Mr. David Moore reports

KWANIKA COPPER CORPORATION DRILLS 514 METRES OF 0.64% CU, 0.80G/T AU (2.15 G/T AU EQ) INCLUDING 168 METRES OF 0.81% CU, 1.71 G/T AU (3.42 G/T AU EQ) AT KWANIKA

Serengeti Resources Inc. has released the first batch of assay results from the 2018 drilling campaign completed at the Kwanika project in north-central British Columbia. The fully financed 2018 drilling program is part of the continuing Kwanika prefeasibility study (PFS), which is scheduled for completion in mid-2019, as described in Serengeti Resources' press release dated Sept. 11, 2018. Kwanika Copper Corp. is a private company jointly owned by Serengeti Resources (65 per cent) and Posco Daewoo Corp. (35 per cent).

"These outstanding results are from the first two holes of our 2018 drill program at Kwanika. The long intervals show excellent grades near surface within the potential open-pit domain, and also demonstrate that strong gold- and copper-rich mineralization is present within the potential underground domain outlined in our 2017 PEA [preliminary economic assessment]. We're looking forward to incorporating the full set of results from this year's drilling into a revised resource estimate, which is a priority input into the prefeasibility study scheduled for completion mid-2019. One of our key strategic objectives for 2018 is to expand the resource tonnage and to increase the overall resource grade of the Central zone. If we're successful, it will open up a number of alternatives for our engineers to optimize the project design and potentially enhance the overall project economics," commented David Moore, president and chief executive officer of Serengeti Resources, as well as president of Kwanika Copper.

Project highlights:

• K-180 -- 0.8 gram per tonne gold, 0.64 per cent copper and 2.08 grams per tonne silver (2.15 grams per tonne gold equivalent) over 513.9 metres, from 33 metres to 546.9 metres:
  • Including 0.68 gram per tonne gold, 1.02 per cent copper and 3.07 grams per tonne silver (2.82 grams per tonne gold equivalent) over 101.5 metres, from 33 metres to 134.5 metres;
  • And 1.71 grams per tonne gold, 0.81 per cent copper and 2.58 grams per tonne silver (3.42 grams per tonne gold equivalent) over 168.2 metres, from 257 metres to 425.2 metres;
• K-181 -- 0.46 gram per tonne gold, 0.64 per cent copper and 1.95 grams per tonne silver (1.81 grams per tonne gold equivalent) over 319.62 metres, from 215.98 metres to 535.5 metres:
  • Including 1.03 grams per tonne gold, 1.25 per cent copper and 3.49 grams per tonne silver (3.66 grams per tonne gold equivalent) over 95.37 metres, from 215.98 metres to 311.4 metres.

Please visit the company's website to see the plan and drill sections. Results remain pending for an additional 13 holes, which have been submitted for assay and will be released in batches as additional results become available.

                         KWANIKA DRILL PROGRAM -- REPORTED ANALYTICAL RESULTS CURRENT RELEASE
                         
Hole K-180      From (m)   To (m)   Interval (m)   Cu (%)   Au (g/t)   Ag (g/t)   CuEq (%)   AuEq (g/t)      Comments

Interval           33.0    546.9          513.9      0.64      0.80       2.08       1.03         2.15       Opit, ug 
                                                                                                              domains
including          33.0    162.5          129.5      0.85      0.55       2.54       1.13         2.36    Opit domain
including          33.0    134.5          101.5      1.02      0.68       3.07       1.36         2.82    Opit domain
and including     162.5    546.9          384.4      0.56      0.88       1.92       1.00         2.08      Ug domain
including         257.0   476.94         219.94      0.74      1.43       2.54       1.15         2.40      Ug domain
including         257.0    425.2          168.2      0.81      1.71       2.58       1.65         3.42      Ug domain
            
Hole K-180      From (m)   To (m)   Interval (m)   Cu (%)   Au (g/t)   Ag (g/t)   CuEq (%)   AuEq (g/t)      Comments
             
