Shining Tree Resources Announces Private Placement
April 20 2012 - 9:00AM
Marketwired
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WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OF AMERICA OR
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DISTRIBUTION WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
SUCH JURISDICTION.
Shining Tree Resources Corp. ("Shining Tree Resources" or "the
Company"), a wholly-owned subsidiary of Sarissa Resources Inc.
("Sarissa") (PINKSHEETS: SRSR), is proceeding with a non-brokered
private placement financing to raise up to $500,000 through the
issuance of units comprised of one common share and one share
purchase warrant. All units are priced at $0.05 each. Each share
purchase warrant is exercisable for six months from the date of
issuance into one common share at $0.10 per share.
Net proceeds from this financing will be used to advance the
Company's spin-out process from its parent company, Sarissa
Resources Inc. (as approved at a special meeting of Sarissa
shareholders in 2011), for general working capital, and to fund
mineral resource exploration activities. It is anticipated that
certain insiders of the Company will participate in the
financing.
About Shining Tree Resources Corp.
Shining Tree Resources holds mineral claims (the "Property"),
directly and through option agreements, in the Shining Tree area of
Ontario. On a regional scale, a series of mafic to felsic volcanic
flows and tuffs underlie the Property, which also appears to be
centered on the axis of a regional geophysical gravity high. This
high could be interpreted as an area of thick supra-crustal rocks
and under-plating by oceanic crust, a formation that has been
associated with the discovery of other major gold deposits in
Precambrian rock of the Canadian Shield.
Sarissa had previously conducted surface exploration consisting
of stripping and blasting work, followed by diamond drilling of two
holes (SC-10-1 and SC-10-2) in the fall of 2010, on the historical
large scale Gosselin gold bearing quartz stockwork vein systems and
wall rocks found within the central area of the Property.
Shining Tree Resources, in a second phase exploration program,
completed two diamond drill holes (SC-11-3 and SC-11-4) which were
collared to test for depth extensions in intersections obtained in
hole SC-10-2 drilled during the first phase conducted by Sarissa,
including a reported highlight of 9.26 g/tonne Au and 24.56 g/tonne
Ag over 2.06 m from 33.94 m to 36 m down hole.
Based on results obtained to date on the Property, an updated
Technical Report is currently being prepared and, in conjunction
with this, additional testing and assaying is being conducted on
holes SC-11-3 and 4 to test the drill core intervals between those
that returned anomalous gold values. In addition the Company's
auditors are preparing the audited financial statements. These are
expected to be the final steps to be completed prior to submission
of the Company's prospectus filing.
Warren Hawkins, P.Eng is a "qualified person" within the meaning
of National Instrument 43-101 and has read and is responsible for
the technical information contained in this news release.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company with
interests in properties with base metal, precious metal, uranium,
niobium and rare-earth prospects in Northern Ontario, Canada. The
Company is specifically focused on the development of its
Nemegosenda niobium project.
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 Shining Tree Resources Corp. and/or Sarissa
Resources Inc., and members of management as well as 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 operating results, the ability to compete
successfully and the ability to complete before-mentioned
transactions. The Company does not undertake any obligation to
update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results.
FOR FURTHER INFORMATION contact: Shining Tree Resources Corp.
Tel: (905) 827-3666 Email: Email Contact
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