Sarissa Resources July Update

Tag : lutetium metal

-- Sarissa has completed the purchase of the 7 patented miningclaims comprising the property, consisting of approximately 2,000acres. Full title has now been transferred to Sarissa. The totalpurchase price was $380,000 of which Sarissa has paid $75,000 todate, as per the purchase agreement, and given back a mortgage inthe amount of $305,000 repayable without interest over the periodfrom January 30, 2009 to July 30, 2010. -- Sarissa has stakedadditional claims (approximately 3,000 acres) to the West of itsexisting ground in order to secure any mineralization that may rununder Lake Nemegosenda. Information contained in historicalDominion 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 Chapleauhave been leased. -- The Company has completed the opening of roadsto both the main D Zone and the East Zones. -- Initial locationsfor the proposed diamond-drilling program have been spotted:tenders for the drilling are currently being reviewed by theCompany. -- Work is continuing on analysis of the potential of theEast Zone. Prior work done in this area includes diamond drillingby Gulf, as well as an airborne geophysical survey of 622line-kilometers conducted by Aerodat Limited in 1988.
The original drill logs from Gulf have been entered into a digitalformat in order to more easily work with and analyze the data;assisting in the preparation of the planned drilling program toconfirm the historic results. Re-analyzing the logs has shown thatsome of Gulf's drilling in the D Zone was stopped while still inmineralization, indicating the deposit is open to depth.
Some historic intersects from the main D Zone are reported asfollows:
Nemegosenda - D Zone * Sample Weighted Hole Number Length Average----------- ----------- Feet % Nb2O5 ----------- -----------DDH-208-56-26 253 0.60 ----------- ----------- DDH-208-56-47 2090.45 ----------- ----------- 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 2590.57 ----------- ----------- 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 1950.51 ----------- ----------- 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 4240.56 ----------- ----------- 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, datedJanuary 5, 1972, reported that drilling of 7960 feet in 19 holeshas indicated, "Nb2O5 mineralization similar to Zone D... Inaddition to niobium, the Eastern Ore Area contains rare earths suchas cerium, yttrium, lanthanum and neodymium... all rare-earthelements are present in significant amounts in the East Ore Areaexcept promethium and lutetium." The correspondence continues tosay; "Initial assay results from material collected in 1971indicate the presence of a major ore body (bodies) of lightrare-earths and columbium [niobium] in the East Ore Area with thepossibility of heavy rare-earth elements as a by-product."*
In a "Report on the Geology and NB, Y, REE Potential of the EastZone, Nemegosenda Lake Alkaline Complex" by the consultinggeological 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 andis responsible for the technical information contained in this newsrelease.
* 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 theNemegosenda Project. A "qualified person," as defined underNI-43-101, has not done sufficient work to comment on the relevanceor reliability of these historical estimates. The company is nottreating the historical estimate as, nor can the historicalestimates be relied upon as, current mineral resources or reserves.Sarissa currently does not have access to more recent estimates ordata relating to the Lake Nemegosenda property, except as outlinedin this and previous news releases.
About Sarissa Resources
Sarissa Resources is a junior exploration company with interests inproperties with base metal, precious metal, uranium, niobium andrare-earth prospects in Northern Ontario, Canada.
Safe Harbor
This press release contains statements, which may constitute"forward-looking statements" within the meaning of the SecuritiesAct of 1933 and the Securities Exchange Act of 1934, as amended bythe Private Securities Litigation Reform Act of 1995. Thosestatements include statements regarding the intent, belief orcurrent expectations of Sarissa Resources, Inc., and members of itsmanagement as well as the assumptions on which such statements arebased. Prospective investors are cautioned that any suchforward-looking statements are not guarantees of future performanceand involve risks and uncertainties, and that actual results maydiffer materially from those contemplated by such forward-lookingstatements. Important factors currently known to management thatcould cause actual results to differ materially from those inforward-statements include fluctuation of operating results, theability to compete successfully and the ability to completebefore-mentioned transactions. The company undertakes no obligationto update or revise forward-looking statements to reflect changedassumptions, the occurrence of unanticipated events or changes tofuture operating results.
FOR FURTHER INFORMATION contact: www.sarissaresources.com BrassBulls Investor Relations Matthew Lovito 866-342-2700www.brassbulls.com
SOURCE: Sarissa Resources, Inc.
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