Category: News

Spartan Gold Receives BLM Approval for Phase 1 Drill Program and Achieves 51% Interest in Poker Flats Property, Nevada

INDIALANTIC, FL / February 18, 2014 / ACCESSWIRE / Spartan Gold Ltd. (“Spartan” or the “Company”) (SPAG), a U.S. based junior gold exploration company, is pleased to make the following announcement:

Spartan has received Approval from BLM for its Phase 1 drilling Program as outlined in its News Release dated December 24, 2014 on the western border of the Poker Flats property bordering Gold Standard Ventures (GSV”) Railroad property. On January 29, 2014, Spartan Gold Ltd. received a favourable decision regarding the Notice to Conduct Exploration proposal for exploration activities in the Poker Flats project area. The application has been reviewed and is considered complete by the Bureau of Land Management. This project consists of exploration drill holes, drill pads and road construction less than five acres. This Notice is subject to payment of a financial rehabilitation bond of which the estimate was considered acceptable to the BLM, and certain typical recommended terms and conditions respecting public lands and the environment. This Decision is valid for two years and is a requirement for any potential exploration work that may disturb public lands in Nevada.

Following the review of the CSAMT/IP survey the Company will initiate a 3,200 meter drill program to identify high grade feeder shoots from the continuation of gold mineralization of Gold Standard Ventures high grade gold discovery and other targets which include the anomalous area, from Spartan’s magnetic survey, known as the “Mag Dome” hosts structures that should provide specific target environments.

As of December 20, 2013 (the third anniversary date), Spartan has incurred $513,118 of exploration and property expenditures on Poker Flats, thus earning the initial 51% interest.

Spartan has completed the first round funding by way of a Private Placement for $250,000 at ten cents per share and continues negotiating with select and knowledgeable regional investors to take up a further Private Placement to participate in funding the Phase 1 drilling program and corporate overheads for approximately $1 million.

About Spartan Gold Ltd.

Spartan Gold Ltd. (SPAG) is a publicly traded U.S. based junior gold exploration company with gold exploration and development activity centered in both the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. Spartan’s Poker Flats prospect is located in the southern Carlin region and the Ziggurat project is located in the Round Mountain-Northumberland mining district.

The Poker Flats prospect consists of 64 lode claims and private land and mineral rights for a total of 3,040 acres, and Spartan holds an option for 75% majority ownership of this project in the southern Carlin Trend, which is home to some of the world’s leaders in the mining industry. Neighboring mining projects north and west of Poker Flats include Newmont Mining Corporation, Premier Gold Mines Limited and Gold Standard Ventures Corporation.

Spartan also has the Ziggurat prospect in Nye County, Nevada, which comprises one contiguous block of 21 lode claims and a total land area of 420 acres. As of December 27, 2013 (the third anniversary date), the Company has incurred $213,659 of exploration and property expenditures on the property. Accordingly, Spartan has not earned the initial 51% interest and pursuant to the terms of the Option and Claim Acquisition Agreement, the agreement is terminated. Spartan is currently renegotiating the Option and Mining Claim Acquisition Agreement to reflect current market conditions. We cannot assure that The Company will be successful in this renegotiation.

The Company is currently pursuing opportunities for several acquisition targets in North America and focusing on exploration plans for current projects. Spartan has selected an international board of directors and advisors with over 200 years of combined experience in the exploration and development of global mining projects. Spartan’s commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects, accelerated exploration.

DISCLAIMER
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Spartan Gold Ltd. predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in metal prices, the ability to successfully fund any exploration activities, consumer and business consumption habits, the ability to fund operations and other factors over which Spartan Gold Ltd. has little or no control. Such forward-looking statements are made only as of the date of this release, and Spartan Gold Ltd. assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Spartan Gold Ltd. Form 10-K for its fiscal year ended December 31, and other documents filed from time to time by Spartan Gold Ltd. with the Securities and Exchange Commission.

For more information about Spartan Gold Ltd:
Please contact:

Corporate Office:
Malcolm L Stevens
122 Fourth Ave., Suite 103
Indialantic, FL 32903, Florida,
United States of America
Cell: +1 (623) 2077784
Office: +1 (480) 4771585

Source: Spartan Gold Ltd.

