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Serengeti Resources, DAEWOO Minerals close deal over Kwanika copper-gold project

Serengeti Resources Inc. said April 6 that it has closedits deal with DAEWOOMinerals Canada Corp., under which the latter may earn up to a 35%interest in Serengeti's Kwanika copper-gold project in British Columbia byproviding up to C$8.2 million in funding.

The deal was announced in March, allowing DAEWOO Minerals to earn aninitial 5% interest in the project by funding C$1.2 million in expenditures inthe first year and an additional 30% stake in Kwanika by funding an additionalC$7.0 million over the subsequent two years.

DAEWOO Minerals has already paid the initial C$1.2 millioninvestment to the joint venture account, from which Serengeti will receive anupfront cash operating fee of C$400,000. The remaining C$800,000 will be usedfor project expenditures.

The other terms of the deal remain as previously announced.

According to Serengeti, work on the project this year willinclude a re-evaluation of the previously completed resource estimate andscoping level preliminary economic assessment study, with a view to develop thebest model for copper and gold grade distribution.

Furthermore, a number of high-quality exploration targetswill be tested in Kwanika's immediate deposit area through a 2,200-meter drillprogram scheduled for the current year's field season.

DAEWOO Minerals is a subsidiary of POSCO DAEWOO Corp.