OAKVILLE, ON--(Marketwire -10/25/11)- Sarissa Resources, Inc. ("Sarissa" or "the Company") (Pinksheets: SRSR.PK - News) is pleased to announce that its annual and special meeting of shareholders of the Company was held on Tuesday, October 18th, 2011 in Toronto, and that, amongst other items, the Company's plans to pursue a transfer agreement and separate public listing for Nio-Star Corp. ("Nio-Star"); and a spin out transaction for Shining Tree Resources Corp. were approved.
Significantly, proxies and attendees representing over 70% of the outstanding shares of the Company were voted, with over 99% of the shares voted being in favour of these plans. This represents a very high turnout in today's investment environment, and the board wishes to thank our shareholders, those who turned out in person, and those who voted by proxy, for their continued interest and participation in determining the future direction of our projects.
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.
Warren Hawkins, P.Eng. is a "qualified person" within the meaning of National Instrument 43-101 and has read and is responsible for the technical information contained in this news release.
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 does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company currently with interests in projects Northern Ontario, Canada. The Company is specifically focused on the development of its Nemegosenda niobium project.
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