Spartan Gold Has Engaged a Senior Geophysical Consultant to Initiate A CSAMT Survey On Its Poker Flats Property, Nevada

INDIALANTIC, FL (September 23, 2013) – (ACCESSWIRE) – Spartan Gold Ltd. (“Spartan”) (SPAG), a U.S. based junior gold exploration company, is pleased to make the following announcement:

Spartan Gold Ltd. (“Spartan”) (SPAG) is a 51.6% subsidiary of Sphere Resources Inc., listed on the NEX Board of the TSX Venture Exchange (TSX-V:SPH.H) collectively called (the “Sphere Group”) have substantial holdings in some of the most prolific, high-grade gold regions of the world. Spartan has gold exploration and development projects in Nevada, with its most significant assets centered in the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Northeast Nevada.

Spartan has engaged J.L. Wright Geophysics of Elko, Nevada to supervise a CSAMT & possibly an IP (Controlled Source Audio-frequency Magnetotelluric and Induced Polarization remote sensing methods) geophysical survey to identify drill targets on the western border of the Poker Flats property bordering Gold Standard Ventures Railroad property. The program will be designed and interpreted by James Wright of J.L. Wright Geophysics a highly respected and very experienced resident expert. In 2012, Gold Standard Ventures completed CSAMT on their Railroad property immediately adjacent to the Poker Flats property, claiming the survey is assisting with targeting their drilling.

In 2011, Spartan Gold completed detailed gravity and ground magnetic surveys on the Poker Flats property under the direction of Wright Geophysics. These new additional surveys should greatly assist with structural interpretation and define drill targets for gold.

As previously advised Spartan believes the Railroad Fault system passes directly through the Poker Flats gold property, and is interpreted to comprise at least 3 sub-parallel fault strands, 1100 to 1750 metres in length adjacent to Sphere/Spartan’s property blocks.

The Company’s neighbour, Gold Standard Ventures Corp (“Gold Standard”) has drilled several holes along these different faults, to the west of the Poker Flats property which have resulted in hole “RR13-11 having intersected 98.1 meters of 3.26g/T of gold including, 17.1 meters of 9.98 g/T. Hole 13-11 is located 70 meters west of previously drilled and reported hole RR13-08, that intersected 75 meters of 3.67 g/T of gold at essentially the same depth (about 275 meters below surface). The high grade mineralization encountered in 13-8 and 13-11 is essentially open in all directions. Drill hole RR13-12, in progress, is a 50 meter offset to the north of 13-8 and 13-11. Hole RR13-10, located approximately 150 meters south of 13-08 & 11, intersected 35 meters of 1.82 g/T in the upper breccia and 70.7 meters of 0.55 g/T in the lower breccia.” (see Gold Standard NR dated Sept 19,2013)

The Company, as recently advised, will focus its exploration efforts on areas of high grade gold on its highly prospective Poker Flats project in the Carlin Trend, Nevada. The Poker Flats property has the attributes to host a potential high grade deposit such as the high grade gold discovery approximately 500 meters from Sphere’s western border identified by Gold Standard at the North Bullion Fault Zone on its Railroad property. There is no certainty further exploration will lead to discovery or development of similar deposits.

The CSAMT/IP survey will be followed by a 3,000 meter drill program to identify high grade feeder shoots from the continuation of gold mineralization of Gold Standard Ventures high grade gold discovery and other targets.

Malcolm L Stevens, Executive Chairman and CEO of Spartan Gold Ltd commented: “We are very pleased to have engaged J.L. Wright Geophysics to oversee the CSAMT/IP survey. This will help us tremendously in identifying new drill targets for our 3,000m drill program.”

About Spartan Gold Ltd.

Spartan Gold Ltd. (SPAG) is a publicly traded U.S. based junior gold exploration company with gold exploration and development activity centered in both the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. Spartan’s Poker Flats prospect is located in the southern Carlin region and the Ziggurat project is located in the Round Mountain-Northumberland mining district.

The Poker Flats prospect consists of 64 lode claims and private land and mineral rights for a total of 3,040 acres, and Spartan holds an option for 75% majority ownership of this project in the southern Carlin Trend, which is home to some of the world’s leaders in the mining industry. Neighboring mining projects north and west of Poker Flats include Newmont Mining Corporation, Premier Gold Mines Limited and Gold Standard Ventures Corporation.

