Sarissa Resources Announces the Acquisition of Additional Claims in Shining Tree Resources
|Posted on Jun 02 2011|
|News >> Press Releases|
Oakville, ON, May 26, 2011 – Shining Tree Resources Corp. (“Shining Tree Resources” or “the Company”) is pleased to announce that it has acquired an additional claim group in the Shining Tree area of Northern Ontario.
The new claim group is comprised of 5 claims of 16 claim units each, and is situated approximately 4 kilometers south-west of the Company’s existing holdings. It is subject to a 2% NSR, of which ½ may be purchased by the Company for a pre-determined price.
Shining Tree Resources is a wholly-owned subsidiary of Sarissa Resources Inc. (“Sarissa”.) As has been reported in a previous release, Sarissa expects that it will accomplish a spin-out of Shining Tree Resources to become a Canadian reporting issuer at the time of, or as soon as possible following, the spin-out, by declaring a dividend-in-kind of all the shares of Shining Tree to the shareholders of Sarissa.
The initial Shining Tree Property consists of 7 contiguous claim groups, approximately 1200 acres, in the Shining Tree gold area of Northern Ontario. The new claim group increases the Company’s land holdings in the area by approximately 13 square kilometers.
The Shining Tree Properties lie within the southwest part of the Abitibi greenstone belt. The Abitibi greenstone belt is prospective for a number of mineral deposit types, including mesothermal lode gold deposits, volcanogenic massive base metal sulphide deposits and layered magmatic sulphide (Ni) deposits.
The Shining Tree area has been considered an under-explored area within a highly prospective region, due primarily to a land caution covering the area from 1973 until 1996. Previous exploration and diamond drilling on the property by Sarissa had returned positive results, as previously released, and Shining Tree Resources will further test these and other targets. In preparation for this next phase of exploration, a grid is currently being established over the initial 7 claim group.
Warren Hawkins, P.Eng., a “qualified person” within the meaning of NI 43-101, has read and is responsible for the technical information contained in this news release.
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 Shining Tree Resources Corp. and/or Sarissa Resources Inc., and members of 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 does not undertake any 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:
Public Relations: Merle Goertz
North America: 866-307-1331