Sarissa Resources Updates
|Posted on Dec 19 2011|
|News >> Press Releases|
Oakville, ON, December 19, 2011 – Sarissa Resources, Inc. (“Sarissa” or “the Company”) (OTC Pinksheets: SRSR) is pleased to provide this update to ongoing corporate and project initiatives, specifically relating to the financing initiatives out of Hong Kong, and the Shining Tree Resources properties and spin-out transaction.
On the Nemegosenda niobium project financing side, as part of normal due diligence procedures Sarissa’s CEO has met a number of times over the past month with representatives of the Hong Kong financing groups. Most recently in Toronto, along with the engineering firm currently working on the Nemegosenda metallurgy procedures, and in Hong Kong, as the Company continues to move toward a closing.
As previously announced, the funds to be raised will be used to conduct pre-feasibility metallurgical studies and scoping studies (of which, the metallurgical studies commenced in October, 2011.) The reports will be structured to qualify as a Preliminary Assessment under NI 43-101, including geological modeling and further resource estimates of the mineral potential of Sarissa’s wholly-owned Nemegosenda niobium property. Funds will also be used towards evaluating and pursuing a potential separate listing of the Nemegosenda project.
The Company knows that shareholders are awaiting further details on these fronts and on the anticipated record date for the proposed Shining Tree Resources Corp. spin-out previously announced. Sarissa expects to be in a position to announce the record date for this in January.
Additionally the Company is pleased to announce that its subsidiary, Shining Tree Resources Corp., has significantly increased its land holdings in the Shining Tree area through strategic property acquisitions. In May the Company announced the addition of a block of claims to the south-west of our initial Shining Tree area. Following on this the Company has acquired a further 47 unit claim block in the townships of Leonard and Ogilvie, to the east of our existing property. As with the previous claim block, this acquisition was made for minimal cash consideration, and is subject to a 2% NSR, of which ½ may be purchased by the Company for a pre-determined price.
The Company has also just acquired an additional strategically located property contiguous to our initial Shining Tree holdings, and is located in close proximity to where our last 2 drilling programs were carried out. This latest acquisition represents 38 units in 4 claims, with an acquisition cost of $34,000 and 600,000 shares of Shining Tree Resources Corp., with no NSR. In order to mitigate cash costs and share dilutions to Shining Tree Resources Corp. the company is negotiating to joint venture this particular portion of our now significant land holdings in the area. Shining Tree Resources now has approximately 3,000 Ha’s of exploration ground in the Shining Tree area.
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 has returned positive results, as previously released.
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 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.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company with interests in properties with base metal, precious metal, uranium, niobium and rare-earth prospects in Northern Ontario, Canada. The Company is specifically focused on the development of its Nemegosenda niobium project.
FOR FURTHER INFORMATION contact:
Public Relations: Merle Goertz
North America: 866-307-1331
Hong Kong: 852 8174 5996