Business & Finance
Business and Finance
Business and Finance
Mon, July 19, 2010
Sat, July 17, 2010
Fri, July 16, 2010 Sarissa Receives Cease Trade Order From B.C. Securities Commission
OAKVILLE, ON--(Marketwire - July 16, 2010) - Sarissa Resources Inc. ("Sarissa" or the "Company") (
Due to these disclosure issues, the BCSC has issued an order ("Cease Trade Order") requiring that all trading in the securities of the Company cease until the Company files with the BCSC a revised Report in the required form on its Nemegosenda project in Ontario, and the BCSC makes an order revoking the Cease Trade Order. Although the Cease Trade Order is effective only in British Columbia, all investors are cautioned that the resource estimates referred to in the Report and in previous disclosure by the Company should not be relied upon until they have been independently verified and supported by a revised Report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). An amended Report and clarifying press release are being prepared for submission to the BCSC, and for public dissemination.
In addition, in previous news releases the Company made reference to volume quantities and grades of mineral resources in the SE Zone and D-Zone of the Nemegosenda property. As these references do not fully comply with NI 43-101, this information should not be relied upon until they have been independently verified and supported by a revised Report.
While the Company has dedicated significant internal and external resources to verifying the information previously released, the disclosure to the public was not in compliance with NI 43-101. These compliance issues are being addressed and an amended technical Report is expected to be submitted to the BCSC. Billiken Management Services Inc. is continuing work to prepare a resource estimate covering a portion of the Nemegosenda property.
Warren Hawkins, P.Eng. is a "qualified person" within the meaning of NI 43-101 and has read and is responsible for the technical information contained in this news release.
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.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company with interests in properties with base metal, precious metal, uranium, niobium and rare-earth prospects in Northern Ontario, Canada. The Company is specifically focused on the development of its Nemegosenda niobium project.