Spartan also has the Ziggurat prospect in Nye County, Nevada, which comprises one contiguous block of 21 lode claims and a total land area of 420 acres. The Company holds an option for 75% majority ownership of this project.

The Company is currently pursuing opportunities for several acquisition targets in North America and focusing on exploration plans for current projects. Spartan has selected an international board of directors and advisors with over 90 years of combined experience in the exploration and development of global mining projects. Spartan’s commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects, accelerated exploration activities and the acquisition of viable resources.

About Sphere Resources Inc

Sphere Resources Inc. is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario and in Nevada, USA on the Carlin Trend.

DISCLAIMER

Forward-Looking Statements: Except for statements of historical fact, this news release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Spartan Gold Ltd. predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in metal prices, the ability to successfully fund any exploration activities, consumer and business consumption habits, the ability to fund operations and other factors over which Spartan Gold Ltd. has little or no control. Such forward-looking statements are made only as of the date of this release, and Spartan Gold Ltd. assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Spartan Gold Ltd. Form 10-K for its fiscal year ended December 31, and other documents filed from time to time by Spartan Gold Ltd. with the Securities and Exchange Commission.

For more information about Spartan Gold Ltd.:
See our website http://www.spartangoldltd.com/

Please contact:

Corporate Office:
Malcolm L Stevens
Executive Chairman and CEO
122 Fourth Ave., Suite 103
Indialantic, FL 32903, Florida,
United States of America
Cell:+ 1 (623) 2077784
Office:+ 1 (480) 4771585

Source: Spartan Gold Ltd.

Spartan Gold Ltd Exploration On Its Poker Flats Property Adjacent To Gold Standard Ventures Railroad Property, Nevada

INDIALANTIC, FL (September 19, 2013) – (ACCESSWIRE) – Spartan Gold Ltd. (“Spartan”) (SPAG), a U.S. based junior gold exploration company, is pleased to make the following announcement:

Spartan Gold Ltd. (“Spartan”) (SPAG) is a 51.6% subsidiary of Sphere Resources Inc., listed on the NEX Board of the TSX Venture Exchange (TSX-V:SPH.H) collectively called (the “Sphere Group”) have substantial holdings in some of the most prolific, high-grade gold regions of the world. Spartan has gold exploration and development projects in Nevada, with its most significant assets centered in the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Northeast Nevada.

Spartan management believes the Railroad Fault system passes directly through the Poker Flats gold property, and is interpreted to comprise at least 3 sub-parallel fault strands, 1100 to 1750 metres in length adjacent to Sphere/Spartan’s property blocks. Gold Standard Ventures Corp (“Gold Standard”) has drilled several holes along these different faults, to the west of the Poker Flats property.

Today, Gold Standard reported, inter alia:

“- New drill hole RR13-11 intersected 98.1 meters of 3.26g/T of gold including, 17.1 meters of 9.98 g/T. 13-11 is located 70 meters west of previously drilled and reported hole RR13-08, that intersected 75 meters of 3.67 g/T of gold at essentially the same depth (about 275 meters below surface).

- The high grade mineralization encountered in 13-8 and 13-11 is essentially open in all directions. Drill hole RR13-12, in progress, is a 50 meter offset to the north of 13-8 and 13-11.

- New drill hole RR13-10, located approximately 150 meters south of 13-08 & 11, intersected 35 meters of 1.82 g/T in the upper breccia and 70.7 meters of 0.55 g/T in the lower breccia.”

The Company, as recently advised, will focus its exploration efforts on areas of high grade gold on its highly prospective Poker Flats project in the Carlin Trend, Nevada. The Poker Flats property has the attributes to host a potential high grade deposit such as the high grade gold discovery approximately 500 meters from Sphere’s western border identified by Gold Standard at the North Bullion Fault Zone on its Railroad property. There is no certainty further exploration will lead to discovery or development of similar deposits.

The Company intends to complete a CSAMT/IP survey followed by a 3,000 meter drill program to identify high grade feeder shoots from the continuation of gold mineralization of Gold Standard Ventures high grade gold discovery and other targets.

Malcolm L Stevens, Executive Chairman and CEO of Spartan commented: “We are very pleased to be working on a new financing technique to aggressively explore the Company’s properties which could elevate the Company to a new level in respect of its industry peers.”

About Spartan Gold Ltd.

