Serengeti Provides Corporate Update, Outlines 2020 Regional Exploration & Kwanika Project Plans

VANCOUVER, British Columbia, March 31, 2020 (GLOBE NEWSWIRE) -- Serengeti Resources Inc. (SIR: TSX-V) ("Serengeti" or "the Company") announces that it continues contingency planning for its fully funded 2020 exploration program.  The work planned will focus on key opportunities to add value to the advanced Kwanika copper-gold project and to the highest priority regional exploration targets.  However, the health and safety of Serengeti’s employees and contractors is the most important priority and work will only proceed as and when provincial and federal health guidelines allow.

At the date of writing, Serengeti’s and its majority owned subsidiary Kwanika Copper Corporation’s combined cash position is $2.4 million and is sufficient to fund the programs outlined below, along with its anticipated general and administrative expense for 2020 without having to raise additional capital in the year.  Furthermore, in the current circumstances the Company is continuously reviewing budgets to optimize expenditures as much as possible.

David Moore, the President of Serengeti commented: “The team looks forward to starting work this summer, but we all recognize that safety comes first.  We will not put the team or any members of the communities within which we work at risk, so the programs would only proceed when government directives allow and the Board and I are confident that current risks have been adequately mitigated.”

Kwanika Optimization Program:

The 2020 focus at Kwanika is two-fold.  The Company has identified a number of exploration and resource development targets close to the Kwanika Central Zone resource and on the broader land package.  These will be tested with 3,600 metres of diamond drilling to test potential to expand resources near the Central Zone and to test related exploration targets, including the Central Zone South and North targets and the western margin of the South Zone resource.  Additionally, 16 line-kilometres of induced-polarization (“IP”) surveys north and south of the Central Zone resource will be conducted to develop known targets, as well as at the Rottacker area, located 20 kilometres south of Kwanika.