Sarissa Files 43-101 Technical Report and Provides Update on Developments
Apr 27, 2015, 09:42 ET
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.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company with interests in properties in Northern Ontario, Canada. Sarissa and Nio-Star are specifically focused on the development of the Nemegosenda niobium project as well as the Shining Tree Resources Corp. gold project. Visit www.sarissaresources.com for additional information.
Safe Harbor
This press release contains statements which involve known and unknown risks, uncertainties and other factors 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 Nio-Star Corp., as well as members of their respective management and board of directors, in addition to 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 financial results and positions, the ability to compete successfully and the ability to complete exploration and testing, as well as business transactions. Neither Sarissa nor Nio-Star undertakes any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE Sarissa Resources Inc.