Spartan Gold Ltd. (SPAG) is a publicly traded U.S. based junior gold exploration company with gold exploration and development activity centered in both the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. Spartan’s Poker Flats prospect is located in the southern Carlin region and the Ziggurat project is located in the Round Mountain-Northumberland mining district.

The Poker Flats prospect consists of 64 lode claims and private land and mineral rights for a total of 3,040 acres, and Spartan holds an option for 75% majority ownership of this project in the southern Carlin Trend, which is home to some of the world’s leaders in the mining industry. Neighboring mining projects north and west of Poker Flats include Newmont Mining Corporation, Premier Gold Mines Limited and Gold Standard Ventures Corporation.

Spartan also has the Ziggurat prospect in Nye County, Nevada, which comprises one contiguous block of 21 lode claims and a total land area of 420 acres. The Company holds an option for 75% majority ownership of this project.

The Company is currently pursuing opportunities for several acquisition targets in North America and focusing on exploration plans for current projects. Spartan has selected an international board of directors and advisors with over 90 years of combined experience in the exploration and development of global mining projects. Spartan’s commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects, accelerated exploration activities and the acquisition of viable resources.

About Sphere Resources Inc.

Sphere Resources Inc. is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario and in Nevada, USA on the Carlin Trend.

DISCLAIMER

Forward-Looking Statements: Except for statements of historical fact, this news release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Spartan Gold Ltd. predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in metal prices, the ability to successfully fund any exploration activities, consumer and business consumption habits, the ability to fund operations and other factors over which Spartan Gold Ltd. has little or no control. Such forward-looking statements are made only as of the date of this release, and Spartan Gold Ltd. assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Spartan Gold Ltd. Form 10-K for its fiscal year ended December 31, and other documents filed from time to time by Spartan Gold Ltd. with the Securities and Exchange Commission.

For more information about Spartan Gold Ltd.:
See our website http://www.spartangoldltd.com/

Please contact:

Corporate Office:
Malcolm L Stevens
122 Fourth Ave., Suite 103
Indialantic, FL 32903, Florida,
United States of America
Cell:+ 1 (623) 2077784
Office:+ 1 (480) 4771585

Source: Spartan Gold Ltd.

Spartan Gold Ltd Confirms Strategy and Upgrades Efforts to Identify Existing Gold and Silver Resources in Nevada, USA

INDIALANTIC, FL (September 4, 2013 – ACCESSWIRE) – Spartan Gold Ltd. (“Spartan”) (SPAG), a U.S. based junior gold exploration company, is pleased to make the following announcement:

Spartan Gold Ltd. (“Spartan”) (SPAG) is a 51.6% subsidiary of Sphere Resources Inc., listed on the NEX Board of the TSX Venture Exchange (TSX-V:SPH.H) collectively called (the “Sphere Group”) have substantial holdings in some of the most prolific, high-grade gold regions of the world. Spartan has gold exploration and development projects in Nevada, with its most significant assets centered in the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Northeast Nevada.

- Surrounded By Majors.

Spartan’s properties are enveloped by the biggest gold miners in the world that are producing millions of ounces of gold each year, including Barrick Gold, Kinross and Newmont Mining.

- High-Grade Gold Potential. The Poker Flats and Ziggurat properties are believed to not only host Carlin-type gold mineralization, but drilling last year at Gold Standard Venture’s (“GSV”) Railroad Property immediately adjacent and to the west of the Poker Flats property boundary intersected 56.4 meters of 4.26 grams/tonne gold and another intersection of 77.8 meters of 1.63 grams/tonne gold.

- Seasoned Management. Malcolm Stevens sits as Chief Executive Officer of Spartan. Combined with his experience and the other experts in mining and finance that make up the executive teams, there is more than 200 years of highly-relevant knowledge.

- Innovative Financing. Sphere Resources, with a 51.6% controlling interest in Spartan, has an offering for a $10 million financing that is based around corporate bonds, a unique approach that gives the company a competitive edge over other junior miners, while sheltering shareholders from any type of toxic funding.

Importantly, when making an investment decision, mining companies now must consider the paradigm shift toward high-grade gold production. With production costs ever increasing, miners are looking to move away from low-grade gold that requires larger amounts of mining and processing that erodes profits and becoming more focused on lower amounts of digging to yield higher revenues, hence the shift to high-grade projects.

