SRI Sparton Resources Inc

Sparton Resources Inc. (TSX VENTURE:SRI) (the "Company") announced today that
Sparton Energy Inc. ("SEI"), a subsidiary corporation, has executed a Memorandum
of Understanding (the "MOU") with Voltaix LLC, ("Voltaix") a leading U.S.
specialty materials producer, for the sale of all germanium production from the
Huajun Mine in Yunnan Province, China. The MOU contemplates an investment by
Voltaix of approximately $US4.2 million dollars in a series of advances related
to milestones in the development of the Huajun operations. 


General Terms 

The MOU contemplates deliveries of germanium dioxide (GeO2) by Huajun to Voltaix
over the life of the Strategic Supply Agreement (the "SSA"). The advances are to
be recouped through deliveries of GeO2 pursuant to the SSA. The price for this
product is based on a blended formula related to actual processing and refining
costs and local market pricing for GeO2. The advances are to be used for several
purposes, including additional safety upgrades and efficiency improvements that
will increase production rates.


Huajun Operations

The Huajun Mine is in the final stages of having a new mining licence issued. At
full capacity, the mine employs approximately 400 people. The mine has completed
all necessary safety and security upgrades to meet new Chinese regulatory
requirements and reactivation of the operations will begin immediately after the
new mining licence is received. The mine has a 7 year history of no major lost
time accidents. 


About Voltaix

Voltaix is a privately held U.S. manufacturer of specialty chemicals with
exceptional expertise in silicon, germanium and boron chemistry. Its products
are custom designed for use in the most demanding semiconductor deposition
applications. Voltaix is the world leader in production of germane (GeH4),
diborane (B2H6), and other performance-enhancing materials critical to the
microelectronics, photonics, and solar industries. 


"We are pleased to have reached this important strategic relationship with
Sparton," said Mark Wilkinson, Executive Vice President of Voltaix. "As the
world's leading germane producer, securing our germanium supply is critical.
This relationship allows us to continue to provide our customers with the
highest levels of supply chain security by giving Voltaix an exclusive source of
significant germanium reserves. This also represents a win for the local workers
at Huajun, who will be re-employed once the mining license is granted." 


About Sparton

Sparton is a Canadian based exploration, development and production company,
establishing strategic relationships in order to advance its various mineral
properties. The Company has a portfolio of production and development projects
with germanium, gold, vanadium and uranium.


Sparton President, Lee Barker, stated: "Sparton is delighted to establish this
unique long term relationship with Voltaix and become a supplier of one of the
primary components necessary for its leading edge technology products. Local
germanium concentrate prices at Lincang have almost doubled within the past
year, and we look forward to resuming production of this specialty metal."


SPARTON RESOURCES INC. 

Company website: www.spartonres.ca

Listed: TSX Venture Exchange 

Trading Symbol: SRI

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