Sparton Resources Inc. announced August 3 that it has exercised its option to complete the initial acquisition phase of a 65% interest in the Guojiaping Exploration Licence in JiangxiProvince, China which contains a significant vanadium deposit and several zones of uranium mineralization.
Completion of this transaction followed receipt and review of a positive National Instrument 43-101 compliant Independent Technical Report by Quest Geological Consultants of Reno Nevada USA, for the Guojiaping Project.

Sparton subsidiary Yunnan Sparton EnvironTech ("YSET") has made an initial payment of 3 million RMB (approximately CAD $450,000) to Team 267 of the Exploration Bureau of the Jiangxi Nuclear Industry ("267") which holds, and has completed the initial evaluation of the Guojiaping Exploration Licence.

Sparton's management is delighted to have received independent confirmation of the economic potential at Guojiaping and will continue working on the evaluation and acquisition of the vanadium and uranium deposits on the Licence. The Company has been fully supported by its new Chinese partners on this unique project, and by ARCN, the Remote Sensing Branch of the China National Nuclear Corporation ("CNNC"). This support clearly illustrates the social licence Sparton has received in PRC for its initiatives in evaluation of the vanadium opportunity and its environmental cleanup programs in secondary uranium production.

As a current specialty metal producer in PRC (germanium production in Yunnan) the vanadium project fits well with the Company's initiatives to identify and develop new opportunities to supply specialty metals for newly developing energy saving applications. Many new opportunities have been received through its strong relationships with CNNC and these are expected to continue. The potential to extract uranium from new non conventional sources is also a significant step for Sparton's established and environmentally positive, clean tech uranium extraction programs from various forms of waste material.
source: www.reuters.com