FF: E3O | TSX.V: ELI       Last: $0.14       Chg: even       Vol: 12500
Mar 26, 2012
Elissa Resources Expands Drill Program at Thor Heavy and Light REE Project, Nevada
  • 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

  • Vancouver, Canada, March 26, 2012 - Elissa Resources ("Elissa" or the "Company") (OTCQX-ELSRF, TSX.V-ELI) Vancouver, Canada, March 26, 2012 Elissa Resources ("Elissa" or the "Company") (TSXV-ELI, OTCQX-ELSRF) reported today that further to its January 11th, 2012 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.

    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, PGeo, Director of Elissa Resources, and a Qualified Person as defined in the current National Instrument 43-101.

    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.

    On behalf of the Board of Directors of Elissa Resources Ltd.,

    "Paul McKenzie"
    President & CEO

    Further Information:
    Tel: +1 604 662 3692
    Fax: +1 604 662 3691
    info@elissaresources.com or visit www.elissaresources.com
    2060 - 777 Hornby Street,
    Vancouver, B.C.,
    Canada, V6Z 1T7

    Disclaimer: Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. Neither 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. Neither 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 accuracy of this release. We seek safe harbour.

    You can view the Next News Releases item: Tue Jun 19, 2012, Elissa Resources Reports Phase One Drill Results From Thor REE Project, Nevada

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