SRSR has metallurgical studies underway on their Nemegosenda Niobium project; the claims of which are held in its Nio-Star subsidiary. They are currently awaiting the closing of a financing arrangement that will provide them the necessary funds to complete a preliminary economic analysis (PEA). Though they are awaiting the closing on the financing agreement, they have already receive an advanced payment in the amount of $300,000 to begin the metallurgical study. The news yesterday is significant in providing confirmation that the metallurgical component of the PEA has been underway since October 2011. In a prior news release, we learned that this was expected to take 3 months to complete.
Again from the press release:
"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."
On the Shining Tree front:
The company announced the addition of an additional 3000 acres of property. They added 47 claim units in the Ogilvie and Leonard townships, and they added another 38 contiguous claim units to the North and West of their original claim units. "The company is negotiating to joint venture this particular portion of our now significant land holdings in the area. "
Most significantly, the company announced that they expect to announce the record date for the Shining Tree Resources Corp spin-out in January.
As announced, Shining Tree Resources now has approximately 3,000 Ha's (7400+ acres) of exploration ground in the Shining Tree area.
Let's not forget that SRSR has investment bank Dahlman Rose on board, Tim Peterson and Robert Yeates on their advisory board, and they have a financing consortium backing their efforts to list HKHE (to be renamed Nio-Star Holdings) on the Hong Kong Exchange.
2012 is shaping up to be a significant year for SRSR and its flagship subsidiary entities. |
