Serengeti Reports Closing of Definitive Agreement with POSCO DAEWOO for the Kwanika Project and Receipt of $C 7 Million

NR: 2017-15

Serengeti Reports Closing of Definitive Agreement with POSCO DAEWOO

for the Kwanika Project and Receipt of $C 7 Million

Vancouver, B.C., November 27, 2017, Serengeti Resources Inc. (SIR: TSX-V) reports that it has successfully closed the

transaction previously outlined in its press release dated O ctober 26, 2017 whereby Serengeti, POSCO DAEWOO Corporation

(“PDC”) and Kwanika Copper Corporation (“KCC”) (formerly known as Daewoo Minerals Canada Corporation) have signed a

definitive joint venture agreement (the “JVA”) for the exploration and development of the Kwanika copper gold project located in

the Quesnel Trough of British Columbia (the "Project"). Pursuant to the JVA, the respective interests of Serengeti and PDC in

the Project have been transferred to KCC, a private British Columbia corporation which will serve as the vehicle for the joint

venture.

Key terms of the JVA and KCC structure include the following:

 PDC has fully contributed $7.0 million into the KCC controlled bank account and as a result of its current cash

contribution combined with its earlier earned 5% share in the Project has received a total of 8.2 million common shares

of KCC (representing 35% of the total issued shares of KCC).

 Serengeti has contributed its 95% participating interest in the Project to KCC, in exchange for 15,228,571 common

shares of KCC (representing 65% of the total issued shares of KCC).

 PDC’s $7.0 million contribution to KCC will be used to fund a Pre-Feasibilty Study (the “PFS”) for the Project.

 Serengeti retains operatorship of the Project and is immediately entitled to receive $700,000 operator’s fee as first

disbursement from the Project funding.

 The Board of Directors of KCC consists of five individuals, three appointed by Serengeti and two appointed by PDC.

The President of KCC is David Moore.

Over the next four to six weeks the parties will develop a detailed plan for the execution of the PFS. The PFS work is expected

to be completed over the next 15-18 months and will include a substantial drilling program targeting the Central copper-gold

zone on the property. The drilling program is expected to be conducted early in summer 2018.

The JVA has been accepted by the TSX Venture Exchange

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. Serengeti is currently adv ancing its Kwanika copper -gold project in partnership with POSCO DAEWOO

Corporation 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 at www.serengetiresources.com.

About POSCO DAEWOO Corporation.

POSCO DAEWOO Corporation. (previously Daewoo International Corp.), a member of the POSCO Family, is a leading

international trader, investor, and project organizer in Korea. It has an extensive global network of over 100 branches and

subsidiaries around the world. POSCO DAEWOO is actively participating in the natural resources sector, with investments in

dozens of global projects including Block A -1/A-3 gas field (operator) in Myanmar, Wetar copper project in Indonesia and

Narrabri Coal in Australia.

ON BEHALF OF THE BOARD

David W. Moore,

P. Geo., President, CEO and Director

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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 tho se 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 ar e 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 based on the estimates and opinions of management on the date the statements are made, and we do not u ndertake

any obligation to update forward -looking statements should conditions or our estimates change, other than as required by law and readers are

further 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.

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. Suite 520 – 800 West Pender St., Vancouver, BC V6C 2V6

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