Interval         215.98    655.6         439.22     0.52       0.37       1.59       0.71         1.47     May extend 
                                                                                                            ug domain
including        215.98    535.5         319.62     0.64       0.46       1.95       0.87         1.81      Ug domain
including        215.98    311.4          95.37     1.25       1.02       3.49       1.76         3.66      Ug domain

Intercept lengths in the attached table are not necessarily true widths given the fact that holes are being drilled at different angles through forecast mining shapes within a variably oriented mineralized body. Gold and copper equivalents are calculated using metal prices of $3 (U.S.) per pound of copper, $1,200 (U.S.) per ounce of gold and $15 (U.S.) per ounce of silver. Metal recoveries, as stated in the preliminary economic assessment, are as follows: 91 per cent copper, 75 per cent gold and 75 per cent silver.

Open-pit (opit) and underground (ug) domains are outlined in the company's National Instrument 43-101 technical report for the Kwanika property, preliminary economic assessment update 2017, which is dated April 19, 2017, and filed on SEDAR as well as at the company's website.

DDH-K-179A was drilled from the bottom of hole K-16-179, which ended previously at 909 metres. The new hole encountered strongly quartz-sericite-ankerite-pyrite-altered monzonite, with numerous quartz-tourmaline vein breccias containing locally anomalous gold values before being terminated in a major fault zone at 1,047.5 metres, which is thought to be a strand of the regional Pinchi fault. The hole lies to the north of, and approximately 400 metres below, the potential mining shape intersected by the other two holes reported herein.

DDH-K-180 was drilled in a southerly direction from the potential open pit and encountered strongly quartz-chalcopyrite-veined monzonite over the portion of the hole lying within the proposed pit, as well as a substantial gold-copper-rich interval deeper in the hole that is characterized by vein and disseminated chalcopyrite as well as bornite cut by numerous thin late-mineral dikes, which may be related to the gold enrichment of this interval. K-180 intersected mineralization within current mining shapes over a vertical range of 475 metres and a horizontal extent at the midpoint of the intercept of approximately 200 metres. The current pit-constrained mineralized zone extends for a further 150 metres north of the top of the mineralized zone encountered in K-180.

DDH-K-181 was drilled in an easterly direction through the postmineral sedimentary rock basin that overlies a portion of the deposit before encountering a supergene-enriched interval containing native copper gradational to underlying chalcocite containing strong grades of copper and gold. The drill hole ended in mineralization, albeit lower grade than observed higher in the hole, and potentially extends the mineralized zone to depth and to the east. The hole intersected mineralization within the current underground mining shape over a vertical range of 290 metres and a horizontal extent of approximately 150 metres.

About Serengeti Resources Inc.

Serengeti Resources is a mineral exploration company managed by an experienced team of professionals with a solid record of exploration success. The company is currently advancing its Kwanika copper-gold project in partnership with POSCO Daewoo Corp. and exploring its extensive portfolio of properties in the highly prospective Quesnel trough of British Columbia. A number of these other projects are available for option or joint venture and additional information can be found on the company's website.

Quality assurance/quality control

Sample analysis for the 2018 Kwanika drilling program was completed at Bureau Veritas Minerals Laboratory in Vancouver, B.C., which is ISO 9001:2015 and 17025 accredited. A robust quality assurance/quality control program was completed by Kwanika Copper, which included inserting field blanks, standards and duplicates into the sample stream before being shipped to the laboratory. Quality assurance/quality control samples accounted for a minimum of 20 per cent of the samples, which were analyzed in addition to the laboratory's own quality assurance program. Copper and silver analyses were determined by AQ 270, which is a combined ICP-ES/MS method following aqua regia digestion and is capable of determining up to 100,000 parts per million copper and 1,000 parts per million silver. Gold analysis was determined by FA430, a lead collection, fire assay/AAS method using a 30-gram subsample and having an upper detection limit of 10 parts per million gold. The field program was supervised by Serengeti Resources staff and the technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101, and reviewed by the company's qualified person, David Moore, PGeo, president and chief executive officer of Serengeti Resources.

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