Sarissa announces the sale of the Nemegosenda specialty metals
and rare earth project in Ontario, Canada.
Toronto, Canada/InvestorsHub
NewsWire/October 13, 2016
Sarissa Resources Inc. (OTC Markets: Pink
SRSR) (Sarissa or the Company), announces the sale of the
Nemegosenda specialty metals and rare earth project
from Nio-Star Corporation, a Canadian subsidiary of
Sarissa, to Indo Global Exchange(s) Pte, Ltd. (OTC Markets:
IGEX) (Indo Global)
Under the terms of the sale, the Indo Global will file a Form
S-1 to facilitate a distribution of shares so that post-split, 95%
of the Indo Global shares shall be held by existing Sarissa
shareholders as of the record date, and 5% will be held by existing
Indo Global shareholders. Sarissa shareholders will receive 1
new share of Indo Global for every 20 Sarissa shares held on the
date of record. Indo Global intends to file for a name change to
Niobium Technology Corporation, a symbol change to NBTC, and for a
12,500:1 reverse split, for approval by the Financial Industry
Regulatory Authority, Inc. (FINRA).
Indo Global will own, outright, the Nemegosenda property an
approximately 1,800-acre property located near Chapeau, Ontario.
Exploration and geological work has been completed by Dominion Gulf
Company in the late 1950s and early 1960s, by Eastmaque Gold
Mines/International Musto in the 1980s and more recently by Sarissa
Resources Inc. In total, diamond drilling of 84 holes
totaling over 15,500 meters has been completed. A historic
estimate was prepared by G.E. Red Parsons for Dominion Gulf Company
that indicated for the D Zone "20,000,000 tons of 0.47 percent
Nb2O5 material in a block 600 by 800 feet in size and to depths up
to 600 feet," based on Gulf's drilling and a 580 foot adit which
penetrated 235 feet into the zone. A 36-tonne bulk sample was
extracted and subsequently was used by the Colorado School of Mines
Research Institute in a pilot plant where niobium extraction from
the ore was consistently achieved at an 85% to 90%
level. An Economic Analysis of the project was completed in
1962 by B.J. Lerner for Dominion Gulf Company, which demonstrated
the projects projected feasibility at that time.
The historical resources estimate, the historical feasibility,
and the historical metallurgical testing are based on data obtained
by previous owners in the 1960s. A qualified person, as defined
under NI-43-101, has not done sufficient work to comment on the
relevance or reliability of this historical estimate. The Company
is not treating the historical estimate as, nor can the historical
estimates be relied upon, as verification of current mineral
resources or reserves.
Niobium, also known as columbium, is a rare metal primarily
obtained from pyrochlore; a mineral found occurring in
carbonatites. Well known for its use in steel alloys to add
corrosion resistance and maintain high conductive properties,
niobium's melting point of 2,468C enables the metals alloys to
maintain their qualities at very high temperatures. Approximately
89% of worldwide niobium consumption is dedicated to the production
of steel; while 9% is used in the production of "super alloys" and
the final 2% is used in the development of superconductor
applications within the technology, electronics, and medical
industries.
John O'Shea, Director of Indo Global, commented, "We are very
excited to have been able to acquire the Nemegosenda Project."
Mr. O'Shea added "The landscape for niobium is rapidly
changing, demand is strong and its uses continue to
grow. According to industry sources, global demand for niobium
is expected to grow at a compound annual growth rate of 7% through
2020. With only 3 significant existing producers in the
world, all of which have recently completed full or partial
acquisition by Chinese interests, there is a growing concern about
diversity of supply."
Dan Byrnes, President, stated, "This is the completion of a
major step in the restructuring of the project, which will enable
the necessary capital to be raised and permit the project to move
forward along the path to developing a mine." Mr. Byrnes added "The
Nemegosenda project is uniquely suited to fill a growing need in
the diversity of supply for niobium. The combination of a
significant historical record of geological work completed, the
inherent lower costs to mine a surface deposit, the location in a
mining friendly jurisdiction close to all of the necessary
infrastructure required for production and the use state-of-the-art
separation and refining technology to produce a mix of both
traditional and high-tech useful niobium and zirconium products,
provides the newly named Niobium Technology Corporation with an
exceptional opportunity."
Otto Pichler, Director, said "I am looking forward to the
opportunity to join Niobium Technology Corporation and work to move
the Nemegosenda project forward. Having the project in a
revitalized reporting public company will allow for greater
transparency for investors. The opportunities for niobium and
zirconium production as well as other payables in this deposit are
substantial. Our plans are to assemble a world class team
that is suitable to develop this world-class deposit."
About Sarissa Resources Inc.
Sarissa Resources Inc. is a mining development company with
interests in properties in Northern Ontario, Canada. Sarissa
and Nio-Star are specifically focused on the development of the
Nemegosenda niobium project as well as the Shining Tree Resources
Corp. gold project. Visit www.sarissaresources.ca for
additional information.
For further information contact:
Sarissa Resources Inc.
Telephone: +1-702-550-2347
Email: ir@niocorp.com
Forward-Looking Statements Certain statements in this press release
may be considered forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may include projections of matters that
affect revenue, operating expenses or net earnings; projections of
growth; and assumptions relating to the foregoing. Such
forward-looking statements are generally qualified by terms such as
plans, anticipates, expects, believes or similar words of like
kind. Forward-looking statements are inherently subject to risks
and uncertainties, some of which cannot be predicted or qualified.
Future events and actual results could differ materially from those
set forth in, contemplated by or underlying the forward-looking
information. These factors are discussed in greater detail in the
Company's business plan and filings with the OTC Markets.