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Sparton
Resources Inc. (TSX VENTURE:SRI) (the "Company") and
its partner WildHorse Energy Ltd. (ASX: WHE) (WildHorse) reported
today that a two year agreement has been signed with Hungary's
Bakony Eromu Zrt. ("Bakony"), a major electricity producer, to
evaluate the possibility of extracting uranium and other heavy
metals from Bakony's Ajka Power Station waste ash sites in west-
central Hungary. The program will be managed by the Sparton - WildHorse
(50/50) 'Eurash' joint venture . (See Sparton
news release dated May 24, 2007, and WildHorse news release
dated May 25, 2007.)
The
agreement allows Eurash exclusive rights to complete a full geological
and technical review, based on existing data, and to sample and
collect additional data as required. If the test program is successful
the agreement provides for the possibility of participation of
Bakony as a partner in uranium production. The work will include
systematic sampling of the waste piles, and determination of their
overall uranium content and bulk chemistry. Leaching tests for
uranium recovery will also be undertaken. This test program will
continue over the next 3-6 months. It will be conducted under the
direction of US based engineering and mineral processing company
Lyntek Inc, which has been involved in over 30 uranium recovery
projects in 10 different countries and is a recognized leader in
uranium extraction process engineering.
AJKA
WASTE ASH
Bakony
has been burning large quantities of locally available lignitic
coals with high uranium contents at Ajka since the power station
came on line and currently has approximately 20 million tonnes
of waste ash material in several stockpiles. These have been carefully
engineered and maintained in good condition. Historical analytical
data from the period 1992 to 1995 indicate that the fly ash in
these deposits contains between 92 and 154 ppm U3O8. The bottom
ash contains similar values. These are similar to those in a number
of in situ leach type uranium deposits under evaluation in various
parts of the world. New analytical work is expected to confirm
these uranium contents.
DISCUSSION
Assuming
the test results demonstrate the potential for economic
recovery of uranium, Eurash intends to complete a feasibility
study to determine the engineering and economic parameters
for commercial development of uranium extraction at Ajka. Such
a study will also address environmental and community issues
inherent in the development of any future project.
Commercial
uranium production would result in the potential for sales
within the European Union, or internationally. There is also
strong environmental support for the clean up of these waste
heaps at the Ajka site.
This
is an important development for the Company and WildHorse as the
Eurash program is now established as the leader in this field in
Central Europe. Research data by the two companies indicates that
other very large radioactive waste ash deposits in the region may
also be potential evaluation sites for the program. Work continues
towards concluding additional agreements similar to the Ajka contract.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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