OAKVILLE, ON--(Marketwired - Feb 12, 2014) - Sarissa Resources Inc. (PINKSHEETS: SRSR) ("Sarissa" or the "Company") is pleased to release this update to shareholders relating to ongoing activities.
Following on from the Company's previously announced plans to advance exploration of the Nemegosenda Niobium Project, the Company's first drill hole of the program has been completed. DDH 14-82 was drilled within the D Zone to test the previously drilled hole #56-49, and was ended at a length of 306 meters. DDH 56-49 ended at a length of 262 meters, but the current hole was continued deeper to test for further mineralization. No major challenges were encountered and the core has been logged and split and has been sent for assaying.
The Company also announces the completion of a non-brokered private placement of Class A common shares of The Company which raised gross proceeds of $81,600 in this financing, through the sale of a total of 5,100,000 flow-through common shares at $0.016 per share. All securities issued in connection with this financing will be subject to a minimum four-month hold period. In accordance with tax requirements, the proceeds from the private placement of these flow-through shares will be used primarily to fund mineral exploration activities on the Company's properties.
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.
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 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 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. Sarissa and Nio-Star are specifically focused on the development of the Nemegosenda niobium project as well as the Shining Tree Resources Corp. gold projects.