Sarissa Resources Inc (SRSR)

[AngieM]

Sarissa Resources, Inc. Signs Letter of Intent for Joint Venture Exploration of St. Nicholas Property
Thursday April 19, 8:31 am ET


BAY CITY, MI--(MARKET WIRE)--Apr 19, 2007 -- Sarissa Resources, Inc. (Other OTC:SRSR.PK - News) is pleased to announce that they have received a Letter of Intent from Jourdan Resources, Inc. to acquire a 70% joint interest of the mining rights to their 55-claim, 2,200-acre, St. Nicholas Property in Northern Ontario, Canada. If consummated, the deal will benefit Sarissa Resources, Inc. (Canadian) $40,000 in cash and 600,000 common shares of Jourdan Resources stock. The Company is trading on the CDNX Stock Exchange under the symbol JRN. As part of the agreement, Jourdan Resources must spend (Canadian) $400,000 in mineral exploration of the property over two years to earn a 70 percent interest in the property.
The final agreement could possibly include a "yellow cake" or standard Net Smelter Return of 2% with the right to repurchase 1% of the Net Smelter Royaly for $1million. A management committee with a JRN/SMS ratio of 3/2 representatives will be established and both sides intend to have the deal finalized within 30 days. The agreement would be subject to the approval of each Company's Board of Directors as well as regulatory authorities.

Sarissa Resources, Inc. staked the property in November of 2006 and owns 70 percent of the leasing rights. The Company's consulting geophysicist, Mike White, and business partner Sonny Wilcox, own the remaining 30 percent. As part of the agreement, Jourdan Resources will be the operator of the property.

"Considering the tremendous potential for uranium and copper in this area, we feel this is a great option for all parties involved. We will maintain a substantial claim with a reputable firm in place to control the exploration of the property," stated Ben Fuschino, CEO of Sarissa Resources, Inc.

About Sarissa Resources, Inc.:

Sarissa Resources, Inc., formerly Michigan Gold Mining Investments, Inc., is an American junior exploration company involved in the development of mineral assets in North America. Currently, the Company retains a one hundred percent (100%) title to a Platinum/Palladium prospect in Shillington Township named the 'Deadmoose Lake' property. The Company also retains a seventy percent (70%) interest in the St. Nicholas property, a Uranium/Copper prospect in the Elliot Lake mining camp. The Mike White Group (WVW Associates) retains a thirty per cent interest in the St. Nicholas property.