Elissa Resources Ltd.
TSX VENTURE : ELI

Elissa Resources Ltd.

May 11, 2011 18:08 ET

CORRECTION FROM SOURCE: Elissa Resources Prepares to Drill Sage Creek Gold Project, Idaho

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2011) - A correction from source is being issued with respect to the release sent out today at 8:01 AM ET. The location of the Sage Creek project was erroneously listed as Nevada, the project is located in Idaho.

Elissa Resources Ltd. ("Elissa" or the "Company") (TSX VENTURE:ELI) reports that it is in final stages of preparations for a 600-metre drilling program at its Sage Creek Gold Project, in east-central Idaho, U.S.A. The program will commence as soon as snow cover at the project recedes to allow access by the drill crews.

Elissa believes the tabular gold-bearing unit at Sage Creek offers a straightforward target concept which can be readily tested by a program of shallow diamond core holes. Data generated by several previous exploration efforts – geophysical surveys, mapping, sampling, and only limited drilling – indicate the presence of widespread gold mineralization on the property. Gold-bearing rock float containing up to 30 g/t gold is found throughout the area, and up to 3.0 g/t gold was intersected over 10 m (not true thickness) in one of the old drill holes. The project area is part of the regionally extensive Belt Supergroup sedimentary rock sequence of Proterozoic age, which hosts many important metal mining districts throughout northern Idaho, western Montana and southern British Columbia. The gold-bearing target at Sage Creek appears to be a gently dipping unit of chert and banded iron formation. The unit shallowly underlies the area, sub-parallel to the hill slopes, and for this reason several of the historical gold mines on the property and nearby areas were developed as open-pit operations.

Elissa also plans to carefully examine the Sage Creek prospect area for possible rare earth elements (REE) mineralization. The prospect is located along a broad regional NW-SE trending belt that is known to host many REE occurrences, some of potentially large size, such as the Lemhi Pass REE-Th district approximately 45 miles (70 km) to the southeast along the Idaho-Montana border. There are several REE deposits in the vicinity of the Sage Creek project, some of which are reported in published literature to be enriched in the heavy REE (HREE) minerals which are rarer and more valuable than the light REE (LREE) minerals.

The technical information outlined in this news release, has been reviewed and approved by Mel Klohn, PGeo, a Director of Elissa Resources Ltd. and a Qualified Person under National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS of Elissa Resources Ltd.

Paul McKenzie, President and CEO

About Elissa Resources Ltd.

Elissa Resources is advancing its 100% owned Thor light and heavy rare earth minerals property in Nevada, 16 miles (32km) east of Molycorp Minerals' Mountain Pass deposit, California. Additionally Elissa has an option to earn a 100% interest on both the Sage Creek gold project in Idaho and the St. Elmo gold project in Nevada. The Company also has 100% ownership of a prospective lithium property in Nevada.

Statements in this press release other than purely historical information, including statements relating to the Company's future plans, objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development, and uncertainties in connection with anticipated commodity prices for minerals, growth of worldwide market demand, exploration capital requirements, length of asset life and availability of qualified personnel, among others. As a result, actual results may vary materially from those described in the forward-looking statements.

"Neither The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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