Sparton Announces Replacement of Private Placement With Receipt of $1 Million Advance to Subsidiary

SPARTON RESOURCES INC. (TSX VENTURE:SRI), (the 'Company') is pleased to announce
that an agreement has been made with Osisko Hammond Reef Gold Ltd., the
operating subsidiary of Osisko Mining Corporation, ('Osisko'),
(TSX:OSK)(FRANKFURT:EWX) to cancel the previously announced November 10th, 2011,
$500,000 private placement by Osisko (related to the Osisko - Sparton Option
Agreement for Sparton's exploration properties in the Atikokan area of northern
Ontario (see Sparton's News Release dated March 21st, 2011). The above-mentioned
cancelled private placement has been replaced with an advance payment by Osisko
for drilling services which will allow Sparton to avoid the share dilution which
would have been associated with the financing.


Osisko has agreed to provide an advance of $1 million dollars to Edcor Drilling
Services ('Edcor'), a wholly owned subsidiary of Sparton, which is carrying out
a major diamond drilling contract at Osisko's Hammond Gold Project near Atikokan
Ontario. Edcor currently has two drills working on the project. The advance will
be repaid by crediting Osisko on ongoing drilling invoices over the life of the
drilling contract.


Company President Lee Barker commented: "We are very grateful that Osisko has
agreed to complete these financial transactions. Cancellation of the share
subscription will avoid significant dilution given our current share price and
we are pleased to have obtained the advance, which will enable the Company meet
and discharge its financial commitments."


Sparton Resources Inc. is a Canadian mining and exploration company focused on
gold exploration in Canada. It is also presently operating (through its
subsidiaries) a producing germanium mine in China, and developing secondary
uranium recovery businesses there from radioactive waste such as coal ash, mine
waste and tailings, and other types of material. As well, it is developing a
world class vanadium opportunity in Jiangxi southern China.


Statements in this release that are forward-looking statements are subject to
various risks and uncertainties concerning the specific factors disclosed under
the heading "Risk Factors" in the Company's filings with Canadian securities
regulators. Such information contained herein represents management's best
judgment as of the date hereof based on information currently available. The
Company does not assume any obligation to update any forward-looking statements,
save and except as may be required by applicable securities laws.


This news release and the information contained herein does not constitute an
offer of securities for sale in the United States and securities may not be
offered or sold in the United States absent registration or exemption from
registration.


We Seek Safe Harbour.

Sparton Resources (TSXV:SRI)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024