Nov. 12, 2010 (Marketwire) --
ROCKVILLE, MD -- (Marketwire) -- 11/12/10 -- Spartan Gold Ltd. (OTCBB: PWGAD) announced today that it has completed the acquisition of 320 acres of mineral rights located adjacent to the Arbacoochee Mining District in northeastern Alabama. Spartan Gold acquired a 100% interest in the Arbacoochee gold prospect from Alabama Mineral Properties, LLC. The purchased assets acquired under the terms of the transaction include all legal rights and equitable title to the mineral rights held by deed in the name of Alabama Mineral Properties, LLC.
The Arbacoochee gold prospect consists of 320 acres of mineral rights located adjacent to the noted Arbacoochee Mining District in northeastern Alabama. Significant surface exploration and sampling efforts have been conducted on the property yielding very positive results. Notably, the majority of shallow grab samples taken from across the property have shown the presence of significant alluvial gold. Additionally, historical deeper drill core samples have indicated that gold values continue down into the host rock. A formal exploration program, developed and managed by Spartan Gold, will be completed in the near future. This will provide a better definition of resources and valuable information for implementing a mining program to capitalize on this opportunity for the benefit of Spartan Gold and its shareholders.
Mr. David Price, Director of Spartan Gold Ltd., commented, "With the recent price of gold at over $1,300 per ounce, it is clearly a favorable time to take advantage of this outstanding opportunity." He went on to say, "Upon reviewing the property reports and sampling data, we decided that it was in the best interest of the company to immediately acquire this important prospect and institute a mining operations plan to extract this valuable resource."
BACKGROUND HISTORY:
The property is located in an area known as the "Arbacoochee Mining District" which was originally prospected in 1833. After mining over 17,000 ounces of gold from the late thirties to the 1849 "Gold Rush," most of these miners departed for California. The Town of Arbacoochee, which had a population of nearly 4,000 prior to 1849, became a virtual ghost town. The value of gold mined in the Arbacoochee Mining District ran as high as $30 per ton of ore processed at the mid-1800's gold price of $16 per ounce. Gold prices have risen significantly and are currently ranging in the vicinity of $1,300 per ounce. This has generated interest in re-evaluating these old mining areas and the decision becomes more apparent and prudent for management teams in this industry to invest in these projects.
About Spartan Gold Limited:
Spartan Gold Ltd. ("Spartan") is a multi-disciplined mining and exploration company publically trading on the OTC Bulletin Board market (OTCBB: PWGAD). The Company is focused on the acquisition and development of gold and other precious metals projects. The Company has significant assets in Alabama including 320 acres of land, containing approximately 560,000 tons of minable placer. The team at Spartan is concentrating their resources to deliver maximum results for their shareholders and focusing on long-term sustainable growth. The entrepreneurial spirit and operational expertise of Spartan Gold's management team delivers performance and is continually seeking new opportunities.
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:
See our website www.spartangoldltd.com
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