SOURCE: Spartan Gold Ltd.

April 07, 2011 06:00 ET

Spartan Gold Ltd. Increases Stake in Nevada Gold Properties to 75% Net Working Interest

SCOTTSDALE, AZ--(Marketwire - April 7, 2011) - Spartan Gold Ltd. ("Spartan" or the "Company") (OTCBB: SPAG), a diversified U.S. based junior gold exploration company, is pleased to announce that it has increased its net ownership in both of its Nevada gold properties to a 75% net working interest. The Company recently exercised amendments to the previously announced Option and Mining Claim Acquisition agreements for the Poker Flats and Ziggurat projects. These amendments now give the company an option to acquire an undivided seventy five percent (75%) super majority right, title and interest to both of the prospects located in the Carlin and Round Mountain-Northumberland Trends in Nevada respectively. 

The Company's Nevada gold properties consist of the Poker Flats property, located in the world renowned Carlin Trend and the 6,800-acre Ziggurat property located in the prolific Round Mountain-Northumberland Trend. In aggregate this region of Northeast Nevada has yielded gold production of more than 85 million ounces, worth well over $100 billion at current market prices. In addition these gold claims are in close proximity to numerous successfully producing gold mines operated by industry leaders such as: Barrick Gold Corporation, Newmont Mining Corporation, Fronteer Gold Inc., and Kinross Gold Corporation. The Company believes that by increasing its stake to 75% net working interest, it substantially enhances its strategic value and position moving forward.

Mr. Malcolm Stevens, CEO of Spartan Gold, stated, "Spartan Gold is now justified to move forward on a major exploration plan in one of the best mining camps in Nevada. Expanding the interest of our properties to a 75% majority position is a significant achievement and a very important value proposition for the shareholders of the company. The Company has recently completed significant geophysical work including magnetic and gravity surveys on both properties and expects to update the existing NI 43-101 Reports during April of 2011."

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 Gold's Poker Flats prospect is located in the Carlin region and the Round Mountain-Northumberland mining districts are home to the Ziggurat project. The Company also has mining interests located in the northeast region of Alabama in the historical Arbacoochee Mining District.

The Nevada regions are endowed with major gold deposits managed and operated by many of the world leaders in the mining industry. Mining projects in these regions are currently operated by Barrick Gold Corporation (trading on NYSE and TSX), Kinross Gold Corporation (trading on NYSE and TSX) and Newmont Mining Corporation (trading on the NYSE and TSX). The projects owned by these companies, as well as several projects spearheaded by well-known junior exploration companies, are located in close proximity to the Poker Flats and Ziggurat gold properties in Nevada. 

The Company is currently pursuing opportunities for several acquisition targets around the world and will continue to focus on operational plans for current 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. Spartan has selected an international board of directors and advisors with over 90 years of combined experience in undertaking exploration, development and funding of mineral and energy projects around the world.


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. President
    13951 N. Scottsdale Rd, Suite 233
    Scottsdale, AZ 85254
    Office: (480) 391-7400
    Fax: (480) 922-3659