News
Drilling Update on Sarissa’s Nemegosenda Carbonatite Property |
| Posted on Nov 05 2008 |
Bay City, MI, November 5th, 2008 – Sarissa Resources, Inc., (“Sarissa” or the “Company”) (OTC: SRSR), is pleased to announce that a contract has been arranged for an initial fall diamond drill program on its Lake Nemegosenda Carbonatite property. The property comprises approximately 4800 acres (1800 patented, and 3000 contiguous acres staked in 2008) in Northern Ontario. The property is easily accessible off of Highway 101 between Timmins and Chapleau, Ontario.
Extensive exploration and development work was conducted by Dominion Gulf Company (“Gulf”) in the late 1950’s and 1960’s, including ~35,000 feet of diamond drilling, and expenditures of ~$1,000,000 in metallurgical testing in conjunction with the Colorado School of Mines Research Foundation. In addition an adit was driven 580 feet into the main ore body, and Gulf calculated the reserves in the main D Zone to be 20,000,000 tons of 0.47% Nb2O5 in an area of 600 feet by 800 feet and to a depth of 600 feet*.
The current drilling program has been designed to test this historically reported niobium inferred resource, which has been subsequently written up in numerous Ontario Geological Survey reports.
Drilling is core at an NQ diameter initially. A program will be followed to ensure that samples are properly taken and recorded and a secure chain of custody is maintained between the drill and the labs. Assaying will be conducted at a certified laboratory.
Sarissa president Scott Keevil commented, "This is an exciting time for Sarissa. We have already confirmed similar assay results to Gulf’s from samples taken from inside the adit, and within a short time frame we expect drill results which will move us closer to getting an independent National Instrument 43-101 compliant mineral resource statement prepared.”
The company looks forward to keeping our shareholders informed in the coming weeks through timely updates.
* These reported resources are historical in nature and, therefore, not compliant with National Instrument 43-101 reporting standards; however they are considered material to the prospectivity of the Nemegosenda Project. A “qualified person”, as defined under NI-43-101, has not done sufficient work to comment on the relevance or reliability of these historical estimates. The company is not treating the historical estimate as, nor can the historical estimates be relied upon as, current mineral resources or reserves. Sarissa currently does not have access to more recent estimates or data relating to the Lake Nemegosenda property, except as outlined in this and previous news releases.
Alan Hawke, BSc. MSc. (Geology), a director of Sarissa, is a “qualified person” within the meaning of National Instrument 43-101 and has reviewed the technical information contained in this news release.
About Sarissa Resources
Sarissa Resources is a junior exploration company with interests in properties with base metal, precious metal, uranium, niobium and rare-earth prospects in Northern Ontario, Canada.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Sarissa Resources, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
FOR FURTHER INFORMATION contact:
www.sarissaresources.com
and http://nemegosenda.sarissaresources.com/
Investor Relations: Merle Goertz
604-688-2349