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Update- NEWS Page
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Video Update
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Sparton reports on exciting new developments for the Bruell gold project east of Val d’Or Quebec.
Eldorado Gold Corp. Has exercised its option to acquire a 75% interest in the property from Sparton and set up a 75/25 joint venture with Sparton for further work.
Details are provided in this week’s video update.
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Eldorado Gold Corporation Exercises Option
for Bruell Gold Project
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TORONTO, April 22, 2024 (GLOBE NEWSWIRE) — Sparton Resources Inc. (SRI: TSX-V) (“Sparton”) is pleased to announce that Eldorado Gold Corporation (“Eldorado”) has, effective April 18, 2024, exercised its option to acquire from Sparton an initial 75% (seventy five percent) interest in the Bruell gold project, east of Val D’Or, Québec.
Further Option Extension
Sparton and Eldorado have executed, effective April 18, 2024, a further amendment to the original Option Agreement to delete the twenty (20) business day further option period and replace it with a seventy-five (75) business day option period for Eldorado to implement the joint venture or decide if it wishes to acquire all of the remaining Sparton 25% interest for a combination of a $1.8 million cash payment (adjusted for CPI) and a residual 2% Net Smelter Return (“NSR”) royalty. Fifty percent (50%) of the NSR can be purchased by Eldorado for $2.5 million at any time. This extension will enable transferring of the Bruell claim titles to Eldorado, preparation of joint venture documents and the efficient implementation of other things necessary for the property ownership change.
“Sparton is delighted that Eldorado has decided to exercise its option and we look forward to working with them,” stated A. Lee Barker, Sparton’s CEO. “With gold prices at all time highs and positive technical results from Eldorado’s work to date, we welcome the possible opportunity to participate in further programs”.
For more information contact:
A. Lee Barker, M.A.Sc., P. Eng.,
President and CEO
Tel./Fax: 647-344-7734 or
Mobile: 416-716-5762
Email: info@spartonres.ca
Website:www.spartonres.ca |
Exchanges:
TSX.V “SRI”
Frankfurt: WKN727532
OTC: SPNRF.PK |
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
We Seek Safe Harbour |
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