Spartan has gold exploration and development projects in Nevada, with its most significant assets centered in the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Northeast Nevada.

Simply, the best way to find gold is to own property contiguous to producing mines.

The companies’ 3,040-acre Poker Flats project in Nevada is only 1.5 kilometers south of Newmont Mining Corp.’s Emigrant gold mine that is estimated to contain over one million ounces of gold (about $1.6 billion at today’s prices). Poker Flats is the next logical progression of mines that follow the Carlin Trend of Nevada and it is literally surrounded by productive projects. To the north of Emigrant are a series of other mines, including Goldstrike, Leeville and Gold Quarry that produce over 3 million ounces annually and host about 140 million ounces of gold, as well as silver and copper.

A National Instrument technical report on Poker Flats shows the initial focus to be on Carlin-type gold mineralization (fine particles of low-grade gold in large amounts). Gold is gold and that plays an important role, but the property holds strong potential to host high-grade mineralization as well. Drilling last year at Gold Standard Venture’s Railroad Property immediately adjacent and to the west of the Poker Flats property boundary intersected 56.4 meters of 4.26 grams/tonne gold and another intersection of 77.8 meters of 1.63 grams/tonne gold. Considering the new discovery looks to run directly into the large Poker Flats property, the Sphere/Spartan land could be a glut of both low-grade and high-grade gold.

The 420-acre Ziggurat gold property has many of the same characteristics with Carlin-type gold and major miners enveloping the land. The 15-million-ounce Round Mountain and Gold Hill gold mines of Kinross Gold and Barrick Gold as well as Newmont’s 3-million-ounce Northumberland gold mine are all in the same vicinity.

The Sphere Group, to compliment its existing land interests, will commence negotiations to finalize participation in a gold and silver mineralized project in Nevada in October 2013.

About Spartan Gold Ltd.

Spartan Gold Ltd. (SPAG) is a publicly traded U.S. based junior gold exploration company with gold exploration and development activity centered in both the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. Spartan’s Poker Flats prospect is located in the southern Carlin region and the Ziggurat project is located in the Round Mountain-Northumberland mining district.

The Poker Flats prospect consists of 64 lode claims and private land and mineral rights for a total of 3,040 acres, and Spartan holds an option for 75% majority ownership of this project in the southern Carlin Trend, which is home to some of the world’s leaders in the mining industry. Neighboring mining projects north and west of Poker Flats include Newmont Mining Corporation, Premier Gold Mines Limited and Gold Standard Ventures Corporation.

Spartan also has the Ziggurat prospect in Nye County, Nevada, which comprises one contiguous block of 21 lode claims and a total land area of 420 acres. The Company holds an option for 75% majority ownership of this project.

The Company is currently pursuing opportunities for several acquisition targets in North America and focusing on exploration plans for current projects. Spartan has selected an international board of directors and advisors with over 90 years of combined experience in the exploration and development of global mining projects. Spartan’s commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects, accelerated exploration activities and the acquisition of viable resources.

About Sphere Resources Inc

Sphere Resources Inc. is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario and in Nevada, USA on the Carlin Trend.

DISCLAIMER
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Spartan Gold Ltd. predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in metal prices, the ability to successfully fund any exploration activities, consumer and business consumption habits, the ability to fund operations and other factors over which Spartan Gold Ltd. has little or no control. Such forward-looking statements are made only as of the date of this release, and Spartan Gold Ltd. assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Spartan Gold Ltd. Form 10-K for its fiscal year ended December 31, and other documents filed from time to time by Spartan Gold Ltd. with the Securities and Exchange Commission.

For more information about Spartan Gold Ltd.:
See our website http://www.spartangoldltd.com/

Please contact:

Corporate Office:
Malcolm L Stevens
122 Fourth Ave., Suite 103
Indialantic, FL 32903, Florida,
United States of America
Cell:+ 1 (623) 2077784
Office:+ 1 (480) 4771585

Source: Spartan Gold Ltd.

