Sarissa Resources announces closing of Private Placement

OAKVILLE, Ontario, Oct. 3, 2014 /PRNewswire/ -- Sarissa Resources Inc. ("Sarissa" [SRSR:OTCPK], or the "Company") is pleased to announce the final closing of its non-brokered private placement.  The closing consisted of the issuance of a total of 31,250,000 common shares at a price of $0.008 per common share from existing shareholders, for gross proceeds of $250,000.

All securities issued under this private placement are restricted. The proceeds of the private placement will be used to complete work on its recently announced development plan for the Company's wholly owned Nio-Star Corp. ("Nio-Star") subsidiary's Nemegosenda niobium project in Ontario, and for general corporate purposes.

Drilling and Geology: The funds raised are sufficient to complete the Company's drilling of two additional twinned holes, the logging and assaying of the results from those holes, the logging and assaying of the original 3 Dominion Gulf drill cores from the Ministry of Northern Development and Mines drill core library in Timmins, Ontario.   The funds will also cover the completed updated resource calculation report under the NI 43-101 standards and significant progress towards the completion of the Preliminary Economic Assessment report on the project.

Accounting and Legal: The funds raised are also sufficient to cover the preparation of audited financial reports and the legal work necessary for the Company to complete its previously announced plans to spin out to Sarissa shareholders its wholly owned subsidiary Nio-Star with a plan to take Nio-Star public. The shareholders of Sarissa would receive shares of the newly-independent Nio-Star via a share dividend transaction.

"It is very satisfying to receive the support from our long term shareholders to move the Company's recently announced development plans forward.  The recently raised funds will provide the Company the ability to move the project ahead and achieve both a higher standard of resource classification as well as a standalone listing for the Company's Nio-Star subsidiary." said Dan Byrnes, President of Sarissa Resources Inc.

"These funds will allow the Company to overcome the main hurdles we have faced when talking to larger investors regarding future stage financing for the project.  Being able to recalculate our present historical resource to a higher NI 43-101 classification and having the project listed on a fully reporting exchange will allow us to be much more credible with the many interested parties we have discussed the project with to date," added Scott Keevil, Chairman of Sarissa Resources Inc..

About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration 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 projects.  Visit www.sarissaresources.com for additional information.

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 Nio-Star Corp., as well as members of their respective management, in addition to 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 financial results and positions, the ability to compete successfully and the ability to complete above-referenced exploration and testing, as well as business transactions. Neither Sarissa nor Nio-Star undertakes any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

SOURCE Sarissa Resources Inc.

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