Sparton Resources Inc.

Sparton Resources Inc.

June 07, 2007 15:24 ET

Sparton Resources Inc. Amendment to Agreement SBD Gold Project, Nevada

TORONTO, ONTARIO--(Marketwire - June 7, 2007) - Sparton Resources Inc. (TSX VENTURE:SRI) (the "Company") reported today that it has signed an Amending Agreement with 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 Amending Agreement provides for Sparton to have, annually, the right to satisfy the obligation to make annual Advance Royalty Payments of US$75,000 to the Vendors, by issuing common shares of the Company equal in value to the Advance Royalty Payment cash amount determined by the weighted average trading price of Sparton's common shares listed on the TSX Venture Exchange for the period of five trading days ending on the due date of such Advance Royalty Payments.

The Advance Royalty Payment which was due on March 17, 2007 shall be satisfied by the issuance of 271,449 common shares of Sparton 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 June 7, 2007 (being Cdn$0.295 per share), and divided by the Cdn$ - US$ exchange rate as of June 6, 2007 (being Cdn$1.00 equals US$0.9446). Issuance of the shares in satisfaction of the advance royalty payment is subject to regulatory approval.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for adequacy or accuracy of the content of the information contained herein.

Contact Information

  • Sparton Resources Inc.
    A. Lee Barker
    President and CEO
    (416) 366-3551 or Mobile (416) 716-5762
    (416) 366-7421 (FAX)
    Sparton Resources Inc.
    Charles Ge
    int'l +86 10 8559 0034
    int'l +86 10 8559 0034 (FAX)