Sparton Finalizes Initial Acquisition Phase of Guojiaping Vanadium-Uranium Project In Southeastern China

Sparton Resources Inc. (TSX VENTURE:SRI) announced that it has exercised its option to complete the initial acquisition phase of a 65% interest in the Guojiaping Exploration Licence in Jiangxi Province, China which contains a significant vanadium deposit and several zones of uranium mineralization.

The press release is quoted as saying:

Vanadium is a specialty metal most well known for its alloying qualities and use in making specialty steels. However it is now seeing increasing uses in technology applications, especially in new generation high capacity storage batteries used in pure electric and hybrid autos and solar and wind energy applications. Chemical grade vanadium oxide is sold most commonly as +98.5% V205 and recent pricing is in the range of USD$17-19 per kilogram (USD$ 8-9 per pound).

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