re-read that news we just got 2 days ago.. we will be updated when they have something to update. I trust Keevil that he will not hide any important information.. the next thing we all are expecting are the Audited financials (not because of the content- there will not be a lot in), but we need them for the planned uplisting to the toronto stock exchange and to the otcbb...
June 5, 2008 - 9:28 AM EDT
Sarissa Resources CEO Issues Shareholder Update
Sarissa Resources, Inc.'s (PINKSHEETS: SRSR) CEO, Scott Keevil, issued a letter to shareholders today providing a general corporate update and outlining recent developments and key ongoing initiatives. The letter reads as follows:
Dear fellow Sarissa Resources shareholders,
Since taking on the leadership role with Sarissa just 6 months ago, I have had the opportunity to direct and oversee the acquisition of an outstanding mineral property for our company, the Nemegosenda carbonatite property, and to begin to formulate the strategy for an exploration and confirmation program. We have made phenomenal progress in this short time, effectively graduating from a very junior exploration company with exciting yet undeveloped potential, to a company with ownership of a world-class asset, one with a historic reserve base reported at 20 million tons of 0.47% Nb2O5 material, as outlined initially by Dominion Gulf Company.
Moving forward, the immediate goal for Sarissa will be to confirm and rapidly increase the size of the historic 20 million ton resource base at Nemegosenda. While we have no control over world markets or the value of resources, we do have control over the definition of those resources. To that end, a significantly larger resource base will be aggressively pursued through confirmation of the main ore zone; explorations for extensions of the main ore zone; more detailed analysis for possible additional values in uranium, tantalum and rare earth elements; exploration on the East Zones to further define the known niobium occurrences there; as well as exploration on some of the under-explored areas of our property. Fortunately, we happen to be living in a day and age when we are able to apply modern exploration and analysis techniques to the property that may not have been available to the geologists working for Gulf Minerals approximately 50 years ago when Nemegosenda was first explored.
Leading the charge on this front, we have been fortunate to attract some top-notch geological talent to the Board of Directors to assist us in analyzing the historic data, and in planning and implementing ongoing exploration activities: Dr. Cam Cheriton, a Harvard University educated Economic Geologist with a vast knowledge of the geology of Northern Ontario; and Alan Hawke, a seasoned exploration geologist with outstanding credentials both in mineral exploration and in mine building.
In March we began the process of independently assessing the historic geological work done on the property and developing an exploration plan to bring the deposit into NI 43-101 compliance. The results of that independent assessment confirmed that, "based on a comparison of the Dominion Gulf and OGS [Ontario Geological Survey] historical work done to date... is detailed and of high quality." Further, "The detailed work of the OGS in the 1970s and 80s has largely confirmed the interpretations and the historical exploration work of Parsons and the Dominion Gulf Company."
Alan Hawke has begun the process of having the extensive database of geological information that we have digitized, including the data from the drill logs of more than 60 holes comprising some 35,000 feet of drilling. This will allow us to generate a fairly complete 3-dimensional model of the main ore zone, allowing us to very specifically target the drilling we need in order both to confirm and to expand on this zone. Once the data is in electronic form we will have a geological consulting firm translate it into a 3-dimensional model. The combination of all this data into one easily-managed model should greatly assist us in our ongoing exploration and development of Nemegosenda, both in targeting and in economizing our overall exploration expenditures.
In recent days and weeks, the Company has had a crew working at the site on road rehabilitation. The crew has completed a 600 meter drill path from one of the ancillary lumber roads into the Main D Zone and work is continuing on the existing network of lumber roads to upgrade them to allow heavy equipment to be delivered to the site. Additionally, Sarissa has received verbal information from a local source that entered and followed the 580-foot adit in August of 2007 to the end and has reported that it is dry and in good shape for rehabilitation, an assessment that Sarissa will next endeavour to confirm.
With respect to the Company's financial footing, we have recently retained the services of an auditing firm to audit the consolidated financial statements of Sarissa Resources in accordance with Generally Accepted Accounting Principals (GAAP) and to provide the Company's Board of Directors with an opinion on them in accordance with the standards of the Public Company Accounting Oversight Board (United States), and we are currently in the midst of that process. This will be another step in our progress toward improving the company's corporate and listing structure.
As far as financing the Company's growth is concerned, the Company's management team is committed to accessing capital in a responsible manner having recently completed a few small private placements of restricted shares to raise the necessary funds to complete these early stages of our evolution. Furthermore, we are committed to continue to balance our capital requirements with our desire to maintain a reasonable share structure through judicious placement activities. All told, after accounting for recent private placements and share issuances in which 14,250,000 Sarissa Resources shares were allocated, the Company's fully diluted capital structure is comprised of 740,116,058 common shares outstanding, of which 264,030,000 are restricted.
In summation, the vast scale of this exciting exploration target requires a professional approach to determine the ultimate extent of the deposits, and both I and the rest of the management team are motivated by the potential of this project and look forward to reporting new results and developments as they occur. We are excited about the potential that lies ahead and thank you for your patience, loyalty and your continued support as we move forward. We can only hope that the next 6 months will be as exciting and productive as the first 6 have been and we will continue to communicate regularly on our progress as we strive to reach our goals.
About Sarissa Resources
Sarissa Resources is an American junior exploration company that identifies and explores mineral properties in North America. Currently, Sarissa has interests in properties with base metal, precious metal, uranium and niobium prospects in Northern Ontario, Canada.
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 undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
FOR FURTHER INFORMATION contact:
www.sarissaresources.com
Brass Bulls Investor Relations
Matthew Lovito
866-342-2700
www.brassbulls.com
Source: Marketwire (June 5, 2008 - 9:28 AM EDT)
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