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Sparrowtech Resources (SPMC) RSS Feed

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Welcome to Sparrowtech Resources, Inc.

 

Corporate Contact

Sparrowtech Resources, Inc.
100 King Street West, Suite 5700
Toronto, ON  M5X 1C7
Tel: 416-915-3176
Fax: 416-915-3177
Email:
info@sparrowtech.net

http://www.sparrowtech.net

Contact: Cornelia Volino, President

Corporate Mission

Sparrowtech Resources, Inc. is an exploration and resource development company focused on acquiring environmentally conscious mining operations, primarily in North America. The Company's leadership team plans to identify unique opportunities to extract gold and other precious metals from previously producing mines and/or establish new discoveries in recognized gold districts. The Company's strategy follows socially responsible production by supporting improved working conditions and modernization techniques that leave little to no carbon footprint

Company Information


Sparrowtech Resources, Inc. plans to establish itself as a leader of environmentally conscious mining operations. We intend to identify exploration opportunities, acquire producing and previously-producing mines in recognized gold districts, while increasing productivity through improved working conditions and modernization with environmental consideration.

Corporate History

» Incorporated 2003 in the State of Nevada, USA

» 2004 Reverse Merger with Sparrowtech Multimedia Corporation (incorporated Florida 2000).

» Name changed on March 2007 to Sparrowtech Resources, Inc. to target the natural resources and
».
mining industry.

» Pursued several acquisitions in Peru, Ecuador and North America.

» Due diligence determined alternate opportunities and/or projects would best suit Sparrowtech's
».objectives in the short and longer term.

» Additional acquisitions currently being reviewed.

 

The Eagle Nest Mining Property



Sparrowtech Resources, Inc. has entered into an agreement to acquire 100% interest in the Eagle Nest Mining Property ("Eagle Nest") from D.A.R. Mining.

The Eagle Nest Mining Property

The Eagle Nest claims include a previously producing Au-Cu-Ag-Fe (Gold, Copper, Silver and Iron) mine located 10 miles off Highway 95 in La Paz County, Arizona. Easy access to the mine site and a good water supply will facilitate ease of construction for a potential processing plant as well as expansion of the mine site.

Mineralization previously documented on Eagle Nest is very fine-grained to visible flaky gold, with oxidized copper ores and staining, in a linear, lenticular ore body with a steeply dipping fault zone cutting metamorphic Mesozoic, red, hematitic shale. Lenticular ore body formed from oxidation and enrichment was also found in the fault zone.

Previous workings include a 400 feet (121.92 meter) deep shaft and about 170 feet of drifts on the 100 level with some near-surface stopes. The previous mining operation on this property recorded historic productions of 1,050 tons of ore averaging about 1.07 ounces per ton gold, 1.8% copper and 2.1 ounces per ton silver.

History of the Bouse Mining District

The Bouse Mining District, where Eagle Nest is located, is a mid-tertiary system of epithermal mineralization, which was introduced into a stacked sequence of lithotectonic units that are located on the northern side of the Plomosa Detachment Fault. Complex epithermal gold, barite and fluorite mineralization is superimposed on earlier copper-specularite mineralization. Gold occurs in laterally extensive breccias and in steeply dipping amethystine-quartz veins. These deposits are similar to the proven and mined Copperstone and Mesquite deposits.

This District involves an important type of Arizona gold deposit, called a "detachment fault" deposit. Detachment fault deposits were first recognized as a separate form of gold deposit in the 1980's. The best example of an Arizona detachment gold deposit is Copperstone, which is about 20 miles from Bouse. It was the biggest gold discovery in Arizona in at least 50 years. Cyprus Gold profitably mined the 500,000 oz open pit resource during the 1980's. The Bouse Mining District is an historic gold producer.

This acquisition is scheduled to close in May 2009 providing management is satisfied that this agreement is in the best interest of its shareholders and sufficient financing has been secured.

 

Sparrowtech Completes Acquisition and Provides Results of Independent Sample Testing

Marketwire Canada 6/23/09

 Sparrowtech Resources, Inc. (PINK SHEETS:SPMC) is pleased to announce that it has completed the acquisition of a 100% interest in the Eagle Nest Mining Property Claims AMC294529 and AMC294535 and filed the Mining Quit Claim Deed in La Paz County, Arizona from D.A.R. Mining and Mr. Marvin Roe.

The Company paid the Sellers US$35,000, plus agreed to pay a 3% net smelter return royalty on the revenues from the production of gold and all other commodities produced from Eagle Nest's hard rock, lode type mineralization. The Company also agreed to initiate a work program within the first year.

The Company further announces the results of two independent assay and concentration tests completed in late 2008 at the Eagle Nest Mining Property ("Eagle Nest").

Cornelia Volino, President stated, "According to these previous independent results, Eagle Nest is considered to be mineralized with vein structure running throughout. The initial metallurgical work also suggests possible recovery by environmentally friendly closed loop leaching. We will provide details of our proposed work program as well as further sample and testing results in the near future."

Assay and Concentration Testing

November 2008 assay reports of samples taken on Eagle Nest by New Verde River Mining Co. Inc. indicate gold values of 0.666 ounces per ton to 1.100 ounces per ton and silver values of trace amounts to 0.09 ounces per ton.

Separately, Met-Solve Laboratories, Inc. ran two 7 kilo samples for concentration tests in December 2008. These tests indicated that the calculated head ore of sample one assayed at 5.3 grams per ton. After concentrating, sample one assayed at 82.1 grams of gold per ton in the concentrate. The tails had 1.7 grams of gold per ton remaining.

