Sarissa Resources, Inc., through its wholly-owned subsidiary Nio-Star Corp. announced that they and a mining group have signed a Letter of Intent to form a Joint Venture company to finance the advanced exploration of Nio-Star's Nemegosenda niobium property near Chapleau in Northern Ontario. The parties will enter into a definitive joint venture agreement upon obtaining approval of the appropriate Government Agencies.

The formation of the JV will include the funding necessary for the completion of a Bankable Feasibility Study for the project and payments to Nio-Star.