SOURCE: Spartan Gold Ltd.

May 04, 2011 06:00 ET

Spartan Gold Announces New Whitehorse Discovery at Ziggurat Property

SCOTTSDALE, AZ--(Marketwire - May 4, 2011) - Spartan Gold Ltd. ("Spartan" or the "Company") (OTCBB: SPAG), a diversified U.S. based junior gold exploration company, is pleased to announce that a new discovery of Carlin-style gold mineralization, alteration, and felsic diking has been made on the Ziggurat property controlled by Spartan and its partner Mexivada Mining Corporation. This new discovery is similar to findings at Newmont Mining Corporation's adjacent Northumberland Mine property. The "Whitehorse" discovery occurs in a "window" of Paleozoic rocks apparently not examined previously by modern geologists.

The new Whitehorse discovery extends to the southeast into a previously mapped mineralized area indicating a possible large size resource for the overall target area. Old claims were staked in this region in the early 1900s and it appears that this area has been undisturbed since that time. The findings were so substantial our geological team procured rock chip samples from Whitehorse and delivered them to an assay lab for geochemical analysis. We look forward to disclosing the results from this initial work on the new discovery when it becomes available.

The thoroughness of the geological mapping of the outcrop during analysis of the expanded Ziggurat property led to the discovery and definition of the new Whitehorse target area. Magnetic and gravity surveys have just been completed on the property and this information will be integrated with the finalization of an updated NI 43-101 compliant technical report encompassing the entire property, which includes the new Whitehorse discovery.

Mr. Malcolm Stevens, Spartan's CEO, stated, "One component that drives Spartan forward competitively is the willingness of the Spartan geologists and operational team to continually go above and beyond in their diligence to perform in their work."

Mr. Stevens continued, "This is an exciting time for Spartan and its shareholders. We will continue our efforts to bring these projects to a high level of productivity and to capitalize on the opportunities in this growing gold market. The commitment and competency of the members of our team will differentiate our company from others in the area. The Whitehorse discovery is a perfect example of this effort translating into value."

About Spartan Gold Ltd.
Spartan Gold Ltd. (OTCBB: SPAG) is a publicly traded U.S. based junior gold exploration and mining company with gold exploration and development activity centered in both the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. Spartan's Poker Flats prospect is located in the Carlin region and Round Mountain-Northumberland mining districts of Nevada are home to the Ziggurat project. The Company also has mining interests in the northeast region of Alabama in the historical Arbacoochee Mining District.

Poker Flats began with 500 acres in the Carlin region which is home to some of the world's leaders in the mining industry. Neighboring mining projects north and south of Poker Flats include Newmont Mining Corporation, Gold Standard Ventures Corporation, and Premier Gold Mines Limited. The company has recently expanded Poker Flats to 3,600 acres and now holds an option for 75% majority ownership of this project. The geological mapping process is under way, as well as the first phase interpretations of Poker Flats including an updated NI 43-101 report.

Spartan has completed a significant project expansion plan for the Ziggurat prospect located in Nevada comprising 6,800 acres; this expansion brings the claim total to 343. The Company holds an option for 75% majority ownership of this project as well. The geological mapping process is under way, as well as the first phase interpretations of Ziggurat including an updated NI 43-101 compliant technical report encompassing the entire property.

The Company is currently pursuing opportunities for several acquisition targets around the world and focusing on operational plans for current projects. Spartan has selected an international board of directors and advisors with over 90 years of combined experience in the exploration and development of global mining projects. Spartan's commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects, accelerated exploration activities and the acquisition of viable resources.


Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Spartan Gold Ltd. predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in metal prices, the ability to successfully fund any exploration activities, consumer and business consumption habits, the ability to fund operations and other factors over which Spartan Gold Ltd. has little or no control. Such forward-looking statements are made only as of the date of this release, and Spartan Gold Ltd. assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Spartan Gold Ltd. Form 10-K for its fiscal year ended December 31, and other documents filed from time to time by Spartan Gold Ltd. with the Securities and Exchange Commission.

For more information about Spartan Gold Ltd.:

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Contact Information

  • Please contact:

    Investor Relations:
    Mr. Seth Shaw
    Tel: 917-796-9926
    Email: Email Contact

    Corporate Office:
    William H. Whitmore Jr.
    13951 N. Scottsdale Rd., Suite 233
    Scottsdale, AZ 85254
    Office: (480) 391-7400
    Fax: (480) 922-3659