Serengeti Resources Inc.
TSX VENTURE : SIR

Serengeti Resources Inc.

August 02, 2006 08:30 ET

Serengeti Reports Drilling Progress at Kwanika Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 2, 2006) - Serengeti Resources Inc. (TSX VENTURE:SIR) reports that it has completed the first hole on its Kwanika copper-gold-molybdenum property. Drill hole K-06-01 has encountered a broad mineralized zone from 40 to 166 meters. Mineralization consists of pyrite and lesser chalcopyrite within strongly altered and brecciated intrusive rocks typical of a porphyry copper-gold setting. Kwanika is road accessible and is located mid way between the Lorraine porphyry copper-gold deposits and the Mt. Milligan development project (206 million tonne resource grading 0.25 % copper, 0.6 g/t gold). All are located in the Quesnel Trough, which includes the Kemess mine (300,000 oz./yr. gold, 75 million lbs./yr. copper).

Hole K-06-01 was drilled near the southern end of the Kwanika prospect where prior drilling in the late 1960's and early 1970's encountered copper mineralization within an open 500 by 250 meter zone. These prior holes were analyzed for copper but not for gold and only partially for molybdenum, both of which are known to be present from surface sampling. The current hole collared in weakly mineralized monzonite and encountered a well mineralized chloritic breccia unit from 44 to 128 meters before passing into a strongly potassically altered and hematitic monzonite from 128 to 166 meters. Both these intervals are locally well mineralized with veins, stringers and disseminations of pyrite and chalcopyrite associated with magnetite and hematite from 40-51, 57-65, 108-128 and 137-166 meters. True thickness is estimated to be 70% of the drilled intervals. One prior hole on this drill section returned 0.3% copper over 86 meters. Photographs of drill core from K06-01 are available on the company's website at www.serengetiresources.com . Drill core from K-06-01 has been sampled and shipped for assay to the Global Discovery Lab; results will be reported when available.

The mineralization and alteration described above has not been confirmed by assay or mineralogical analysis and consequently this information should not be relied upon for quantitative purposes. The drilling program continues, with testing of a number of other geophysical and geological targets on this large property (See NR July 27, 2006).

David Moore, President of Serengeti, stated: "We are pleased that this first hole in 35 years has confirmed the known zone at Kwanika and look forward to testing the other targets on this attractive property."

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 discovery and development of copper-gold molybdenum deposits in British Columbia, especially in the highly prospective Quesnel Trough. Additional information can be found on Serengeti's website at www.serengetiresources.com

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the Company's qualified person, David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc.

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

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