Sarissa Resources Update
March 04 2013 - 8:00AM
Marketwired
Sarissa Resources Inc. (PINKSHEETS: SRSR) ("Sarissa"), through its
wholly-owned subsidiary Nio-Star Corp. ("Nio-Star") is pleased to
release this update on the previously announced Letter of Intent
("LOI") signed in the summer of 2012.
At that time Nio-Star entered into an LOI to form a Joint
Venture company (the "JV") with a Chinese State Owned Enterprise
Company ("SOE") operating in the mining sector.
Under the LOI, the SOE paid a fee in order to secure an
exclusivity period in which to get required government approvals,
complete metallurgical testing, and negotiate the final JV
agreement. This exclusivity period originally ran until October 31,
2012, and was subsequently extended until February 28, 2013.
In order to advance the project during this exclusive period a
sample of approximately 900 kgs of rock from the adit area of the D
Zone of the Nemegosenda project was collected and shipped to China
for metallurgical and beneficiation testing at the Changsha
Research Institute of Mining & Metallurgy, at the SOE's
expense. The testing program was originally targeted to be
completed over approximately 3 months, but has not yet been
finalized. This program would likely have been more difficult to
accomplish in North America, as the testing facilities would
initially have had to be assembled to complete it.
While the testing process continues in China, the exclusivity
period has now elapsed and Nio-Star and Sarissa have elected not to
extend it. This allows Nio-Star and Sarissa to pursue other
financing and development sources that have approached them, but
with which they could not pursue discussions as a result of the
exclusivity period that had been granted. While the original
Chinese SOE no longer has an exclusive arrangement, a good working
relationship was developed, and Sarissa and Nio-Star remain
interested in working toward a JV with this group. Also, should
Sarissa and Nio-Star reach an agreement with a different party to
fund the exploration and development of its Nemegosenda property,
Nio-Star has discussed purchasing the SOE's testing results.
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 operating
results, the ability to compete successfully and the ability to
complete before-mentioned 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.
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.
FOR FURTHER INFORMATION contact: www.sarissaresources.com Public
Relations: Merle Goertz North America: 866-307-1331 Hong Kong: 852
8174 5996
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