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Sparton
Resources Inc. (TSX VENTURE:SRI) (the "Company")
reported today that has signed a Memorandum of Understanding ("MOU")
with WildHorse Energy Limited (ASX:WHE) ("WHE")
of Perth Australia to evaluate the possibility of extracting commercial
quantities of uranium from radioactive waste ash generated by many
large central European power stations which burn high uranium content
lignitic or brown coals.
Under
the terms of the MOU Sparton and WildHorse will undertake and fund
a one year (extendable) joint program to identify and test, waste
ash material in several central European countries where WildHorse
has established strong relationships through its ongoing conventional
uranium exploration and development programs. The initial interests
in the program will be 50% for each of Sparton and WildHorse and
if commercialization of operations at one or more locations is
recommended by future feasibility studies, the MOU provides for
a flexible operating structure to be developed by WHE and the Company
which will if necessary, incorporate local interests and financial
partners.
WHE
has already identified one target site where large quantities of
waste ash are available that contain (historical analyses) similar
amounts of uranium (approximately 150 parts per million) to that
from the Xiaolongtang power station ash in southwest China where
Sparton is currently conducting advanced leaching and recovery
tests.
Sparton
and its strategic process engineering partner, Lyntek Inc. of Denver
Colorado USA, have pioneered the reactivation of secondary recovery
of uranium from waste coal ash initially in China. Lyntek will
also supply engineering and process consulting to the Europe program.
The company has also developed a wide database on coal and coal
ash chemistry that includes European data, and this information
will be used in the joint program going forward.
ABOUT
WILDHORSE ENERGY
WildHorse
Energy Ltd is an international uranium explorer and developer which
was established in 2005, and listed on the Australian Stock Exchange
in November of 2006 with the trading symbol "WHE".
It operates several advanced uranium exploration and development
programs in the USA, Hungary, Poland and South America. Targeting
countries that are pro-mine development, and recognize the importance
of an evolving nuclear power generation industry as an environmental
solution to fossil fuel power generation, WildHorse has developed
a strong portfolio of mid and advanced stage projects in these
areas. Complete information is available on the website www.wildhorse.com.au
.
Recognizing
the potential sources of uranium from radioactive waste material
associated with coal power generation, WHE has elected to join
with Sparton in this joint program in the countries where it
has already developed close relationships in the uranium industry.
There is a strong environmental motivation for this program in
these areas as many of the countries have become full or provisional
members of the European Economic Community ("EEC") and are now
subject to its strict environmental regulations related to radioactive
waste material. Developing one or more programs to clean up waste
sites and produce a much needed new uranium source at the same
time, is expected to receive strong political and potentially
financial support for development.
As
well, WHE and Sparton both recognize the large risk reduction for
their investors in such programs due to the removal of many technical,
financial, permitting, and timing risks associated with conventional
grass roots or mid stage uranium exploration programs. Readily
available ash deposits with sufficient extractable uranium could
be exploited in less than 3 years from initial testing. This is
less than one third the length of time that it normally takes to
discover, explore, finance, develop, permit, and produce product
from a conventional uranium exploration program.
Sparton
is extremely pleased to ally itself with WildHorse in this new
and exciting program. Using the experience from the China projects
will accelerate the evaluation process for the various target ash
locations. Over 50 million tonnes of ash are produced annually
from various power stations in central Europe, and a large proportion
of this material is unsuitable for use in cement or concrete and
must be stockpiled as waste. Reclamation of uranium and possible
other valuable heavy metals can produce a reusable ash that may
also provide lateral economic benefit to any commercially developed
project.
The
Company also continues to actively evaluate new opportunities for
non conventional uranium recovery programs in a number of other
countries.
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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