Serengeti Resources Inc.
TSX VENTURE : SIR

Serengeti Resources Inc.

July 17, 2008 08:30 ET

Serengeti Signs Major Option Agreement with Newcrest on Croy Bloom/Davie Creek Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2008) - Serengeti Resources Inc. (TSX VENTURE:SIR) is pleased to announce that it has signed a binding Heads of Agreement with a Canadian subsidiary of Newcrest Mining Limited ("Newcrest") whereby Newcrest may earn a joint venture interest in Serengeti's Croy Bloom/Davie Creek property located in the Quesnel Trough of central British Columbia.

Newcrest may earn a 51% interest by funding C$10.0 million in exploration expenditures and making C$500,000.00 in cash payments over four years. Newcrest may then elect to earn an additional 14% interest by funding an additional C$25.0 million in qualifying expenditures towards a pre-feasibility study over a further four years. The first year's work program of C$1,000,000.00 is a commitment with C$100,000.00 cash due on August 1, 2008.

The Croy-Bloom property is located within two km of a logging road spur from the Kemess Mine haul road in the Johansson Lake area of the northern Quesnel Trough. Prior work by Serengeti and others has outlined a large induced polarization (IP) anomaly coincident with a four square km copper-gold-cobalt geochemical anomaly containing values up to 5.5% copper, 9.4 g/t gold and 0.075% cobalt in grab samples. Three drill-ready targets have been outlined on the property including the zone described above. Serengeti's adjacent Davie Creek property is also part of the earn-in arrangement with Newcrest. Prior drilling at Davie Creek has outlined molybdenum values up to 0.073% Mo over 203 meters lying within a three km long soil geochemical and IP chargeability anomaly.

Newcrest plans an initial 2,500 meter drill program on the property commencing in August 2008. As part of the arrangement, a minimum of 20% of the exploration expenditures during the first option period must be made on the Davie Creek portion of the property.

Kwanika

Drilling continues with two rigs on Serengeti's 100% owned Kwanika property, where a major copper-gold discovery was announced in late-2006. More than 50,000 meters have been completed in 115 holes at Kwanika and it is the Company's intention to complete the current drill program and calculate a resource by the end of this year. Drill sections and a 3D model can be viewed at www.corebox.net or by following a link on the Company's website at www.serengetiresources.com.

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 copper-gold and molybdenum deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia.

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.

Cautionary Statement

This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact here-in, including, without limitation, statements regarding exploration results and plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.

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

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