BAY CITY, MI--(MARKET WIRE)--Jan 10, 2008 -- Sarissa Resources, Inc.'s (Other OTC:SRSR) recently appointed CEO and Board Member, Scott Keevil, issued a letter to shareholders today in which he recapped activities from FY 2007 and outlined the Company's focus for the current fiscal year. The letter reads as follows:
Dear Fellow Shareholder,
An ancient Chinese proverb states, "May you live in interesting times." While this proverb is certainly pertinent to the world in which we live on the whole, it also bears relevance to the world surrounding Sarissa Resources, its shareholders, employees and business prospects for the future.
We have all born witness, first-hand, to the recent and unprecedented increase in global demand for commodities -- and by extension prices, fueled largely by a combination of geo-political uncertainty and the dramatic expansion of emerging markets and developing nations. Minerals and metals, in particular, have been at the forefront of the recent commodities boom and the good news is that -- according to most experts -- there are no signs of it letting up anytime soon.
As a corollary, the minerals and metals mining industry has experienced significant consolidation as major participants attempt to capitalize on historically high prices by buying production and reserves and by diversifying into other mineral/metal markets. While Sarissa is in no way in a capital position to engage in this type of activity, we are uniquely positioned to benefit from the commodity boom by focusing our collective energies where many in the industry are not looking and to which we can quickly extract value for shareholders: prospective grass-roots exploration projects, and previously abandoned and/or over-looked acquisition projects.
In keeping with this stated goal and strategy, the Company spent much of FY 2007 searching for and acquiring prospective projects and area plays in our own back yard -- several of which have already demonstrated anomalous targets. Fortunately, our "back yard" happens to be widely considered as one of the best places on earth to look for deposits of untapped economic mineralization. The Province of Ontario is an area that combines vast regions of high mineral potential with comprehensive mining laws ensuring secure land tenure. In addition, through the Ontario Ministry of Northern Development and Mines, a world-class geo-science data infrastructure is available to assist in the identification of significant exploration and development opportunities.
In 2008, we will focus our energies and resources on continuing to evaluate other opportunistic projects that will yield economic fruit in addition to extracting value from our current property portfolio. As the product of a successful multi-generational mining family, I have become acutely aware of the truths-in-industry-adage imparted to me. One such adage, 'the best place to find a mine is in direct sight of a mining head-frame' has repeatedly proved accurate over my lifetime. As a result, Sarissa will also continue to locate and acquire previously explored and/or worked properties that have been passed over or abandoned. Our plan is to use the extensive networks and connections we have developed in conjunction with the latest cutting-edge technologies to uncover and develop what others have missed or left behind as a result of the less sophisticated exploration tools available in previous market cycles or properties that proved to be "economically unviable" in previous price environments. In short, deposits that were unable to be located or profitably extracted then, may be located or very profitably extracted and realized now.
Due in large part to long-standing industry ties, Sarissa has been fortunate in being able to attract a top-notch talent to lead us forward in 2008, and there is no better indication of our depth-of-talent than Dr. Cam Cheriton, Sarissa's newly appointed Chief Geologist and Director. Dr. Cheriton, who received his Ph.D. in Economic Geology from Harvard University, has over 50 years of experience in the mining industry, working for companies such as Atapa Minerals, Consolidated Mining Company of Canada, the Anaconda Copper Mining Company, Texas Gulf Sulphur, Conwest Exploration Company, and the Geological Survey of Canada. In my many years of knowing and working with Cam I have always been enormously impressed with his extensive and detailed knowledge of the geological implications of any areas we have discussed.
In addition to our ongoing efforts to develop and realize economic fruit from our existing properties as well as exploring promising new properties, management has outlined a comprehensive plan to significantly improve our most important property -- the capital structure of Sarissa Resources -- in 2008, in an effort to unlock and improve shareholder value. In keeping with this broad reaching plan, you have already seen some initial steps taken to this end. Sarissa recently reduced the amount of the Company's authorized capital stock by 100 million shares, from 950 million to 850 million.
Currently, the capital structure of Sarissa Resources consists of 850 million authorized common shares, 693,566,058 outstanding (725,866,058 fully diluted), with a float of 321,086,058. While there are no new debentures, or planned new Reg-D 504 common equity, warrants or options in place, we will need to look to the capital markets in 2008 to facilitate the development of our existing and future properties. With that said, it is our promise to shareholders to hold our shares sacred and negotiate the most beneficial financing terms possible when it comes time to cross that bridge.
In summation, we are in one of the world's most exciting industries where one discovery can drastically change a company's future. With continued economic growth and development in China and India we continue to see increases in demand for most commodities, and I believe Sarissa stands in a good position to offer excellent upside potential. It is important to remember that mining exploration is a risky business, but the rewards associated with discovery are far greater than any other business we know of. We cannot guarantee success but we will continue to seek out exciting new projects with the expectation that we will add meaningful value for our shareholders.
We look forward to sharing the journey with you.
Sincerely,
Scott Keevil, CEO
Sarissa Resources, Inc.
AI
