PR ...
Sarissa Files 43-101 Technical Report and Provides Update on Developments
OAKVILLE, Ontario, April 27, 2015 /PRNewswire/ -- Sarissa Resources Inc. ("Sarissa" [OTCPK: SRSR], or the "Company") is pleased to report that it has filed a technical report prepared under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") prepared by Patrick Chance, P.Eng., dated April 23, 2015 and titled "Nemegosenda Lake Niobium Property, Chewett, Collins and McGee Townships, Porcupine Mining Division, Ontario, Canada - a NI 43-101 Compliant Technical Report ("Technical Report"). The Report is available on www.sedar.com.
The Company's wholly owned subsidiary, Nio-Star Corp. ("Nio-Star"), is receiving an equivalent report. The Company anticipates that Nio-Star will use its report in connection with a prospectus that would soon be filed with the Ontario Securities Commission. Assuming the Ontario Securities Commission grants a receipt for this prospectus, Nio-Star would become a reporting issuer in Ontario, and the Company anticipates that its shares of Nio-Star would be spun-out to those shareholders of Sarissa who are shareholders of record as of a 'Record Date' that will be announced.
In addition, the Company is working to expand the membership on the Board of Directors of Nio-Star through the addition of additional members who possess proven mining, capital markets and operating experience that will accelerate Nio-Star's growth and development. Sarissa expects to release details on these developments in the very near future.
Finally, the Company is focusing its energies to complete the work requested by RPA Associates to finalize a resource estimate on the Nemegosenda project. The Company anticipates that this work will be completed in the near future, after which preparation of a Preliminary Economic Assessment (PEA) would be undertaken.
"Things are beginning to accelerate for Sarissa and Nio-Star, which is now rapidly moving along its development path. This is the first of several announcements regarding the achievement of significant milestones that will be forthcoming over the next several weeks," according to Sarissa CEO Scott Keevil.
"Receiving the completed 43-101 Technical Report allows the Company to accelerate the measures it has undertaken towards achieving our ultimate goals, namely: the upcoming expansion of the Board of Directors of Nio-Star, Nio-Star becoming a public company in Canada, the spin-out of Nio-Star to Sarissa's shareholders, the completion of a 'resource' calculation that is presently being prepared by RPA Associates for the Nemegosenda niobium property, and the preparation and completion of a Preliminary Economic Assessment on that property. As these goals are met, we are confident that Nio-Star and the Nemegosenda niobium project will be transformed. We are excited to let the mining world and the investor community know about the potential of Nio-Star's Nemegosenda niobium property and its unique surface deposit," said Dan Byrnes, President of Sarissa Resources. |
