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Sparton
Resources Inc. (TSX VENTURE:SRI) (the "Company") reported
today that the Company has received approval from the China National
Nuclear Corporation ("CNNC") Comprehensive Planning Department
to proceed with the advanced coal ash leaching tests commissioned
with the Beijing Number 5 Testing Institute (see
news release dated April 23, 2007). These tests are expected to recover small amounts
of uranium oxide, and further CNNC has agreed to purchase any uranium
oxide produced from these tests, as well as any future U3O8 production
from the program at reasonable prices. These prices will reflect
appropriate market conditions and will be negotiated between CNNC
and the operating company organized for commercialization of production
if the current tests are successful and lead to a production decision
by the partners.
This
approval and accreditation for the program by the senior department
of CNNC plus the purchase confirmation at realistic prices are
milestone accomplishments for the joint Sparton-ARCN non conventional
uranium recovery program in China which was begun just over one
year ago.
Samples
of fly ash from the Xiaolongtang power station in Yunnan have now
been sent to the Number 5 Institute in Beijing and the tests are
being conducted under the process design supervision of Lyntek
Inc., Sparton's process engineering consultants. Once these are
completed, larger scale tests will be conducted at the Institute's
licensed testing facility in central Yunnan.
The
sampling program in China continues to target new areas of high
uranium waste ash, and the Company is also actively evaluating
new opportunities for non conventional uranium recovery programs
in a number of other countries.
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