SOURCE: Sarissa Resources, Inc.

July 08, 2008 09:52 ET

Sarissa Resources July Update

BAY CITY, MI--(Marketwire - July 8, 2008) - Sarissa Resources, Inc., ("the Company") (PINKSHEETS: SRSR) is pleased to provide this update on progress on its Nemegosenda carbonatite property in Northern Ontario.

--  Sarissa has completed the purchase of the 7 patented mining claims
    comprising the property, consisting of approximately 2,000 acres. Full
    title has now been transferred to Sarissa. The total purchase price was
    $380,000 of which Sarissa has paid $75,000 to date, as per the purchase
    agreement, and given back a mortgage in the amount of $305,000 repayable
    without interest over the period from January 30, 2009 to July 30, 2010.
--  Sarissa has staked additional claims (approximately 3,000 acres) to
    the West of its existing ground in order to secure any mineralization that
    may run under Lake Nemegosenda. Information contained in historical
    Dominion Gulf Company ("Gulf") geophysical data indicated that, "major
    values may underlie the lake."*
--  Space for a site office, as well as facilities for drill core work and
    storage in Chapleau have been leased.
--  The Company has completed the opening of roads to both the main D Zone
    and the East Zones.
--  Initial locations for the proposed diamond-drilling program have been
    spotted: tenders for the drilling are currently being reviewed by the
--  Work is continuing on analysis of the potential of the East Zone.
    Prior work done in this area includes diamond drilling by Gulf, as well as
    an airborne geophysical survey of 622 line-kilometers conducted by Aerodat
    Limited in 1988.

The original drill logs from Gulf have been entered into a digital format in order to more easily work with and analyze the data; assisting in the preparation of the planned drilling program to confirm the historic results. Re-analyzing the logs has shown that some of Gulf's drilling in the D Zone was stopped while still in mineralization, indicating the deposit is open to depth.

Some historic intersects from the main D Zone are reported as follows:

Nemegosenda - D Zone *

                  Sample     Weighted
Hole Number       Length      Average
                ----------- -----------
                   Feet       % Nb2O5
                ----------- -----------
DDH-208-56-26           253        0.60
                ----------- -----------
DDH-208-56-47           209        0.45
                ----------- -----------
DDH-208-56-49           518        0.60
                ----------- -----------
DDH-208-56-51           339        0.63
                ----------- -----------
DDH-208-56-52           447        0.66
                ----------- -----------
DDH-208-56-53           259        0.57
                ----------- -----------
DDH-208-56-54            50        0.42
                ----------- -----------
DDH-208-56-55           500        0.53
                ----------- -----------
DDH-208-56-56           200        0.57
                ----------- -----------
DDH-208-56-57           195        0.51
                ----------- -----------
DDH-208-56-58           202        0.50
                ----------- -----------
DDH-208-56-59           325        0.50
                ----------- -----------
DDH-208-56-60           298        0.42
                ----------- -----------
DDH-208-56-62           424        0.56
                ----------- -----------
DDH-208-56-64           401        0.57
                ----------- -----------
DDH-208-56-65           108        0.54
                ----------- -----------
DDH-208-56-66           109        0.68
                ----------- -----------

In addition, Gulf internal correspondence on the East Zones, dated January 5, 1972, reported that drilling of 7960 feet in 19 holes has indicated, "Nb2O5 mineralization similar to Zone D... In addition to niobium, the Eastern Ore Area contains rare earths such as cerium, yttrium, lanthanum and neodymium... all rare-earth elements are present in significant amounts in the East Ore Area except promethium and lutetium." The correspondence continues to say; "Initial assay results from material collected in 1971 indicate the presence of a major ore body (bodies) of light rare-earths and columbium [niobium] in the East Ore Area with the possibility of heavy rare-earth elements as a by-product."*

In a "Report on the Geology and NB, Y, REE Potential of the East Zone, Nemegosenda Lake Alkaline Complex" by the consulting geological services company, Beaty Geological Ltd. of Vancouver, BC, it was reported that, "samples collected from outcrop in the 'East Zone' have quantitative analyses, with values of 0.29% yttrium oxide, 1.61% cerium oxide, 0.76% lanthanum oxide 0.62% neodymium oxide, and 440 ppm europium reported from one [sample]." *

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.

* These reported resources are historical in nature and, therefore, not compliant with National Instrument 43-101 reporting standards; however they are considered material to the prospectivity of the Nemegosenda Project. A "qualified person," as defined under NI-43-101, has not done sufficient work to comment on the relevance or reliability of these historical estimates. 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, except as outlined in this and previous news releases.

About Sarissa Resources

Sarissa Resources is a junior exploration company with interests in properties with base metal, precious metal, uranium, niobium and rare-earth prospects in Northern Ontario, Canada.

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 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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