Spartan Gold Ltd Announces Controlling Shareholder Sphere Resources Inc Signs Engagement Agreement with Wedgewood Investment Group LLC to Advise On A Proposed $10.0 Million Secured Corporate Long Term Debt Offering

Spartan Gold Ltd. (“Spartan”) (OTCBB: SPAG), a U.S. based junior gold exploration company, is pleased to make the following announcement:

 

Sphere Resources Inc. (“the Company”), listed on the NEX Board of the TSX Venture Exchange (NEX – SPH.H), is pleased to make the following announcement:

 

The Company announces the signing of an Engagement Agreement with Wedgewood Investment Group LLC (“WIG”) for the offering of up to $10.0 million of five year senior secured debt instrument through a private placement being marketed to private clients in the Americas, Europe and Asia. WIG of New York is advising the Company on this placement.

 

The Company anticipates completing the placement over the next two months. Funds raised will be used to carry out drilling programs on both the Canadian and US properties in which the Company has interests. The injection of new capital will also provide working capital for the Company and its 52% owned affiliate, Spartan Gold Ltd. (OTCBB:SPAG).

 

The senior secured bonds (the “Bonds”) will be sold in minimum increments of $100,000 at open market discounts from the principal amount of the Bond. The Bonds will pay interest at a rate of Six and one half percent (6.5%) per annum with interest payable each November 15th and May 15th.  The first interest payment will be made on November 15, 2013, for interest accrued from the date of the issuance of the Bonds. The Company will retain the right to redeem part or all of the Bonds at face value plus accrued interest to date at any time.

 

The Bonds offered are secured by the value of the Corporation, its assets, value of its leases, options, equipment and good will. The Bonds will be senior in right of payment to all of secured indebtedness of the Company. The Bonds will be redeemable in whole or in part, at the Company’s option at any time.

 

Malcolm L Stevens, Executive Chairman and CEO of Spartan Gold Ltd commented: “We are very pleased that Sphere is raising funds for Spartan to continue its exploration campaign in the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. Spartan’s Poker Flats prospect is located in the southern Carlin region and the Ziggurat project is located in the Round Mountain-Northumberland mining district. As most juniors are clamping down on exploration expenses we are focusing on going full steam ahead in our plans to maximize shareholder value and make the market aware of our strategic plans. This should elevate the Company to a new level in respect of its industry peers.”

 

 

 

 

 

 

 

 

About Spartan Gold Ltd.

Spartan Gold Ltd. (OTCBB: SPAG) is a publicly traded U.S. based junior gold exploration company with gold exploration and development activity centered in both the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. Spartan’s Poker Flats prospect is located in the southern Carlin region and the Ziggurat project is located in the Round Mountain-Northumberland mining district.

Initially, the Poker Flats prospect consists of 64 lode claims and private land and mineral rights for a total of 3,040 acres, and holds an option for 75% majority ownership of this project in the southern Carlin Trend, which is home to some of the world’s leaders in the mining industry. Neighboring mining projects north and west of Poker Flats include Newmont Mining Corporation, Premier Gold Mines Limited and Gold Standard Ventures Corporation.

Spartan also has the Ziggurat prospect in Nye County, Nevada, which comprises one contiguous block of 227 lode claims and a total land area of 4540 acres. The Company holds an option for 75% majority ownership of this project.

The Company is currently pursuing opportunities for several acquisition targets in North America and focusing on exploration plans for current projects. Spartan has selected an international board of directors and advisors with over 90 years of combined experience in the exploration and development of global mining projects. Spartan’s commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects, accelerated exploration activities and the acquisition of viable resources.

About Sphere Resources Inc

Sphere Resources Inc. is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario and in Nevada, USA on the Carlin Trend.

DISCLAIMER

Forward-Looking Statements: Except for statements of historical fact, this news release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Spartan Gold Ltd. predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in metal prices, the ability to successfully fund any exploration activities, consumer and business consumption habits, the ability to fund operations and other factors over which Spartan Gold Ltd. has little or no control. Such forward-looking statements are made only as of the date of this release, and Spartan Gold Ltd. assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Spartan Gold Ltd. Form 10-K for its fiscal year ended December 31, and other documents filed from time to time by Spartan Gold Ltd. with the Securities and Exchange Commission.

For more information about Spartan Gold Ltd.:

See our website www.spartangoldltd.com

Please contact:

Corporate Office:

Malcolm L Stevens
Executive Chairman and CEO
122 Fourth Ave., Suite 103
Indialantic, FL 32903, Florida,United States of America
Office: (480) 4771585
Cell: (623) 2077784


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