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Sparton Resources Agreement Signed for Evaluation of Yao Wan Vanadium Project, Shaanxi Province China
Jan. 02, 2018 08:08AM PST
Battery MetalsSparton Resources (TSX VENTURE:SRI) (“Sparton” or the “Company”) is pleased to announce that it has approved a Memorandum of Understanding (“MOU”) for the advanced evaluation and possible acquisition of a 70% interest in the 16 square km. Yao Wan (“YW”) Polymetallic Exploration License, in the Zhen’an area of Shaanxi Province, China. MOU Agreement The Memorandum of …
Sparton Resources (TSX VENTURE:SRI) (“Sparton” or the “Company”) is pleased to announce that it has approved a Memorandum of Understanding (“MOU”) for the advanced evaluation and possible acquisition of a 70% interest in the 16 square km. Yao Wan (“YW”) Polymetallic Exploration License, in the Zhen’an area of Shaanxi Province, China.
MOU Agreement
The Memorandum of Understanding (“MOU”) has been entered into by a newly incorporated subsidiary of the Company, VStar Industries (“VStar”), and Warwick Mining Development Company (“WMD”) a local Chinese private company.
Under the terms of the MOU, VStar will be responsible for all advanced exploration and evaluation expenditures up to the point of a China compliant feasibility study suitable and accepted for application for a vanadium mining license at Yao Wan. Further development of a mining operation would be paid for jointly as to 70% V Star and 30% WMD, with each party credited for its past expenditures.