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.
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visit:http://www.prnewswire.com/news-releases/sarissa-files-43-101-technical-report-and-provides-update-on-developments-300072382.html
SOURCE Sarissa Resources Inc.