Vancouver, British Columbia, November 30, 2010: Elissa Resources Ltd., (�Elissa� or the �Company�) (a Reporting Issuer) (formerly Red Hill Energy Ltd.) reports that as per the terms of its previously reported option to purchase agreement (see Red Hill Energy news release, November 24, 2008) , the optionee of Elissa�s Banbury Gold property has exercised its right to acquire a 100% interest in all of the project�s patented claims held by Elissa Resources for a purchase price of CDN $2,000,000. Elissa retains no further interest in the aforementioned project.
Elissa was created as per terms outlined in the merger agreement between Red Hill Energy and Prophecy Resource Corp (see Red Hill and Prophecy Resource joint news release April 14, 2010) when Elissa Resources acquired all of Red Hill Energy�s non coal and non Mongolian based assets. Since the completion of the merger Elissa has acquired additional mineral assets all of which are at either phase two drill ready status or, at phase one drill ready status including two highly prospective gold properties. Elissa has also made significant exploration inroads to its Thor Rare Earth Project in Nevada located near Molycorp�s Mountain Pass Mine, California (see Elissa news November 16, 2010).
Those who held shares in Red Hill Energy prior to the Prophecy merger were also issued shares of Elissa Resources Ltd on a 1 for 4 ratio as per their ownership of Red Hill�s shares. Elissa currently has 20,770,767 shares outstanding (26,990,767fully diluted) and has approximately CDN $2.8 million in working capital.
TSXV Listing Application Update
The Company is pleased to report that a listing application has been submitted to the TSX Venture Exchange and trading on the TSXV is anticipated within 60 days of this news release. Elissa will be launching a corporate website www.elissaresources.com soon.
About Elissa Resources
Elissa Resources is a well financed, multi commodity exploration company enhancing projects of advanced merit in Nevada and Idaho. All Elissa Project�s are at either phase two drill ready status or, at phase one drill ready status. In 2011 Elissa Resources anticipates undertaking a number of drill programs in its pursuit of economically viable discoveries of both gold and the minerals and fuels of the future, REE and lithium. Elissa is currently in the advanced stages of becoming a listed TSXV Company.
ON BEHALF OF THE BOARD OF DIRECTORS of
Elissa Resources Ltd.
"PAUL MCKENZIE"
Paul McKenzie
President and CEO
For further information:
Scott Parsons, Director 604 669 8368 (ext 106) or Paul McKenzie (ext 107)
Email: contact@elissaresources.com
www.elissaresources.com |
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"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."