Serengeti Resources President's Letter to Shareholders by 24hgold

Mots clés associés : Copper |

Friday, July 24, 2009

President's Letter to Shareholders

Serengeti's key achievement this past year was the late February 2009 publication of the initial resource estimate for the Central copper-gold Zone at our 100% owned Kwanika project.

Kwanika Central Zone Indicated Mineral Resources
CuEq* % Cut-off	Tonnage Mt	Au g/t	Au M oz	Cu %	Cu M lb	Cu* Eq %	Au Eq* g/t
0.40	75	0.42	1.02	0.41	684	0.69	1.05
0.25	183	0.28	1.62	0.29	1,153	0.47	0.71
Inferred Mineral Resources
0.25	29	0.20	0.18	0.20	123	0.32	0.49

*Note: Copper and gold equivalent calculations use metal prices of US$2.00/lb for copper and US$900/oz for gold and do not include factors for metallurgical recoveries.
Cu Eq = Cu % + [Au g/t x ( 900 / 31.1 / 2.00) / 22.06]
Au Eq = Au g/t + [Cu % x ( 22.06 x 2.00) / ( 900 / 31.1)]
*Note: CIM definitions were followed for mineral resource estimation and classification. By prescribed definition Mineral Resources do not have demonstrated economic viability and Indicated Resources have a higher degree of confidence than do Inferred Resources. The mineral resources fall within a volume or shell defined by long term metal price estimates of US $2.00/lb for copper and $900/oz for gold. A 0.25% Cu Eq cut-off is considered to be reasonable for a porphyry deposit open pit in this location.

This resource estimate was incorporated into an NI 43-101 compliant independent technical report which was completed in April 2009 and filed on SEDAR, where it can be accessed at www.sedar.com or via our website at http://www.serengetiresources.com/i/pdf/Serengeti-Resources-NI-43-101.pdf

Serengeti's strong financial position, with working capital of approximately $11.0 million at the end of Q1
(May 30, 2009), has enabled the company to plan a significant exploration program for 2009. The objective of this 27 hole, 6,750 meter drill program is to test for significant extensions of the copper-molybdenum-gold South Zone, and to add to the Kwanika resource by locating new mineralized centers as well as testing a number of additional attractive targets on other properties in the area.

The 2009 exploration program got underway on June 20th at Kwanika and, at the time of writing, several follow-up holes have been added to the program based on positive geological indications from the initial holes drilled this year along the west edge of the South Zone. After Kwanika, the drill will move in early August to test a well defined, combined geochemical and geophysical copper-gold-silver target at Osilinka, 35 km to the north, then test additional targets on Kwanika South, Choo, and Mil properties. The drill program is slated for completion around mid-September. Results will be released in batches as they become available from the laboratory. All of the properties being drilled this year are road accessible and given our strong finances we are in a position to follow-up encouragement from the current program.

Regarding First Nations' relations, the company presented a draft Memorandum of Understanding for the Kwanika project to the Takla Lake First Nation in March 2009, and we are currently awaiting feedback on this document. Elsewhere, First Nation access issues have delayed the start of the Croy Bloom project where a drill program funded by Newcrest Mining Limited, and fully permitted by the BC Government, was scheduled to start in late June. We continue to work on this issue in the hope that the planned program can still be carried out this season.

On the communication and investor relations front, we have made more than 30 broker presentations and participated in a number of trade shows since January 2009. We have also been featured in numerous media pieces both in print and electronic,
(see http://www.serengetiresources.com/s/AnalystCoverage.asp for a complete listing).

These communication efforts have paid off with an improving share price into mid-June when seasonal market weakness affected Serengeti as well as many of our peers. Having said that, SIR remains a well traded stock with an average daily volume of 112,000 shares over the most recent 200 day period. General investor sentiment also seems to have improved, to the point that share prices of peer companies react positively to encouraging drill results. We are doing our best to deliver these, however in this business of course, we cannot guarantee them.

Serengeti also continues to actively review opportunities both in British Columbia and elsewhere in the America's with a view to finding new projects or opportunities to maintain the growth potential of the company and increase shareholder value. We are in the fortunate situation of having a strong working capital position which enables us to pursue success within our existing property portfolio or take advantage of new opportunities created by current market conditions.

Thank you for your support over the past year. This is one of an ongoing series of regular communications aimed at keeping you informed as to our plans and progress. Please visit our website at www.serengetiresources.com, and we always welcome your calls and emails.

Yours truly,

/s/ David W. Moore

David W. Moore
President & CEO
SERENGETI RESOURCES INC.

A mineral exploration company creating shareholder value through exploration and discovery.

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.

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