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Sarissa Resources, Inc. Retains Brokerage Rights to 1,875-Acre Niobium Deposit May 2, 2007 8:31:00 AM
BAY CITY, MI -- (MARKET WIRE) -- 05/02/07 -- Sarissa Resources, Inc. (PINKSHEETS: SRSR) is pleased to announce that they have retained a brokerage agreement for a 1,875-acre Niobium deposit project in Chewell Township, Northern Ontario, Canada. If they sell the property in whole, arrange financial commitments approved by the current owner, or buy the property itself, Sarissa will earn fifteen percent of the purchase price and be awarded one half of a percent of the Net Smelter Royalty.
The property was originally drilled in the late 1950s and shows the potential for an estimated 20 million tons of .47 percent Niobium in a 600 by 800-square foot area to a depth of 600-feet. Niobium is a rare, soft, gray metal also known as Columbium and principally used in special alloy steels, electronic components, strong welded joints and earrings. It is used in superconductor alloys such as Zirconium, Titanium and Copper. The current price of Niobium is approximately $25 per pound and its global supply is largely dependant on the output of several mines in Brazil.
"Because of the increasing demand in superconductor alloys, Niobium's price increases by an average of 10 percent per year. We will market the property and attempt to find a suitable buyer, a joint venture partner, or we may purchase the property outright," stated Ben Fuschino, CEO of Sarissa Resources, Inc.
Sarissa Resources, Inc. recently announced that they have received a Letter Of Intent from Jourdan Resources, Inc. for a joint venture option agreement of the mining rights to their 55-claim, 2,200-acre, St. Nicholas Property in Northern Ontario, Canada.
About Sarissa Resources, Inc.:
Sarissa Resources, Inc., formerly Michigan Gold Mining Investments, Inc., is an American junior exploration company involved in the development of mineral assets in North America. Currently, the Company retains a 100 percent title to a Platinum/Palladium prospect in Shillington Township named the Deadmoose Lake property. The Company also retains a 70 percent interest in the St. Nicholas property, a Uranium/Copper prospect in the Elliot Lake mining camp. The Mike White Group (WVW Associates) retains a 30 percent interest in the St. Nicholas property.
This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, and other factors that may adversely impact us. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements to reflect events, circumstances, or new information after the date of this press release or to reflect the occurrence of unanticipated or other subsequent events.
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Contact: For more information, please visit: http://sarissaresources.com or Call Investor Relations 1-866-THE-APPL(E)
Rumor of news very soon
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