SOURCE: Sarissa Resources, Inc

April 20, 2012 09:00 ET

Shining Tree Resources Announces Private Placement

OAKVILLE, ON--(Marketwire - Apr 20, 2012) -

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Shining Tree Resources Corp. ("Shining Tree Resources" or "the Company"), a wholly-owned subsidiary of Sarissa Resources Inc. ("Sarissa") (PINKSHEETS: SRSR), is proceeding with a non-brokered private placement financing to raise up to $500,000 through the issuance of units comprised of one common share and one share purchase warrant. All units are priced at $0.05 each. Each share purchase warrant is exercisable for six months from the date of issuance into one common share at $0.10 per share.

Net proceeds from this financing will be used to advance the Company's spin-out process from its parent company, Sarissa Resources Inc. (as approved at a special meeting of Sarissa shareholders in 2011), for general working capital, and to fund mineral resource exploration activities. It is anticipated that certain insiders of the Company will participate in the financing.

About Shining Tree Resources Corp.

Shining Tree Resources holds mineral claims (the "Property"), directly and through option agreements, in the Shining Tree area of Ontario. On a regional scale, a series of mafic to felsic volcanic flows and tuffs underlie the Property, which also appears to be centered on the axis of a regional geophysical gravity high. This high could be interpreted as an area of thick supra-crustal rocks and under-plating by oceanic crust, a formation that has been associated with the discovery of other major gold deposits in Precambrian rock of the Canadian Shield.

Sarissa had previously conducted surface exploration consisting of stripping and blasting work, followed by diamond drilling of two holes (SC-10-1 and SC-10-2) in the fall of 2010, on the historical large scale Gosselin gold bearing quartz stockwork vein systems and wall rocks found within the central area of the Property.

Shining Tree Resources, in a second phase exploration program, completed two diamond drill holes (SC-11-3 and SC-11-4) which were collared to test for depth extensions in intersections obtained in hole SC-10-2 drilled during the first phase conducted by Sarissa, including a reported highlight of 9.26 g/tonne Au and 24.56 g/tonne Ag over 2.06 m from 33.94 m to 36 m down hole.

Based on results obtained to date on the Property, an updated Technical Report is currently being prepared and, in conjunction with this, additional testing and assaying is being conducted on holes SC-11-3 and 4 to test the drill core intervals between those that returned anomalous gold values. In addition the Company's auditors are preparing the audited financial statements. These are expected to be the final steps to be completed prior to submission of the Company's prospectus filing.

Warren Hawkins, P.Eng 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.

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.

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 Shining Tree Resources Corp. and/or Sarissa Resources Inc., and members of 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.

Contact Information

  • FOR FURTHER INFORMATION contact:
    Shining Tree Resources Corp.
    Tel: (905) 827-3666
    Email: Email Contact