Nemegosenda

The Nemegosenda Property was identified in the mid-nineteen fifties through aeromagnetic surveys conducted by Gulf Minerals Canada Limited. Subsequent exploration and testing, as summarized in the Ontario Geological Survey study 34 by R.P Sage in 1987, highlighted a number of “higher grade niobium zones.” Of particular note, Zone D indicated “20,000,000 tons of 0.47 percent Nb2O5 material in a block 600 by 800 feet in size and to depths up to 600 feet,” based on Gulf’s drilling and a 580 foot adit which penetrated 235 feet into the zone. Based on this historic (non-NI-43-101-compliant) data (Pg 34), this indicates the potential for approximately 9.4 pounds of Nb2O5 per ton of ore in situ. Other zones within the property have also indicated smaller, but meaningful niobium mineralization. A qualified person, as defined under NI-43-101, has not done sufficient work to comment on the relevance or reliability of this historical estimate. The company is not treating the historical estimate as, nor can the historical estimates be relied upon as, current mineral resources or reserves. Recently, Sarissa has initiated the first steps to confirm the historic reserve estimate and will start a drilling program as soon as feasible.