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.
About Sparrowtech Resources, Inc. (www.sparrowtech.net)
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.
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.
Contacts:
Sparrowtech Resources, Inc.
Cornelia Volino
President
416-915-3176
info@sparrowtech.net
www.sparrowtech.net
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