SPARTON RESOURCES INC. (TSX.V “SRI”), (the “Company’)is pleased to announce that effective July 11th 2011 it has closed the initial phase of the Purchase Option agreement (the "Agreement") with Purple Gold Corporation ("PGC") where under PGC may acquire all of the Company's rights and obligations related to the SBD gold project near Battle Mountain, Nevada for a combination of cash, shares and a net smelter royalty. (See Sparton News Release dated June 22, 2011).
PGC has completed the initial USD $125,000 cash payment to Sparton.
The surface geochemical sampling program approved by PGC has now been completed, resulting in the complete geochemical coverage of the entire property. Over 450 surface and rock chip samples were taken and results are expected in about 4-6 weeks. The new work has covered several very strong geophysical targets located in earlier Sparton work programs.
SPARTON APPOINTS NEW CHIEF FINANCIAL OFFICER
The Company is pleased to announce that effective immediately Mr. Winfield (Yongbiao) Ding CA, MBA, has been appointed Chief Financial Officer for Sparton.
Winfield was born in mainland China and completed his BA degree there. He received an HSBC scholarship in 1992 to attend the Chinese University of Hong Kong where he obtained his MBA degree. A resident of Canada since 2003, with a Canadian CA, Winfield has worked as a senior executive officer for a number of successful businesses in Canada, China and Hong Kong, and has strong business experience in banking, trading, manufacturing, marketing, financial reporting and taxation in these jurisdictions. Being fluent in Mandarin, Cantonese and English, he brings unique business and linguistic capabilities to Sparton.
Mr. Ding has been associated with Sparton for over 4 years and is fully familiar with its China operations and projects as well as its North American based projects. Sparton's board and staff welcome Winfield to the organization and look forward to benefiting from his experience, insight and direction going forward.
"The closing of the initial Phase of the SBD transaction and the appointment of Mr. Ding to Sparton's management team are consistent with the Company's focus on creating enhanced value in its China based Germanium production and Vanadium development program assets." stated A. Lee Barker Company President and CEO. "Strengthening our management team with a seasoned professional like Winfield and benefiting from the future development of our precious metals projects like SBD and Atikokan by strong development groups such as PGC and Osisko Mining Corp. will allow us to focus our efforts on the China based core asset programs and accelerate their development."
Sparton's international exploration, development, 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.