Sarissa Resources Inc., Announces the Sale of its Shining Tree Resources Corporation Subsidiary’s Mining Claims

Toronto, ONTARIO -- February 21, 2017 -- InvestorsHub NewsWire -- Sarissa Resources Inc. (“Sarissa” [SRSR: OTCPK], or the “Company”) is announcing the sale of the remaining mining claims of its wholly owned Shining Tree Resources Corporation (Shining Tree) subsidiary to Green Swan Capital Corp. (TSXV:GSW)
The sale of the remaining Shining Tree claims which consists of 33 mining claim units contained within 4 claim blocks located in Otto Township, Larder Lake Mining Division, in Ontario. 
 

Claim Number Location Claim Units
4250911 S¾ of Lot 6 Concession 5 and N½ Lot 7 Concession 5 6
4250913 Lot 7 and Lot 6, Concession 4 16
4251194 E ½ of the N½ and W ½ of the N¼ of Lot 8 Concession 5 3
4253832 the S½ of Lot 9 and Lot 8 Concession 4 8
 

 In consideration for the claims, Shining Tree will receive a 10-year Net Smelter Returns Royalty, at 3% for the first 200,000 ounces of gold and 2% thereafter. During the term of the Net Smelter Returns Royalty, if Green Swan files a NI43-101 compliance resource estimate of at least one million ounces of gold grading at least 2 grams of gold per tonne, Green Swan will at that time make a one-time payment of USD$250,000 to Shining Tree
.
“The Shining Tree gold project was an unfortunate failure in the company’s past.  When I joined the Company Board, the Board told shareholders we would clean up the Company’s past and build value for the shareholders. Today’s announcement is another step in that process” said Otto Pichler, Director. 

“Shining Tree’s gold project is another example of the Company not successfully building shareholder value in the past.  After the failure to complete the Shining Tree Spinout announced in March of 2011, the failed Shining Tree Private placement announced in April of 2012 and the failed acquisition of the Shining Tree properties by Canada Resources PLC in April 2014, these assets were left largely dormant.  Further, these mining claims were placed on “Special Status” by the Ontario Ministry of Northern Development and Mining due to the Company failing to carry out good Corporate Social Responsibility and Community Engagement," Stated Dan Byrnes, President and interim CFO of the Company.  “With the new Board of Directors strong emphasis on building shareholder value and the complicated issues facing these claims, I believe the sale of these claims provides the best opportunity to create medium and long-term value for the Company shareholders without risking significant additional capital” added Mr. Byrnes.

About Sarissa Resources Inc.
 
Sarissa Resources Inc. is a junior exploration Company.
 
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., Nio-Star Corp., and Shining Tree Resources 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 Resources Inc., Nio-Star Corp., nor Shining Tree Resources Corp., 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.
 
For further information contact
Sarissa Resources Inc.
Telephone: 702-550-2347

Source: Sarissa Resources Inc.

Sarissa Resources (CE) (USOTC:SRSR)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Sarissa Resources (CE) Charts.
Sarissa Resources (CE) (USOTC:SRSR)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Sarissa Resources (CE) Charts.