SOURCE: Sarissa Resources Inc.

October 05, 2010 13:30 ET

Sarissa Files 43-101 Technical Report on Nemegosenda Niobium Property

OAKVILLE, ON--(Marketwire - October 5, 2010) -  Sarissa Resources Inc. ("Sarissa" or the "Company") (PINKSHEETS: SRSR) is pleased to report that it has filed a technical report under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") prepared by Patrick Chance, P.Eng., dated 23 September 2010 and titled "Nemegosenda Lake Niobium Property, Chewett, Collins and McGee Townships, Porcupine Mining Division, Ontario, Canada - a NI 43-101 Compliant Technical Report" (the "2010 Report"). The Report is available on www.sedar.com.

As a result of a review by the British Columbia Securities Commission ("BCSC"), we are issuing this news release to clarify our disclosure. The 2010 Report comprises a current technical review of Sarissa's Nemegosenda Niobium Property, located near Chapleau in Northern Ontario. 

The Company previously disclosed tonnages and grades constituting current resource estimates at the D-Zone of the Nemegosenda property on its website and in its August 4, 2009 news release. In its February 26, 2009 and April 22, 2009, news releases the Company referred to volume quantities and grades in the SE Zone of the property as a historical estimate. As these references do not comply with NI 43-101, and are unsupported by the 2010 Report, the Company is retracting all prior mineral resource estimates for the Nemegosenda property. Therefore, the only technical report that may be relied upon with respect to the Nemegosenda property is the report filed at www.sedar.com.

Based on the findings of the 2010 Report, the Company revises and restates its disclosure regarding its historical resource estimate on the Nemegosenda property as follows:

In 1957 the Dominion Gulf Company, estimated that a 240 m-long strike interval within the drilled portion the D Zone contained an "historic" resource of 17.6 Mt grading 0.48% Nb2O5 calculated to a maximum depth of 150 m. The estimate relied on the sectional method. In this method assays and geological observations were used to interpolate grade and geology between adjacent drill holes on each of five parallel sections cut perpendicular to strike and spaced at 45 m intervals. The mineralized areas were then outlined by polygons. The grade of each polygon was taken to be the average of all drill core assays that fall within the polygon in question. In this case there were between three and six holes and a single polygon on each section. A specific gravity of 3.28 (tonnage factor of 10 ft3/ton) was applied.

The Dominion Gulf 1957 D Zone resource estimate predates the implementation of NI 43-101 and the adoption of CIM "Definition Standards of Mineral Resources and Mineral Reserves" and is thus an "historic" estimate. G.E. Parsons, the author of the Dominion Gulf 1957 D Zone resource estimate, did not explicitly categorize the resource, thus it cannot be assigned to a current CIM category. In addition an adit was driven in 1953 between sections 3 and 4 returning an average grade of 0.57% Nb2O5 over the 71.5 m sampled interval. A further 12 holes (2,668 m) were drilled in the vicinity of the D Zone during 2008 and 2009. In view of these additional data, the 1957 resource estimate is obsolete.

The Company had released a "Technical Report on the Nemegosenda Property" prepared by J.C. Archibald, dated July 21, 2009, which contained resource estimates not in compliance with NI 43-101. The Company has withdrawn this report, and advises that the estimates in this report should be disregarded.

There is no current resource estimate on the Nemegosenda property. The 2010 Report makes a number of recommendations as steps toward the preparation of a NI 43-101-compliant resource estimate, which the Company is now working towards completing in collaboration with Billiken Management Services Inc. The 2010 Report also recommends a systematic geochemical exploration designed to fully assess the economic potential of other parts of the Nemegosenda complex, which exploration the Company will consider pursuing, subject to having the available financial and other resources.

Warren Hawkins, P.Eng. is a "qualified person" within the meaning of NI 43-101 and has read and is responsible for the technical information contained in this news release.

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 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 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.

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.

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