TORONTO, ONTARIO--(Marketwire - March 21, 2011) - SPARTON RESOURCESINC. (TSX VENTURE:SRI), (the "Company') is pleased to announce todaythat it has executed a joint venture agreement ( "JV") with OsiskoMining Corporation ("Osisko") (TSX:OSK)(FRANKFURT:EWX) pursuant to whichOsisko will spend $1,000,000 on exploration during 2011 to maintain itsoption (the "Option") to acquire up to a 70% interest in approximately7500 hectares of mining claims held under option from third parties orwholly owned by Sparton (the "Properties") in the Atikokan Gold Area,Ontario.The Properties straddle Osisko's Hammond Reef Project property whichhosts a NI 43-101 compliant inferred resource of 6.7 million ounces ofgold (259.4 million tonnes at a grade of 0.8 grams per tonne, using 0.3grams per tonne cut-off), of which 97% lies within 300 metres ofsurface.The terms of the JV mirror the original terms of the Letter Of Intent("LOI") signed with Osisko on November 10, 2010 (see Sparton NewsRelease dated November 11, 2010).Osisko will be the manager of the project. A management committee willbe formed during the Option Period with two representatives from eachparty. This management committee will be formed shortly to review allpast exploration data generated for the West Hammond and Clement LakeClaim Groups and plan the next phase of exploration. It will beresponsible for reviewing programs submitted by Osisko and for approvingand evaluating the results of all programs. In the event of a tie,Osisko shall have the casting vote during the Option Period. Uponacquiring a 60% or a 70% interest in the Property, a joint venture wouldbe formed between Osisko and Sparton with pro rata cost participation.DISCUSSION"Ongoing work at Hammond Reef by Osisko has clearly indicated thepotential for a new gold mining camp in the Atikokan area." stated LeeBarker, Sparton's President and CEO. "We are committed to workingdiligently with Osisko to advance the potential of the Properties".Mr. Barker further added: "Osisko currently has 19 drills operating inthe area demonstrating its commitment to developing both the HammondReef deposit itself and conducting new exploration on their claim areas.We continue to believe the Sparton Properties can add new opportunitiesand value to Osisko's overall potential in this developing gold miningcamp."