Sparton Resources Inc.: SBD Gold Project, Nevada, Advance Royalty Payment Made in Shares
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TORONTO, ONTARIO, Apr 20 (MARKET WIRE) --
Sparton Resources Inc. (TSX VENTURE: SRI) (the "Company") reported today
that pursuant to the Amending Agreement with Vendors Crescent Valley
Minerals Inc., Aquarian Mining Exploration Inc., and William Fyvie
Holdings Ltd. ("WFHL"), regarding the original assignment agreement for
the lease of the SBD claims in the Battle Mountain area of Nevada, the
Company has elected to pay the 2009 Advance Royalty Payment of USD$75,000
in Sparton common shares. (See Sparton News Release dated June 7th, 2007.)
The payment of US$75,000 to the Vendors, will be made by issuing
1,799,009 common shares of the Company equal in value to the Advance
Royalty Payment cash amount determined by the closing price of Sparton's
common shares listed on the TSX Venture Exchange on March 17th, 2009.
The number of shares is calculated by the value of the cash amount of
US$75,000 divided by the Discounted Market Price (as defined under TSX
Venture Exchange rules) of Sparton's common shares as of March 17th, 2009
(being Cdn$0.053 per share), and divided by the US$ - Cdn$ exchange rate
as of March 17th, 2009 ( being US$1.00 = Cdn$1.27130). Issuance of the
shares in satisfaction of the advance royalty payment is subject to
regulatory approval.
The Company is planning additional exploration on this promising gold
property later this year to follow up the positive drill results from
2007. (See company news release dated June 13, 2007).
Sparton's international exploration and evaluation programs are being
carried out under the direct supervision of A. Lee Barker, P. Eng., P
Geol., the Company's President and CEO who is a Qualified Person under
National Instrument 43-101.
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.
Contacts:
Sparton Resources Inc.
A. Lee Barker
President and CEO
416-366-3551 or Mobile: 416-716-5762
416-366-7421 (FAX)
info@spartonres.ca
Sparton Resources Inc.
Charles Ge
Director
+86 10 8559 2276
+86 10 8559 0411 (FAX)
Charlesge@vip.163.com
www.spartonres.ca
Copyright 2009, Market Wire, All rights reserved.
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