SRI Sparton Resources Inc

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.

Sparton Resources (TSXV:SRI)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024

Sparton Resources (TSXV:SRI)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024