The tests further indicated that the calculated head ore of sample two assayed at 9.3 grams per ton. After concentrating, sample two assayed at 142.7 grams of gold per ton in the concentrate. The tails had 1.5 grams of gold per ton remaining.

About Sparrowtech Resources, Inc.

Sparrowtech Resources, Inc. is an exploration and resource development company focused on acquiring environmentally conscious mining operations, primarily in North and South America. The Company's leadership team plans to identify unique opportunities to extract gold and other precious metals from previously producing or producing mines and/or establish new discoveries in recognized gold districts. The Company's strategy follows socially responsible production by supporting improved working conditions and modernization techniques that leave little to no carbon footprint. For more information, visit www.sparrowtech.net.

Safe Harbor

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Sparrowtech Resources, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

SOURCE: Sparrowtech Resources, Inc.

        Sparrowtech Resources, Inc. Cornelia Volino President 416-915-3176 info@sparrowtech.net        


Converge Global and Uranium Hunter Join Sparrowtech to Develop Arizona Mining Property


2009-06-28 18:31 ET - News Release

Also News Release (U-CVRG) CONVERGE GLOBAL INC
Also News Release (U-URHN) URANIUM HUNTER CORP


TORONTO, ONTARIO -- (MARKET WIRE) -- 06/28/09


Sparrowtech Resources, Inc. ("Sparrowtech") (PINK SHEETS: SPMC) announced today that it has entered into option agreements with Converge Global, Inc. ("Converge Global") (PINK SHEETS: CVRG) and Uranium Hunter Corporation ("Uranium Hunter") (OTCBB: URHN) on its recently acquired Eagle Nest Mining Property ("the Property") in La Paz County, Arizona.

Eagle Nest Mining Property

Sparrowtech acquired a 100% interest in the Eagle Nest Mining Property (Claims AMC294529 and AMC294535) from D.A.R. Mining and Mr. Marvin Roe. These property claims include a previously producing Au-Cu-Ag-Fe (Gold, Copper, Silver and Iron) mine located 10 miles off Highway 95 in La Paz County. Easy access to the mine site and a good water supply will facilitate ease of construction for expansion of the mine site.

Converge Global, Inc. Option (www.convergeglobalinc.com)

Converge Global acquired an option from Sparrowtech to purchase a 45% Earned In Interest in the Property. Converge Global paid to Sparrowtech US$30,000. Converge Global is required to pay five million shares of CVRG Common stock by July 15, 2009, US$20,000 by September 30, 2009 and an additional US$15,000 to Sparrowtech on June 27, 2010, June 27, 2011 and June 27, 2012, respectively.

Converge Global also agreed to pay a 3% net smelter return royalty on the revenues from the production of gold and all other commodities produced from the Eagle Nest Mining Property's hard rock, lode type mineralization.

Converge Global, Inc. is an American-based junior mining company engaged in the acquisition, exploration and development of properties containing principally gold as well as other precious metals.

Uranium Hunter Corporation Option (www.uraniumhuntercorp.com)

Uranium Hunter also acquired an option from Sparrowtech to purchase a 49% Earned In Interest in the Property. Uranium Hunter paid to Sparrowtech US$45,000 and five hundred thousand shares of URHN Common stock. Uranium Hunter is required to pay an additional US$150,000 toward exploration of the Property over a one year period.

Uranium Hunter further agreed to pay a 3% net smelter return royalty on the revenues from the production of gold and all other commodities produced from the Eagle Nest Mining Property's hard rock, lode type mineralization and an additional US$15,000 to Sparrowtech on April 21, 2010, April 21, 2011 and April 21, 2012, respectively.

Uranium Hunter Corporation is an exploration company primarily targeting the uranium and precious metal industries in the resource sector. Initially, the Company was founded with the focus of developing a portfolio of quality uranium exploration properties in East Africa. With the recent shift in economic conditions, Management has decided to diversify the Company's interest to include the precious metals industry.

Cornelia Volino, President, stated, "We look forward to working together with both Converge Global, Inc. and Uranium Hunter Corporation in the exploration and development of the Eagle Nest Mining Property. We believe these alliances will be beneficial to the Property and to the growth of Sparrowtech."

Sparrowtech further announced that it will be the Operator Manager of the exploration programs on the Eagle Nest Mining Property and will be entitled to a 15% administration fee on exploration expenditures.

 

RECENT SHARE STRUCTURE

SPMC TA update
Subject: Re: SPMC--Sparrowtech Resources, Inc.

Sent By
info On: September 4, 2009 10:01 AM

the total o/s for SPMC is 154,544,520 shares. The common are
124,494,520, and the restricted is 30,050,000 shares.
A/S 160M as per Nev SOS
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpDetails.aspx?lx8nvq=0fsqWYryzfDBIUj4hyJxKg%253d%253d

----------------------------------

From Most Recent Quarterly Filing, pg. 1 on pinksheets.com:

Stockholders' Equity
Preferred Stock - Class A, 5,000,000 shares authorized
at $,001 par value, 7,000,000 shares issued(2007 - 3,000,000) Common stock
150,000,000 shares authorized at $.001 par value,
127,544,520 shares issued and outstanding in March 31, 2009
127,544,520 shares issued and outstanding in December 31, 2008

 

 

 

                                                   
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