Serengeti Initiates Scoping Study on High Grade Portion of Copper-Gold Resource at Kwanika
15 Novembre 2011 - 5:00PM
Marketwired
Serengeti Resources Inc. (TSX VENTURE:SIR)(FRANKFURT:34S) is
pleased to report that it has initiated an independent Scoping
level, Preliminary Economic Assessment (PEA) study on the higher
grade portion of the copper-gold resource at the Company's 100%
owned Kwanika project located in British Columbia. The study will
investigate a 15,000 tonne per day, combined open pit and
underground operation with a 10 to 15 year mine life and will lead
to a NI 43-101 compliant PEA report to be completed in the first
quarter of 2012.
Serengeti's prior resource modeling has indicated that both the
Central and South Zones at Kwanika contain higher grade cores
within overall large lower grade shells. The higher grade portion
of the two deposits as shown in the following table was first
published in the Company's most recent NI 43-101 technical report
filed on SEDAR on March 4, 2011.
2011 Kwanika Mineral Resources Estimate
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Tonnes and Grade Total Contained Metal
Open Pit ------------------------------------ ---------------------
Resource Tonnes Copper Gold Silver Moly CuEq Cu Au Ag Mo
ZONE Category (Mt) (%)(g/t) (g/t) (%) (%)(Mlbs)(Moz)(Moz)(Mlbs)
---------------------------------------------------------------------------
Central Indicated 91.0 0.38 0.36 1.08 - 0.57 754 1.06 3.2 -
-------------------------------------------------------------------
Inferred 5.1 0.26 0.27 0.65 - 0.40 29 0.04 0.1 -
---------------------------------------------------------------------------
South Inferred 74.3 0.33 0.12 2.15 0.012 0.47 546 0.29 5.2 19
---------------------------------------------------------------------------
The above resource is reported at an insitu cut-off of $20/tonne adjusted
for metallurgical recovery and offsite costs. This higher grade subset lies
within a larger mineralized body originally calculated at a cut-off of
$7.50/tonne reporting to a conceptual pit shell with a 45 degree angle for
rock and 30 degrees for overburden as reported in NI 43-101 Technical Report
dated March 4, 2011. The mineral resources estimate is based on the
following metal prices: US $3.50 / lb copper, US $1,200 / oz gold, US $21 /
oz silver, US $17 / lb molybdenum with assumed recoveries as follows: copper
89%, gold 70%, silver 75%, molybdenum 60% based partially on preliminary
metallurgical test work conducted on a sample from the Central Zone. The
Copper Equivalent (CuEq) calculation is based on the prices above.
The Company has assessed various potential development and
production scenarios for Kwanika, ranging from large-scale,
low-operating cost open pit as well as underground mining of the
high grade core of the Central Zone. Order of magnitude estimates
have indicated that a potential operation focused initially on a
portion of the resources shown above, including smaller scale open
pit mining of the best-grade, near-surface material in the Central
and South Zones supplemented by underground mining of the
high-grade core of the Central Zone, is the most economically
attractive alternative for the project.
Serengeti has commissioned Moose Mountain Technical Services
(MMTS) to complete the Scoping Study and PEA. MMTS has been
involved with multiple project assessments and evaluations in
Central and North-Western British Columbia over the past ten years
from managing exploration projects to Scoping and Feasibility
studies for open pit and underground evaluations. The MMTS Senior
Associates have field exploration, operating, production start-up,
and extensive project evaluation experience in Western Canada and
internationally. The PEA is expected to be completed in the first
quarter of 2012.
"Focusing on a smaller, lower capital cost project targeting the
highest copper-gold grades at Kwanika is the best approach for
identifying a potentially economically attractive project," stated
Serengeti's President & CEO David W. Moore. "Project
opportunities include the potential for production level expansions
in the future and the excellent potential for the discovery of new
zones on the property. We look forward to the completion of this
study which will be a key project milestone."
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an
experienced team of professionals with a solid track record of
exploration success. The Company is currently advancing its Kwanika
copper-gold project and exploring its extensive portfolio of
properties in the highly prospective Quesnel Trough of British
Columbia and has initiated exploration for gold-silver deposits in
Mexico. Additional information on Serengeti's projects can be found
on the Company's website at www.serengetiresources.com. Serengeti
is well funded to advance its projects with a current working
capital position of approximately $4.8 million. Serengeti has 51.1
million shares issued and outstanding or 58.8 million shares on a
fully diluted basis.
Quality Assurance/Quality Control
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.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
Cautionary Statement
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities regulations. All
statements other than statements of historical fact herein,
including, without limitation, statements regarding exploration
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. Readers are advised not to place undue reliance on
forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Paradox Public Relations Investor Relations
514-341-0408 or Toll Free in North America:
1-866-460-0408info@paradox-pr.ca Serengeti Resources Inc.
604-605-1300www.serengetiresources.com
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