Sparton Resources Inc.
TSX VENTURE : SRI

Sparton Resources Inc.

March 23, 2011 09:57 ET

Sparton Announces Management Appointments in Subsidiary Company, VanSpar Mining Inc.

USD $1.5 Million Loan Account Fully Repaid

TORONTO, ONTARIO--(Marketwire - March 23, 2011) - Sparton Resources Inc. (TSX VENTURE:SRI) ("Sparton" or the "Company"), announced today management appointments for its 74.2% percent owned British Virgin Island ("BVI") subsidiary company, VanSpar Mining Inc. ("VanSpar"). VanSpar holds various rights and assets to the Rentian and Guojiaping vanadium projects in Jiangxi Province China. (See Sparton news releases dated December 2, 2010, March 10, 2011 and March 14, 2011.)

Mr. Adrian Lungan will assume the position of President and Chief Executive Officer of VanSpar. Mr. Lungan is a graduate geologist and Chairman of Alpha Prime Investments Ltd., a BVI registered company which owns 18.8% percent of VanSpar. During a successful international resource industry career spanning over 30 years, Mr. Lungan has specialized in gold, copper, diamond and base metals programs in Australia, Asia, China, Africa, South America and the Pacific Rim. As founder of Uramin Inc., he spearheaded the development of the world class Trekkopje uranium deposit in Namibia, which was later acquired by AREVA of France for USD $2.6 Billion. He also established CCEC Ltd. which was acquired by Regent Pacific of Hong Kong for USD $125million.

Mr. Lungan held senior technical and corporate management positions with several major mining companies from 1989 to 1997 and negotiated the first gold mining agreement with the government of Laos for Newmont Mining Corporation. He also established and managed the Placer Dome Inc. / Placer Pacific Ltd. joint-venture in Indonesia and was appointed as a director of the Placer Dome Inc. / Placer Pacific Ltd Joint Venture Company. He has also been associated with several Canadian based companies, serving as President of Paramount Ventures and Finance Inc. and as General Manager, Indonesia of Pacific Amber Resources Ltd.

Other VanSpar appointments include Mr. A. Lee Barker, President and Chief Executive Officer of the Company, who will become Chairman of VanSpar, Mr. Charles Ge, Sparton director and China Country Manager, who will become Managing Director of VanSpar, and Mr. Richard D. Williams, Sparton director, has also been named to the VanSpar board.

A total of 550,000 VanSpar share purchase options have been granted to officers, directors and consultants of the Company (300,000) and VanSpar (250,000). Each option will allow the option holder to purchase one common VanSpar share at a price of USD $0.25 for 5 years from March 24, 2011.

FINANCIAL UPDATE, QUAM LOAN REPAID

The Company further reports that its subsidiary, Sparton Energy Inc., has fully repaid the remaining USD $1.5 million portion of the Quam Ventures BVI Ltd. loan (the Loan") which originally closed on October 2, 2008 (please see Sparton news releases dated October 3, 2008 and July 28, 2009). All security pledged to Quam against the Loan has been released back to the Sparton.

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.

We Seek Safe Harbour.

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.

Contact Information