SRSR-Everything is still going according to plan.
The Company will now move forward with the anticipated spin out of Shining Tree Resources Corp., which would be accomplished through a dividend-in-kind of all of its shares in Shining Tree Resources Corp. to the shareholders of Sarissa. In addition to the proposed Shining Tree Resources Corp. spin out transaction, drilling has recommenced on the Shining Tree property to further test the mineralized areas discovered during the previous drilling program, and to test for additional mineralized structures. This current drilling program is being conducted under the supervision of Warren Hawkins, P.Eng., project manager.
The option and financing agreement in pursuit of a separate public listing for Nio-Star, the Company's wholly-owned subsidiary which holds title to the Nemegosenda niobium property in Northern Ontario, is expected to close in the next thirty days.
In conjunction with this plan, initial proceeds have been received into Nio-Star and the first phase of the scoping level, pre-feasibility engineering studies on the Nemegosenda project have commenced. The first phase is expected to be completed within the next three months. Further work on updating the geological resources of the property is also expected to commence shortly.
