OAKVILLE, Ontario, Sept. 12, 2014 /PRNewswire/ -- Sarissa Resources
Inc. ("Sarissa" [SRSR:OTCPK], or the "Company") is pleased to
announce the next stage development plans for the Company's
Nemegosenda niobium project in Ontario, which is 100% owned by the Company's
wholly owned subsidiary, Nio-Star Corp. This phase of the
advancement of the project consists of two main objectives.
First, the Company is going to resume geological work on the
Nemegosenda niobium project in Ontario. The current work program which
the Company has planned is expected to result in a pre-feasibility
report on the project, specifically focusing on the D Zone.
- Drilling and Geology: The Company has begun a program designed
to twin certain of the diamond drill holes that the Dominion Gulf
Company completed previously. The first of these has been completed
and initial analysis indicates a strong correlation in niobium
concentrations between the recently completed hole and the original
Dominion Gulf Company hole (recently completed hole DDH-14-82 and
the Gulf hole DDH-208-56-49). The Company anticipates that
the outcome of this work will be to validate the historical
findings of Dominion Gulf Company and move the Company's historical
resource estimate to a higher confidence NI 43-101 compliant
resource classification.
- Complete Metallurgy Studies: The Company has retained an
engineering firm to conduct a Facility Pre-Feasibility Study
relating to the metallurgical analysis of the ore at Nemegosenda.
To date, significant progress has been made towards the
completion of this study and its completion is a near term
goal.
- Further consulting work toward this pre-feasibility report will
include geological modeling and an environmental and marketing
analysis, as well as to consolidate current and historic data into
an updated resource estimate for the D Zone. The Company has begun
sourcing the appropriate professional consultants to perform these
duties.
- Engage legal and accounting professionals to perform associated
legal and accounting duties related to completing pre-feasibility
study. The Company has begun sourcing the professional
service providers to perform these duties.
Second, the Company plans to spin out to Sarissa shareholders
its wholly owned subsidiary, Nio-Star Corp. ("Nio-Star"), and list
Nio-Star on a Canadian stock exchange. The shareholders of
Sarissa would receive shares of the newly-independent Nio-Star via
a share dividend transaction.
In order to achieve this listing, the Company will:
- Engage an auditor to complete the necessary audits of Nio-Star
required for an exchange-listing of Nio-Star.
- Engage a law firm to complete the necessary legal documentation
for the spin out and exchange listing of Nio-Star.
- If necessary, secure a Sponsoring Broker-Dealer who will
sponsor the Nio-star subsidiary for the exchange
listing.
- Engage a Geological firm to update the NI 43-101 resource
estimate Nio-Star's Nemegosenda property which is required for the
exchange listing.
Work has already begun on both of these short term
objectives.
Regarding the resumption of the geological work that is expected
to lead toward a pre-feasibility study: The work will begin with
the completion of the previously announced drilling program per the
recommendations presented in the last NI 43-101 technical report
prepared on the Nemegosenda Niobium Property (effective
September 23, 2010 and available at
www.sedar.com). The Company will begin to drill the second
hole of the precise twinning of five of the original Dominion Gulf
drill holes within the D Zone that are discussed in that report on
Nio-Star's Nemegosenda property. Drilling of the next hole is
scheduled to begin as soon as the drilling equipment and operations
team can be mobilized. Investors will be provided with
updates as this work continues and will be notified of any changes
to the plan and time frames that the Company's geologist recommends
as this work proceeds.
Regarding the spin out of the Nio-Star subsidiary into a
standalone entity listed on a Canadian Stock Exchange, the Company
has already begun the selection of the professional service
providers to complete the necessary steps to complete the spinout
and listing transaction. Shareholders will be provided
with updates as progress on these steps is achieved, to the extent
permitted under applicable securities laws and best practices.
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 projects. Visit www.sarissaresources.com for
additional information.
Safe Harbor
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 Nio-Star Corp.,
as well as members of their respective management, 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
above-referenced 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.