Sarissa Resources Announces Update on Financing Option Agreement
01 Mars 2012 - 8:01PM
Marketwired
Sarissa Resources Inc. ("Sarissa" or "the Company") (PINKSHEETS:
SRSR) wishes to update shareholders on the option and financing
agreement (the "Option") entered into in 2011 as well as other
potential financing options.
Under the terms of the original Option, when exercised between
CDN$5,500,000 and CDN$10,000,000 was to have been raised to conduct
pre-feasibility metallurgical studies and scoping studies, designed
to qualify as a Preliminary Assessment under NI 43-101, including
geological modeling and further resource estimates of the mineral
potential of the Company's subsidiary, Nio-Star Corp's wholly-owned
Nemegosenda niobium property.
To date the optionor ("HKHE") has contributed a portion of the
anticipated funding, and the first part of the metallurgical
studies were contracted for and started in September, 2011. These
are substantially completed now, and we are waiting for the report
and for recommendations for the next phase. The geological modeling
and further resource estimates, including further diamond drilling,
have not yet been completed.
The team we have assembled, including HKHE, continues to work
toward completion substantially along the lines of the original
Option, although the timing has had to be extended due to the
challenging market conditions. While the Company continues to work
with HKHE toward an anticipated closing, we have also considered it
prudent to evaluate other financing options, both in China and Hong
Kong, as well as North America and Europe. During the period in
which HKHE had an exclusive option, the Company was approached by
other companies with financing proposals, and is now evaluating
these potential financing opportunities and partners to determine
the best fit to quickly move the project to the next phase.
Sarissa CEO, Scott Keevil commented, "The timing of the Option
was such that we and the optionors have been caught up in the
general stock market and financing malaise, resulting in some of
the anticipated funding groups involved in the original consortium
having to drop out of their planned commitments. While this has
been frustrating for all of us, the fact remains that we are
continuing to advance our interest in this major asset. As well as
beginning the advanced metallurgical engineering studies, we have
now completed all option payments under the various acquisition
agreements on the Nemegosenda property and now hold complete title
to all of the ground, subject only to normal royalties, land taxes
on our patented holdings, and provincial work commitments on our
mining claims.
"This puts us in a very strong position in evaluating the
various financing options, as we have no major time sensitive
commitments to make that could be used as leverage against us in
negotiations.
"This has been a pretty trying period for all of us. I know I
have been frustrated by the timing over the past six months and I
know what is going on behind the scenes, so I can only imagine how
frustrating it has been for shareholders who are not able to see
all of the efforts taking place in the background."
Sarissa management continues to believe that a financing
arrangement along the lines contemplated, and the proposed Spin-Out
plan represent the best route forward in the development of the
Nemegosenda property and in realizing maximum value for Sarissa
shareholders.
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 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.
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.
FOR FURTHER INFORMATION contact: www.sarissaresources.com Public
Relations: Merle Goertz North America: 866-307-1331 Hong Kong: 852
8174 5996
Sarissa Resources (CE) (USOTC:SRSR)
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