Mr. Adrian Lungan - VanSparSparton Announces Management Appointments in Subsidiary Company, VanSpar Mining Inc.3/23/2011 9:57:50 AM - Market Wire
USD $1.5 Million Loan Account Fully Repaid
TORONTO, ONTARIO, Mar 23, 2011 (MARKETWIRE via COMTEX News Network) --
SpartonResources Inc. (TSX VENTURE: SRI) ("Sparton" or the "Company"),announced today management appointments for its 74.2% percent ownedBritish Virgin Island ("BVI") subsidiary company, VanSpar Mining Inc.("VanSpar"). VanSpar holds various rights and assets to the Rentian andGuojiaping vanadium projects in Jiangxi Province China. (See Spartonnews releases dated December 2, 2010, March 10, 2011 and March 14,2011.)
Mr. Adrian Lungan will assume the position of President andChief Executive Officer of VanSpar. Mr. Lungan is a graduate geologistand Chairman of Alpha Prime Investments Ltd., a BVI registered companywhich owns 18.8% percent of VanSpar. During a successful internationalresource industry career spanning over 30 years, Mr. Lungan hasspecialized in gold, copper, diamond and base metals programs inAustralia, Asia, China, Africa, South America and the Pacific Rim. Asfounder of Uramin Inc., he spearheaded the development of the worldclass Trekkopje uranium deposit in Namibia, which was later acquired byAREVA of France for USD $2.6 Billion. He also established CCEC Ltd.which was acquired by Regent Pacific of Hong Kong for USD $125million.
Mr.Lungan held senior technical and corporate management positions withseveral major mining companies from 1989 to 1997 and negotiated thefirst gold mining agreement with the government of Laos for NewmontMining Corporation. He also established and managed the Placer Dome Inc./ Placer Pacific Ltd. joint-venture in Indonesia and was appointed as adirector of the Placer Dome Inc. / Placer Pacific Ltd Joint VentureCompany. He has also been associated with several Canadian basedcompanies, serving as President of Paramount Ventures and Finance Inc.and as General Manager, Indonesia of Pacific Amber Resources Ltd.
OtherVanSpar appointments include Mr. A. Lee Barker, President and ChiefExecutive Officer of the Company, who will become Chairman of VanSpar,Mr. Charles Ge, Sparton director and China Country Manager, who willbecome Managing Director of VanSpar, and Mr. Richard D. Williams,Sparton director, has also been named to the VanSpar board.
Atotal of 550,000 VanSpar share purchase options have been granted toofficers, directors and consultants of the Company (300,000) and VanSpar(250,000). Each option will allow the option holder to purchase onecommon VanSpar share at a price of USD
.25 for 5 years from March 24,2011.