Spartan Gold fka SPAG

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Spartan Gold Ltd Acquires Second Prospect (1,140 Acres) in Nevada's Prolific Round Mountain-Northumberland Gold Trend
Spar Gold (OTCBB:SPAG)
Intraday Stock Chart
Today : Monday 27 December 2010


Spartan Gold Ltd. (OTCBB: SPAG), a U.S. based junior gold exploration Company, has today announced the execution of an Option and Mining Claim Acquisition Agreement with Mexivada Mining Corporation for the Ziggurat property located in the Round Mountain-Northumberland Mining District, northern Nye County, Nevada. Mexivada is a global mineral exploration company specializing in high-grade Gold-Silver, Tellurium, Diamond, and Rare Metal exploration projects around the world.
This agreement enables Spartan Gold, along with its joint venture partner Sphere Resources, Inc., to acquire an equally shared 70% interest in the Ziggurat gold concession in Nevada's world renowned Round Mountain-Northumberland Trend, home to the 15+ million ounce Round Mountain gold mine of Kinross and Barrick Gold, and Fronteer Gold's 3+ million ounce Northumberland Mine. Under the terms of the agreement, Spartan Gold is responsible for financing of the first stage exploration activities at Ziggurat. Sphere Resources will assume the responsibility to complete the mining feasibility study for the project upon completion of the exploration program. Sphere Resources is a Canadian based mining resource investment house that identifies global mining projects and presents them for potential joint venture arrangements to mining companies interested in pursuing world class gold resources in major mining camps.

All of the applicable terms of the above-mentioned agreement shall be disclosed in a Form 8K to be filed by Spartan Gold.

Ziggurat Gold Property

The Ziggurat gold property is located approximately 20 kilometers north of Round Mountain, Nevada, and comprises one contiguous block containing 57 unpatented lode mining claims, covering approximately 1,140 acres. All of the claims are within the Round Mountain-Northumberland Mining area in Nye County. The property has a National Instrument (NI) 43-101 technical report prepared by a Competent Person. According to the NI 43-101 technical report, the exploration focus at Ziggurat will be on Carlin-type mineralization, which typically occurs as finely dispersed sub-micron gold and some silver. The properties are in the vicinity of the large Round Mountain (Kinross-Barrick), Gold Hill (Kinross-Barrick), and Northumberland (Fronteer Gold) gold mines. The previous geophysical and geological interpretations indicate that the Ziggurat property has favorable characteristics for potentially open pittable Carlin-style gold mineralization.

Additional drilling, geophysical and geological work is planned under a two-phase exploration program. Since the property is situated adjacent to other current gold mining properties such as Northumberland, Gold Hill, and Round Mountain, and the geologic structure and surface-mineralized host rocks appear very favorable, the Ziggurat property justifies additional exploration expenditure.

The exploration goal at the Ziggurat prospect is to identify a multi-million ounce open-pittable gold mining resource. Major mining projects are currently operated by Barrick Gold Corporation (trading on the NYSE and the TSX) and Fronteer Gold (trading on the ASE) which exist both south and north of the Ziggurat prospect, respectively.

Malcolm Stevens, Chairman & CEO of Spartan Gold, commented, "The existing data on the Ziggurat prospect is extremely encouraging because the mineralization is consistent with the producing adjacent properties. This agreement provides Spartan Gold another significant opportunity to explore and potentially mine a concession in a very productive and lucrative gold mining camp. This region has several valuable producing mines operated by recognized industry leaders which is very encouraging for Spartan Gold and its partners."

Mr. Richard Redfern, CEO and President of Mexivada, stated: "We feel confident that this partnership will explore and prepare the Ziggurat property expeditiously through the initial stages of development. We are pleased to know that from an operational perspective, we have a very competent team in place that will manage the process and enable us to take all the steps necessary to properly validate this prospect in the historic and prolific Round Mountain-Northumberland gold trend."

About Spartan Gold Ltd:

Spartan Gold Ltd. (OTCBB: SPAG) is a publicly traded U.S. based junior gold exploration and mining company with gold exploration and development activity initially centered in the northeast region of Alabama. The company is currently pursuing opportunities in both the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. The Carlin, and Round Mountain, and Northumberland Mining Districts of Nevada each are endowed with major gold deposits. The directors, management and advisers of Spartan Gold have 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. Spartan has selected an international board of directors experienced in undertaking exploration, development and funding of numerous energy and minerals projects around the world. The company is currently exploring additional acquisition opportunities.

About Sphere Resources Inc.:

Sphere Resources Inc. listed on the NEX Board of the TSX Venture Exchange 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 has expended considerable effort in the identification and appropriation of exploration targets and other high quality assets in major global mining camps, with a particular emphasis on precious metals.

About Mexivada Mining Corp.:

Mexivada Mining Corporation is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, mining, and joint venturing high-grade Gold-Silver, Tellurium, Diamond, and Rare Metal exploration projects in Mexico, Nevada, Canada, and Africa. Mexivada is managed by experienced and successful board members and advisors.

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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