-- Phase One drilling at Thor REE project has been expanded, second drill rig mobilized -- Expanded Thor drill area includes the Lopez Trend and the NED Area -- Thor is located 28 kms (17 miles) east of Molycorp's Mountain Pass mine and processing facilities
Elissa Resources ("Elissa" or the "Company") reported today that further to its January 11th, 2012 (http://www.elissaresources.com/s/NewsReleases.asp?ReportID=501217) news release, the Company has elected to expand its current 1,500 m (5,000 feet) Phase One drill program at its 100% owned Thor heavy & light rare earth element Project. The Project is located in southern Nevada, approximately 28 kms (17 miles) east of Molycorp's Mountain Pass Mine and Processing facilities in nearby California. To date Phase One drilling has examined targets along the 2.5 km (1.6 miles) long Lopez Trend. New drilling permits for additional targets in the NED area have been obtained and a second drill rig is being mobilized to this area.
To view the "2012 Drill Program, Thor Project with Molycorp's Mountain Pass Mine in the background" photo accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/eli.jpg
The Lopez Trend is a major structural zone with a distinct geophysical signature; it is the largest zone defined at Thor to date. The NED area is located approximately 1 km (0.6 miles) east of the northern end of the Lopez Trend. Both locations are coincident with strong surface showings of rare earth mineralization. These surface samples, assayed by Activation Labs of Ontario, Canada, contain nearly all of the strategic and potentially valuable rare earth elements including four that have been deemed as being in critical short supply by the US Department of Energy: neodymium (Nd), terbium Tb), dysprosium (Dy) and yttrium (Y). Planning for a Phase Two drill program at the Thor Project is now underway, pending further study, analysis and publication of Phase One drill results. The Company anticipates issuing a single news release summarizing results and conclusions of the Phase One drill program early in the 3rd quarter, 2012 or sooner.
In other news, Elissa wishes to also report that it has initiated a study using several consultants experienced in high-grade epithermal gold deposits to review data related to its 100% owned St. Elmo Gold Project located along the Midas Trough in northern Nevada. The Company also announces that it will no longer be continuing with its interest in the Sage Creek Gold Project in east-central Idaho.
The technical information outlined in this news release, has been reviewed and approved by Mel Klohn, P.Geo., Director of Elissa Resources, and a Qualified Person as defined in the current National Instrument 43-101.
On behalf of the board of directors of Elissa Resources Ltd.
Paul McKenzie, President and CEO
About Elissa Resources Ltd.
Elissa Resources is advancing its 100% owned Thor heavy and light rare earth element (REE) project in Nevada, 28 km (17 miles) east of Molycorp Minerals' Mountain Pass REE deposit and processing facility, California. Elissa also owns a 100% interest in the Ulysses REE Project located in eastern Idaho and south-western Montana, and has an option to earn a 100% interest in the St. Elmo (Nevada) gold project.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans, objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development, and uncertainties in connection with anticipated commodity prices for minerals, growth of worldwide market demand, exploration capital requirements, length of asset life and availability of qualified personnel, among others. As a result, actual results may vary materially from those described in the forward-looking statements.
"Neither The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."