Jul 11, 2011
Elissa Expands Land Position at Thor Rare Earth Project, Prepares for Additional Geophysics, Nevada
VANCOUVER, BRITISH COLUMBIA - Elissa Resources ("Elissa" or the "Company") (TSX VENTURE:ELI) reports that it has increased its land holdings in the vicinity of its Thor heavy and light rare earth (REE) project. The Thor project is located in the eastern Mojave Desert region of Nevada, 47 miles (76 km) south of Las Vegas and 16 miles (28 km) east of Molycorp Minerals' Mountain Pass REE mine and processing facility in the neighbouring state of California. The new ground in the Thor project area was selected for having potential to host REE mineralization similar to that already defined by Elissa on the current prospect block. The new lands increase Elissa's 100%-owned holdings in the Thor Project area by approximately 12% to a total of 1,805 hectares.
The Thor REE Project is represented at surface by both heavy and light rare earth elements. The ratio of heavy to light rare earths in assays of surface samples from the Thor Project is significant, averaging approximately 1 part heavy REE per 10 parts light REE. Included are significant amounts of the four rare earth elements deemed by the United States Department of Energy (December, 2010 report) to be in a critical state of supply shortage (neodymium, terbium, dysprosium and yttrium).
Substantial REE mineralization in the Thor Project has been discovered in at least nine widely separate prospect localities in three distinct discovery zones. The largest of these is the Lopez Trend, a 1.5 mile (2.6 km) long REE-bearing zone that is coincident with a prominent magnetic anomaly identified in Elissa's airborne geophysical survey carried out late last year (2010). Elissa intends to follow up results of the airborne geophysical survey with a more detailed, extensive ground magnetic survey set to begin later this month (July). Results of this geophysical survey will be incorporated into selecting and prioritizing targets for the Company's core drilling program set to begin later in the year. The Company is also reviewing and aggressively pursuing REE opportunities in other parts of Nevada and neighbouring states.
Additionally the Company wishes to clarify information attributed to a news release issued on June 29, 2011 by a similarly named European communication services company which was incorrectly picked up by at least one major news reporting agency as having been issued by Elissa Resources Ltd.; Elissa Resources therefore confirms that it currently has 28,845,517 shares outstanding.
The technical information outlined in this news release, has been reviewed and approved by Curt Hogge, MSc, a consultant to Elissa Resources, a member of the AIPG, 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 elements project in Nevada, 16 miles (28 km) east of Molycorp Minerals' Mountain Pass deposit, California. Additionally Elissa has an option to earn a 100% interest on both the Sage Creek and St. Elmo gold projects also in Nevada. Elissa is also reviewing and aggressively pursuing REE opportunities in other parts of Nevada and neighbouring states.
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.
Elissa Resources Ltd.
President / CEO
604 669 8368 (ext 107)
You can view the Next News Releases item: Wed Aug 10, 2011, Elissa Commences Drilling at Sage Creek Gold Project, Idaho
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