Sparton
Resources Inc. (TSX VENTURE: SRI) (the "Company")
reported today that pursuant to the Amending Agreement with Vendors 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 Company has elected to pay the 2009 Advance Royalty Payment of USD$75,000 in Sparton common shares. (See
Sparton News Release dated June 7, 2007.)
The payment of US$75,000 to the Vendors, will be made by issuing 1,799,009 common shares of the Company equal in value to the Advance Royalty Payment cash amount determined by the closing price of Sparton's common shares listed on the TSX Venture Exchange on March 17th, 2009.
The number of shares is 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 March 17th, 2009 (being Cdn$0.053 per share), and divided by the US$ - Cdn$ exchange rate as of March 17th, 2009 ( being US$1.00 = Cdn$1.27130). Issuance of the shares in satisfaction of the advance royalty payment is subject to regulatory approval.
The Company is planning additional exploration on this promising gold property later this year to follow up the positive drill results from 2007. (See company news release dated June 13, 2007).
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. |
