Serengeti Resources Inc.
TSX VENTURE : SIR

Serengeti Resources Inc.

January 11, 2007 09:30 ET

Serengeti Announces a Non-Brokered Private Placement to Raise Up to $5,000,000

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 11, 2007) - Serengeti Resources Inc. (TSX VENTURE:SIR) is pleased to announce a non-brokered private placement to raise gross proceeds of up to $5,000,000.

Of this amount, up to $2,500,000 may be raised by the issuance of up to 2,777,777 flow through common shares at a price of $0.90 per share. The balance of the placement will consist of non flow-through units at a price of $0.80 per unit. Each unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant is exercisable to acquire one additional common share at a price of $1.00 for a period of twelve months from closing.

Serengeti has agreed to pay finder's fees on a portion of the financing of 8% in common shares or 6% in cash, in accordance with TSX Venture Exchange policies.

Proceeds will be used by Serengeti to fund further drilling and exploration work on its portfolio of British Columbia properties, including on it's Kwanika copper - gold project, where drilling is anticipated to resume in the second half of February, 2007 and for general working capital purposes.

Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. Serengeti is focused on the discovery and development of copper-gold and molybdenum deposits in British Columbia, especially in the highly prospective Quesnel Trough where it owns a 100% interest in 76,982 hectares in 14 separate claim blocks. Additional information can be found on Serengeti's website at www.serengetiresources.com.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

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