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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.
FOR
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