Senetek Announces Acquisition of New Mineral Properties

By Senetek Plc, PRNE
Thursday, March 17, 2011

HILTON HEAD, South Carolina, March 18, 2011 - Senetek Plc (OTC Bulletin Board: SNKTY) is pleased to announce it has
closed the acquisition of all of the issued and outstanding shares of Iron
Eagle Acquisitions, Inc., a Nevada corporation. Iron Eagle owns two mining
assets, the Gray Eagle Mine in California, and the Iron Creek Property in
Idaho. Senetek has issued 8,150,000 shares in conjunction with the

The Gray Eagle Copper Mine, which is a past producer of significant
amounts of both copper and gold, consists of approximately 344 acres of
patented mining claims in Siskiyou County, the northernmost county of the
State of California. Major production of valuable metals occurred during two
different periods at Gray Eagle. In the 1940's Newmont Mining operated an
underground mine and produced approximately 462,000 tons of copper ore at an
average grade of 3.17% copper from a volcanogenic massive sulfide deposit
(VMS) containing chalcopyrite as the principal ore mineral. This production
continued through the Second World War, after which the mine was closed.
Siskon Corporation acquired the property in approximately 1954.

In the 1980's, Noranda Mining, leasing the property from Siskon, produced
approximately 180,000 ounces of gold from an oxidized gossan cap in a small
open pit. Noranda mined just over 1,000,000 tons of ore averaging 0.21 ounces
per ton and recovered 180,000 ounces for a recovery rate of 86%. This
operation was closed in 1987 when the oxidized ore in this north pit was
exhausted and the property was returned to Siskon. Siskon Corporation then
undertook a significant evaluation of the remaining copper potential of the
property and completed a feasibility study in 1989 which was reviewed by the
well-known mining consulting firm of Pincock, Allen and Holt (PAH) in 1990.

Siskon and PAH assigned a "reserve" of just over 1.1 million tons of ore
grading 2.59% copper and .027 ounces per ton gold using a 3.3 to 1 strip
ratio, a copper cutoff grade of 1%, and recovery factors of 90% on copper and
30% on gold. Using the 1990 prevailing prices of copper of $1 and a gold
price of $400, both Siskon and PAH concluded that this deposit would be
economic to mine at those prices.

Senetek intends to take steps to first verify the existing resource as
previously calculated by Siskon/PAH and also to reevaluate the size of the
potential of the deposit using current metal prices. As part of this
reevaluation, Senetek intends to undertake confirmatory drilling of the
extensive historic work that was completed in the past. Further, in light of
the numerous VMS deposits in belts extending to the north and south of the
mine, very good exploration potential for discovery of new similar deposits

With respect to the Iron Creek copper-cobalt property in Idaho, it
consists of seven patented mining claims of approximately 140 acres in Lemhi
, and about 26 miles southwest of the town of Salmon. Past work by
previous operators has identified several mineralized zones of copper and
cobalt, and numerous other exploration targets on the property that have not
as yet been evaluated. However, extensive drilling, sampling, and geologic
work have been done on two of the most advanced areas. In these areas,
previous operators calculated tonnages and grades (which are non-43-101
compliant) contained in an area called the "No Name Zone."

The first mineral resource of interest referenced in the literature is an
underground target described by Noranda Exploration in a 1980 report as "two
distinct lenses of cobalt mineralization." The first lens was called a
"reserve" and was estimated to contain 1,050,000 tons grading 0.61% cobalt
and 0.3% copper and having a strike length of about 750 feet. A second lens
of high-grade cobalt mineralization occurs to the northwest, and again is
described as a "reserve." This lens extends for 600 feet of strike length, is
deeper than the first lens, and averages about 0.48% Co and 0.24% Cu. The
authors estimated this resource to be around 229,000 tons. In all, the
Noranda authors state that between both lenses, they expect that at least two
million tons of similar grade resources could be developed. While this area
will require more work to bring these resources into today's reserve
compliant categories, if confirmed these zones would represent over 15
million pounds of cobalt and over 7.4 million pounds of copper, with a gross
value in excess of $374 million at today's metal prices.

The second area of major interest, also in the "No Name Zone" is
described by Centurion Minerals in a 1988 report as containing at least
10,000,000 tons of open pit resources grading 2% Cu equivalent grade
(accounting for the cobalt as a by-product). This number was based on over 20
diamond drill holes along some 5,000 feet of strike length and over 200 feet
of width, at an average spacing of around 200 feet. The author of the report
concluded that these resources could be classified as "possible" reserves
(under a S.E.C. classification) and recommended an additional 30 holes be
drilled to tighten up the spacing to something less than 200 feet. Although
significantly more infill drilling will be required to upgrade and verify
this mineral resource, if confirmed as previously estimated, this zone would
represent a gross value in excess of $1.6 billion of metal value at current
metal prices. Senetek believes this zone represents a truly exceptional,
advanced stage exploration/development target.

"We believe that these two properties represent a transformational event
for Senetek in our transition from a bio-pharmaceutical company to a mining
company" said Howard Crosby, President of Senetek. "Taken in combination with
our plan to restart the Relief Canyon Gold Mine early next year, these two
very advanced stage copper projects provide a tremendous upside potential for
our shareholders, built on the foundation of tens of millions of dollars of
previous exploration and development spending by major mining companies,
including Noranda, Cominco, Newmont, Hanna Mining and others. As a result of
this past work and production history, we will be developing these assets
upon a tremendous base of solid historical data."

The source of this news release is Senetek Plc. This press release may
contain certain forward-looking statements within the meaning of Section 27A
of the Securities and Exchange Act of 1933, as amended, and Section 21E of
the Securities and Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainties and therefore,
there can be no assurance that the forward-looking statements included in
this press release will prove to be accurate.

John Ryan, CEO, +1-404-418-6203, or fax, +1-843-842-7248, or Howard Crosby, President, +1-509-526-3491, both of Senetek Plc

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