SOURCE: Sarissa Resources Inc

January 17, 2008 10:08 ET

Sarissa Resources Acquires Niobium Carbonatite Bearing Property in Northern Ontario, Canada

BAY CITY, MI--(Marketwire - January 17, 2008) - Sarissa Resources Inc. (PINKSHEETS: SRSR) announced today it has entered into an agreement to acquire an approximately 1,800 acre property in Northern Ontario, Canada that, in historic exploration and testing, has indicated the existence of considerable carbonatite-hosted niobium mineralization.

Under the terms of the agreement, Sarissa has purchased a 100% interest in the Nemegosenda property for $380,000 Canadian -- payable over a four-year period -- and 2% royalty concessions on all mineral and/or metal production from the property. Sarissa Resources, however, retained the right to repurchase 1.5% of the royalty concessions at any time in the future for a predetermined price.

Niobium, also known as columbium, is a rare exotic soft metal that is primarily obtained from pyrochlore; a mineral found occurring in carbonatites. Well known for its corrosion resistant and highly conductive properties, niobium's melting point of 2,468°C enables the metal to maintain its qualities at very high temperatures. Approximately 89% of worldwide niobium consumption is dedicated to the production of steel; while 9% is used in the production of "superalloys" and the final 2% is used in the development of superconductor applications within the technology, electronics and medical industries.

The Nemegosenda Property was identified in the mid-nineteen fifties through aeromagnetic surveys conducted by Gulf Minerals Canada Limited. Subsequent exploration and testing, as summarized in the Ontario Geological Survey study 34 by R.P Sage in 1987, highlighted a number of "higher grade niobium zones." Of particular note, Zone D indicated "20,000,000 tons of 0.47 percent Nb2O5 material in a block 600 by 800 feet in size and to depths up to 600 feet," based on Gulf's drilling and a 580 foot adit which penetrated 235 feet into the zone. Based on this historic (non-NI-43-101-compliant) data (Pg 34), this indicates the potential for approximately 9.4 pounds of Nb2O5 per ton of ore in situ. Other zones within the property have also indicated smaller, but meaningful niobium mineralization. A qualified person, as defined under NI-43-101, has not done sufficient work to comment on the relevance or reliability of this historical estimate. The company is not treating the historical estimate as, nor can the historical estimates be relied upon as, current mineral resources or reserves. Sarissa currently does not have access to more recent estimates or data relating to the Lake Nemegosenda property.

By comparison, the world's largest niobium deposit, located at Araxa, Brazil, is operated by CBMM, and averages between 2.5% and 3.0% Nb205. Two other currently operating pyrochlore mines are the Anglo American Brasil Mineracao (Brazil), grading at 1.34% niobium oxide and the Iamgold-owned Niobec (Quebec) at their St. Honore deposit, grading at 0.67% niobium and mined underground. Niobec was previously a joint venture owned 50% by Teck Corporation and 50% by Cambior Inc.

Scott Keevil, Sarissa's President and CEO, commented, "The Nemegosenda Lake property represents a very significant addition to our portfolio and we are pleased our Board of Directors unanimously decided to acquire this advanced stage property. While niobium's already numerous applications are growing and driving global demand growth, no 'spot market' yet exists for the metal. As such, price volatility is inherent in the worldwide market. Nonetheless, with recent prices of approximately $25.00 per pound, the potential economics indicated by the earlier studies suggest a truly outstanding potential opportunity for Sarissa Resources and its shareholders in the future." He continued, "We look forward to further investigation of this exciting property and are continuing with plans to extract value from our other holdings as well as seeking out other promising properties."

Sarissa has begun initiating steps to confirm the historically identified mineralization at the property.

Dr. Cam Cheriton, a director of Sarissa, 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

Sarissa Resources is an American junior exploration company that identifies and explores mineral properties in North America. Currently, Sarissa has interests in properties with base metal, precious metal, and uranium prospects in Northern Ontario, Canada.

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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 members of its 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 undertakes no 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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