Yesterdays News:
Sarissa Resources Updates
marketwire.com
December 19, 2011 10:40 ET
OAKVILLE, ON--(Marketwire - Dec 19, 2011) - Sarissa Resources, Inc. ("Sarissa" or "the Company") (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 1/2 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.
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