Serengeti Resources Inc.
TSX VENTURE : SIR

Serengeti Resources Inc.

August 03, 2005 08:30 ET

Serengeti Reports Progress on Tide, Croy-Bloom and Kwanika Projects

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 03, 2005) - David W. Moore, President and CEO of Serengeti Resources Inc. (TSX VENTURE:SIR), is pleased to provide an update on activities at the Tide, Croy-Bloom and Kwanika-Germansen-Valleau projects.

Tide Project

Serengeti and partner Rimfire Minerals Corporation have recently completed a program of diamond drilling on the Tide project located 36 kilometers north of Stewart, BC. A total of 967 meters of drilling was completed in eight diamond drill holes in the period July 11-22. Both the 36 Zone gold discovery where TIDE 04-03 intersected 1.00 g/t gold over 129.4 meters and the 52 Zone vein structure where surface sampling in 2004 returned grades in grab samples up to 593 g/t gold and 14708 g/t silver, were drilled. Geological mapping, prospecting, infill rock and soil sampling and some trenching were also carried out in the course of the current program. All samples have been submitted for analysis and results will be reported when available.

Croy-Bloom Project

Previously unavailable drilling data has now been obtained for the Davie Creek molybdenum (Mo) prospect, located on Serengeti's Croy-Bloom property (see News Release May 31, 2005) located 80 kilometers south of Northgate Minerals Corporation's Kemess mine. The zone of interest consists of a greater than 1600 meter (m) by 600m, strong molybdenum+/-tungsten soil anomaly, centered on a poorly exposed quartz monzonite intrusion (see www.serengetiresources.com for diagram). The central 650m of the soil anomaly was tested with six drill holes by Teck Exploration between 1979 and 1982; the assays for which are shown in the table below. Coincident with the soil anomaly is a strong IP chargeability anomaly, measuring 2,200m by 800m that was defined subsequent to the drilling. The Mo grades in drill holes show a distinct increase toward the southeast with the best drill section the most southerly one. Here, hole 81-4 cut 203m of 0.073%Mo while the under-cut hole (82-6) intersected 195m of 0.052%Mo. Higher grade sections were encountered in both holes, including 0.125%Mo and 0.090%Mo each over 20meters and 0.118%Mo over 9m in hole 81-4 and 0.073%Mo over 62m in hole 82-6. Mineralization consists of molybdenite, scheelite and pyrite and occurs in quartz veinlets with strong, potassium feldspar alteration. The core was not assayed for tungsten. The zone is open to the southeast into a large, covered valley, as well as up-dip and to depth. The target at Davie Creek is a bulk tonnage system similar to other British Columbia mines which include the Endako mine (182Mt at 0.087%Mo) and Kitsault Lake (104Mt at 0.11%Mo).



Davie Creek Moly Zone Assays

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Hole
Drill Hole From(m) To(m) Intersection(m) %Mo Length(m)
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79-1 108.2 261.2 153.0 0.026 261.2
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79-2 104.0 336.5 232.5 0.022 336.5
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81-3 98.3 362.0 263.7 0.024 457.2
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81-4 309.7 512.6 202.9 0.073 546.2
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incl. 327.7 347.5 19.8 0.125
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incl. 380.0 400.0 20.0 0.090
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incl. 475.0 484.0 9.0 0.118
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81-5 142.3 424.0 281.7 0.030 470.9
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incl. 403.0 418.0 15.0 0.057
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82-6 339.2 563.1 223.9 0.034 777.7
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563.1 758.8 195.7 0.052
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incl. 604.4 667.0 62.6 0.073
--------------------------------------------------------------


Airborne Geophysical Survey Planned

A contract has been signed with Natural Resources Canada to fly an aeromagnetic and radiometric geophysical survey on Serengeti's Kwanika, Germansen and Valleau properties located between the Mt Milligan and Lorraine copper-gold deposits in central BC. The survey is being carried out under the auspices of the ESS program a joint industry-government partnership program. Results of the survey are expected by the end of August and should be very helpful in targeting copper-gold systems on these properties.

About Serengeti Resources Inc.

Serengeti is a mineral exploration company under experienced new management who bring a solid track record of discovery. Serengeti is focused on discovery of copper-gold and gold-silver deposits in British Columbia, especially in the highly prospective Quesnel Trough and Stewart mining camps.

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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