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Gold/Mining/Energy : Uranium Stocks -- Ignore unavailable to you. Want to Upgrade?

To: siempre33 who wrote (11190)	6/21/2007 10:20:30 AM
From: siempre33	Read Replies (1) \| Respond to of 30215

Sparton to Evaluate Uranium Extraction Possibilities From Waste Material in South Africa With Akanani Investment Corporation Thursday June 21, 9:00 am ET TORONTO, ONTARIO--(MARKET WIRE)--Jun 21, 2007 -- Sparton Resources Inc. (CDNX:SRI.V - News)(the "Company") reported today that it has signed an Exclusivity and Confidentiality Agreement (the "ECA") with Akanani Investment Corporation (Proprietary) Limited ("AIC") to cooperate jointly and exclusively with AIC in a long term program for the evaluation of the possibility of extracting uranium and other valuable metals from waste coal ash and other deposits of high metal content waste material in the Republic of South Africa, and elsewhere on the African continent. Sparton will supply its technical expertise and experience in evaluating extraction of uranium and other metals from such materials using technology developed by its strategic process engineering partner Lyntek Inc. of Denver Colorado USA. AIC will assist in the procuring of suitable waste deposits, licences, permits and authorizations necessary for the advancement of the program. AIC will also provide financial consulting services to assist in identifying suitable investors for commercialization of production from such deposits and liason with the appropriate South African regulatory agencies having jurisdiction over such activities. The ECA provides for the Company and AIC to enter into one or more comprehensive agreements specifying additional technical and commercial details for the program on or before August 31, 2007. It is planned to jointly incorporate a new JV Company to oversee and finance the program with initial ownership in this company as to AIC 51%, and Sparton 49%, with project investment contributions and the JV Company's intellectual and capital assets owned pro rata by the Company and AIC. ABOUT AKANANI AIC is a South African-based private company holding (directly or indirectly) interests in a range of mining, commercial and industrial enterprises, which is owned, managed and controlled by commercially astute and experienced persons who are classified as historically disadvantaged South Africans (within the meaning of the South African Mineral and Petroleum Resources Development Act, No 28 of 2002) ("MPRDA"). AIC is accordingly qualified in terms of South African Black Economic Empowerment ("BEE") criteria and applicable policies to contribute significantly to the future establishment in South Africa of a viable business utilising the technology provided by Sparton for the exploitation of mineral-rich waste dumps and tailings, as well as assisting financially and by way of the introduction of Sparton to other potential investors, including (but not limited to) the South African government. As part of its portfolio of mineral holdings AIC and its two BEE partners are in the process of selling their 26% interest in the Platreef platinum group metals project through Akanani Mining (Pty) Ltd. This project, located in northern South Africa, was originally evaluated by AfriOre Limited (until early 2007, a Canadian listed entity) and subsequently acquired by Lonmin PLC in a transaction valued at over $3 Billion. WASTE ASH IN SOUTH AFRICA Research by Sparton has shown there are very large waste deposits of coal ash in South Africa produced by the burning of large amounts of low grade lignitic or brown coals for electric power generation. Coal fired power stations produce most of the electrical energy used in South Africa. Very little of the waste ash material produced is recycled into reusable products. Information available on one power generating organization alone indicates approximately 30 million tonnes of waste ash are produced annually and only about 5% of this material is recycled. Additional research on uranium and other heavy metal contents for the waste ash deposits is currently underway but initial studies have provided chemical analysis information on some lignitic coals having up to 400 parts per million uranium (approximately 1 pound per tonne U308). This research work will continue, and lead to an extensive sampling program of various waste ash deposits in the coming months. DISCUSSION The current agreement between Sparton and Akanani is believed to be unique in South Africa and both AIC and the Company are optimistic that significant amounts of high uranium waste ash will be identified early in the technical program. Sparton is pioneering the evaluation of non conventional sources of uranium on an international scale and now has agreements in place to participate in these programs in seven countries around the world (see news releases dated June 4, 2007 and May 24, 2007). With its strong background and success in the mineral industry in this region, AIC is an ideal partner for Sparton to jointly advance this project in South Africa, and elsewhere on the African continent. Sparton's exploration and non conventional uranium extraction programs in China, Central Europe and South Africa are 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for adequacy or accuracy of the content of the information contained herein. Contact: Contacts: Sparton Resources Inc. A. Lee Barker President and CEO (416) 366-3551 and Mobile (416) 716-5762 (416) 366-7421 (FAX) Email: info@spartonres.ca Sparton Resources Inc. Charles Ge Director int'l +86 10 8559 0034 int'l +86 10 8559 0034 (FAX) Email: Charlesge@vip.163.com Website: spartonres.ca Source: Sparton Resources Inc.