Mr. David Moore reports

SERENGETI REPORTS ON RECENT EXPLORATION RESULTS AND PROGRESS ON STRATEGIC DEAL FOR KWANIKA

Serengeti Resources Inc. has provided information on recently completed airborne geophysical surveys on two of its properties and on the progress of negotiations for a strategic investment in the company's Kwanika copper-gold project located in the Quesnel trough of north-central British Columbia.

At the Jewel property located 23 kilometres northeast of the Kwanika copper-gold deposit, Serengeti completed a 55 line km, low-level, high sensitivity aeromagnetic survey over a well-defined, single line, coincident VTEM electromagnetic and aeromagnetic anomaly identified by the QUEST government-funded airborne survey in 2007. Serengeti's recent survey has identified a 2.2 km long cluster of strong, discrete, magnetic anomalies including the original target, all flanking a semi-circular magnetic low that may reflect a related intrusion. Serengeti believes the target may represent either a skarn-porphyry system or possibly a volcanogenic massive sulphide target, and is a high priority for follow-up when finances allow.

At the Smoke-Kwanika East property located five km northeast of Kwanika, Serengeti completed a 328 line km, low-level, high sensitivity airborne magnetic survey identifying an intense magnetic high, three square km in extent within the same structural domain (on the margin of the Hogem batholith) as at the Kwanika Central zone. The Central Cu-Au zone is partially coincident with a magnetic high. The area of this new anomaly is extensively overburden covered and a reconnaissance IP line previously completed by Serengeti identified a partially defined IP response at the margin of this recently identified magnetic high. Additional IP ground geophysics is warranted to test this anomaly and surrounding area for the presence a significant sulphide system.

The company also provided an update to an arrangement first announced in December, 2014, with one of South Korea's leading trading corporations (KTC). Following extended negotiations, a non-binding term sheet has recently been signed by both parties whereby KTC may earn an initial 5-per-cent interest in the Kwanika project by financing $1.2-million in expenditures of which $800,000 would be for expenditure on the project and $400,000 as an operator's fee to Serengeti. KTC would be granted the right to earn an additional 30-per-cent interest in Kwanika by financing an additional $7-million in project expenditures over the subsequent two years for aggregate expenditures of $8.2-million over three years to earn an aggregate 35-per-cent project interest. The transaction remains subject to approval by KTC's investment review committee and board of directors, and to the signing of a definitive agreement.

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, PGeo, president and chief executive officer of Serengeti Resources Inc.

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