Canada Resources PLC holds the right to purchase a Net Smelter Right (NSR) over Sarissa Resources Nemegosenda property. The Nemegosenda property is located 20 km north east of Chapleau. Through extensive historic drilling and through recent test drills the Nemegosenda resource is seen as having the potential to become one of the largest niobium mines in the world.
The claims extends over 3,478 hectares (9,000 acres) in Chewett, Collins and McGee townships. The property is in close proximity to hydro corridor that passes from Timmins, through Foleyet and continues to Chapleau in close proximity to the Provincial Highway 101. This highway passes 10 km south of the property. The Canada National Railine passes through Foleyet, approximately 50 kilometers to the West of the Property, and the Canadian Pacific Railway Line passes approximately 20 kilometers to the West of the property. Highway 129 ends at Chapleau, and continues south towards Thessalon and Sue Saint Marie, Ontario. Highway 101 continues West from Chapleau where is meets up with the Trans-Canada highway in Wawa, Ontario approximately 125 km to the West of the property, at the northeast corner of Lake Superior.
Ontario is considered as the most favourable and secure miningboperating environment in the world. Mining is a key industry within Ontario. The municipal authorities are strongly supportive of the Nemegosenda project, as is the local community.