SOURCE: Sarissa Resources, Inc

August 07, 2012 10:51 ET

Sarissa Resources Announces Letter of Intent to Form Joint Venture and Access Project Financing

SAGINAW, MI--(Marketwire - Aug 7, 2012) -  Sarissa Resources Inc. (PINKSHEETS: SRSR) ("Sarissa"), through its wholly-owned subsidiary Nio-Star Corp. ("Nio-Star" or "the Company") is pleased to announce that they and a mining group have signed a Letter of Intent to form a Joint Venture company (the "JV") to finance the advanced exploration of Nio-Star's Nemegosenda niobium property (the "Property") near Chapleau in Northern Ontario. The parties will enter into a definitive joint venture agreement (targeted by September 30th, 2012) upon obtaining approval of the appropriate Government Agencies.

The formation of the JV will include the funding necessary for the completion of a Bankable Feasibility Study (the "Study") for the project, (or the expenditure of $20 million towards the Study) and payments to Nio-Star.

Further details on the JV and the participants will be released as the transaction progresses and approvals are obtained.

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. The Company is specifically focused on the development of its Nemegosenda niobium project as well as its Shining Tree gold project.

Contact Information

  • FOR FURTHER INFORMATION contact:
    www.sarissaresources.com
    Public Relations:
    Merle Goertz
    North America: 866-307-1331
    Hong Kong: 852 8174 5996