SOURCE: Sarissa Resources Inc.

June 17, 2013 08:00 ET

Sarissa Resources Update

OAKVILLE, ON--(Marketwired - Jun 17, 2013) - Sarissa Resources Inc. ("Sarissa") (PINKSHEETS: SRSR), through its wholly-owned subsidiary Nio-Star Corp. ("Nio-Star"), is pleased to release this update to shareholders relating to ongoing activities.

Over the recent past we have entered into 2 separate Letters of Intent ("LOI"): one with a private group based in Hong Kong ("HKHE"); and the second with a Chinese State Owned Enterprise Company ("SOE"). These were entered into with the goal of financing the next stage of development of Nio-Star's niobium property (with the objective of completing a project scoping study) and, in the case of HKHE, the potential spinout and listing of Nio-Star as a separate public company. While both of these LOIs have expired, a good working relationship was developed with both groups, and we continue to have an interest in working with either or both of them.

As part of the revised Letter of Intent with the SOE, a further step toward the scoping study phase was instigated in China through the metallurgical testing of a large sample of rock from the niobium property. Although this testing work was originally intended to be completed in a relatively quick turnaround time, it remains ongoing. Under the terms of the amended LOI signed with the SOE, Nio-Star is entitled to receive copies of the reports from these studies. We anticipate these will be useful in advancing the progress of the scoping study, along with the SGS Lakefield Research report, "An Investigation into Extraction and Treatment of Niobium Bearing Ores From the Chewett Orebody - Phase 1", prepared for Sarissa; and the report, "Nemegosenda Niobium Project: Ferro-Niobium Production Facility Pre-Feasibility Study (Phase 1)," currently being prepared for Nio-Star.

The expiration of the previous LOIs has allowed Nio-Star and Sarissa to pursue other financing and development sources that have approached them. Given the relative uniqueness and rapidly expanding technological uses of niobium, along with the fact that there are only 3 significant suppliers world-wide, there remains a good potential for us to complete a transaction with a strong partner. To that end we have been in discussions with other interested parties. Non disclosure agreements have been signed with certain parties in order to provide detailed technical data, but these have not yet resulted in transaction agreements.

Sarissa is also pleased to report that it has raised $255,000 through a private placement of 12,750,000 of its shares at $0.02 per share. The proceeds received will be used as general working capital.

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. 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.

Contact Information

    Public Relations:
    Merle Goertz
    North America: 866-307-1331
    Hong Kong: 852 8174 5996