technical and economic viability of establishing a new copper-gold mine and mill complex on the property.
As quoted in the press release:

“We are very pleased to have achieved this important milestone for the Kwanika project,” commented David W. Moore, Serengeti President & CEO. “Kwanika represents an opportunity to develop a midsize green field copper-gold project in an excellent location and proven jurisdiction. Furthermore there remains excellent potential to expand and upgrade the resources considered in this study, both in the Central and South Zones. The results of this PEA have confirmed what the partnership believed was the possibility for higher grade production from the Central Zone at Kwanika and the resultant positive impact on project economics. Given the economic value we have demonstrated in this PEA, we expect our partners Daewoo Minerals Canada will elect to fund the next $7 million expenditure to earn an additional 30% interest in the project and we look forward to working with them in advancing the Kwanika project towards production,” stated Moore.

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