NWST.V · 2017-01-04 12:00:00

Serengeti’s Updated NI 43-101 Technical Report filed on SEDAR

Resource Estimates Technical Reports (NI 43-101)

NR: 2017-01

Vancouver, B.C., January 04, 2017, Serengeti Resources Inc. (SIR: TSX-V) reports that it has filed on SEDAR an independent

NI 43-101 technical report outlining the updated resource estimate for its Kwanika property loca ted in north central British

Columbia. The results of this update were originally announced on November 14, 2016 (See NR 2016-13)

“We are pleased to have completed this updated technical report whic h represents the latest milest one in the development of the

Kwanika Property” stated Serengeti President and CEO, David Moore. “The results of this updated mineral resources estimate are

now being incorporated into a revised Preliminary Economic Assessment (“PEA”) due for completion within the first quarter”.

MINERAL RESOURCE STATEMENT* KWANIKA CENTRAL ZONE

Category

Quantity Grade Contained Metal

(x1000

Tonnes)

(%)

(g/t)

(%)

(000's lb)

(000's oz)

(000's lb)

Inferred 33,300 0.26 0.08 1.64 0. 01 191,400 80 1,760 7,470

* Pit constrained mineral resources are reported in relation to a conceptual Whittle pit shell and underground resources are re ported within the

area for potential underground development. Mineral resources ar e not mineral reserves and do not have demonstrated economic vi ability. All

figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.

** Pit constrained mineral resources are repor ted at a copper equivalent cut-off of 0.13% and underground resources are reporte d at 0.27%. The

cut-offs are based on prices of US$3.00 per pound of copper, US$1,300 per ounce of gold, US$20 per ounce of silver, US$9.00 per lb of

molybdenum and assumed recoveries of 89% for copper, 70% for gold, 75% for silver, and 60% for molybdenum.

The 43-101 report is now available to the public on SEDAR and can be accessed through www.sedar.com.

All of the work outlined above is being funded by Daewoo Minerals Canada, in a deal finalized earlier this year (See NR-2016-03),

whereby Daewoo will earn a 5% project interest by paying Seren geti $400,000 (paid) and spending $800,000 on the project in the

first year. Daewoo may earn an additional 30% interest in the project by electing on or before March 6, 2017, to spend an

additional $7 million over the following two years for aggregat e expenditures of $8.2 million to earn a 35% project interest.

Serengeti remains as project operator and is entitled to charge a 10% operator fee on expenditures beyond the initial $1.2 million.

Serengeti is entitled to an NSR royalty if its project interest is diluted below 50% and also retains the right to enter into p recious

metal streaming transactions subject to certain off-take rights to Daewoo.

Independent Consultants

The 43-101 report was completed by SRK Consulting (Canada) Inc ., of Vancouver British Columbia under the direction of Marek

Nowak PEng., an independent Qualified Person as defined by N.I. 43-101. Mr. Nowak has review ed and approved the technical

contents of this release.

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About Serengeti Resources Inc.

Serengeti is a mineral exploration company managed by an exper ienced team of professionals with a solid track record of

exploration success. The Company is cu rrently advancing its Kwanika copper-gold project in partnership with Daewoo Minerals

Canada 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 addit ional information can be found on the Company’s website

at www.serengetiresources.com.

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 applic able Canadian securities regulations. All stat ements other than

statements of historical fact herein, including, without limitat ion, statements regarding exploration plans and other future pl ans and objectives, are

forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will p rove 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 as well as a comprehensive list of risk factors 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. Forward-looking statements are ba sed on the

estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forw ard-looking

statements should conditions or ou r estimates change, other than as required by law and readers are further advised not to plac e 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.

For further information, please contact:

Investor Relations: Paradox Public Relations Tel: 514-341-0408 Toll free (in North America) 1-866-460-0408

Email [email protected]

Serengeti Resources Inc. 520 – 800 West Pender St., Vancouver, BC V6C 2V6

Tel: 604-605-1300 Email: [email protected] Website: www.serengetiresources.com

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