TORONTO, June 28, 2018 (GLOBE NEWSWIRE) — Sparton Resources Inc. (TSXV:SRI) (“Sparton” or the “Company“) is pleased to report that VRB Energy (“VRB”), formerly Pu Neng Energy, announced yesterday a Strategic Cooperation Framework Agreement with the Pangang Group Vanadium and Titanium Resources Co. Ltd. (“Pangang V&T”).
Sparton’s 87.46% owned subsidiary VanSpar Mining Inc. owns an 18% equity interest in VRB. HPX Techco (“HPX”) a private mineral exploration organization, and part of the I-pulse Group of technology companies (“I-Pulse”), owns 82% of VRB.
Pangang V&T is the world’s largest producer of vanadium oxide and a listed subsidiary of Panzhihua Iron and Steel, one of the world’s leading steel producers since 1971.
“I view this agreement with Pangang V&T as a major strategic breakthrough for VRB. It will ensure the required supplies of high purity vanadium products to support electrolyte manufacturing for VRB’s battery installations on an ongoing basis”, stated Lee Barker, Sparton’s CEO. “With a current shortage, and high prices for vanadium products particularly in China where VRB operations are located, we regard this as another positive milestone in VRB’s development as the Vanadium Redox Battery (“VRB”) manufacturer of choice for the energy storage industry”.
To read the full VRB News Release dated June 27, 2018 and for more information on VRB Energy, HPX and I-Pulse please visit the Company website www.spartonres.ca or the following websites: www.vrbenergy.com, www.hpxploration.com, and www.ipulsegroup.com.
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Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
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