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Sparton Resources Provides Further Information on the VRB Energy–Red Sun Transaction and Announces Commencement of Drilling at the Pense-Montreuil Project
TORONTO, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Sparton Resources (TSX-SRI-V), (“the Company”), is pleased to provide additional information that has been brought t
About this update from Sparton Resources Inc.
[{"type":"text","content":" TORONTO, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Sparton Resources (TSX-SRI-V), (“the Company”), is pleased to provide additional information that has been brought to our attention regarding the recently announced investment by Red Sun in the Chinese battery production operations of VRB Energy Inc. (or “VRB Energy”) and the establishment of a Joint Venture between Red Sun and VRB Energy’s operating company in China (see Sparton News Release dated 23-09-24). This information should provide additional information and a better understanding of the scope and importance of this investment and its value to the Company. Sparton’s interest in the flow battery industry is a 9.975% interest in VRB Energy held through Sparton’s 90% interest in VanSpar Mining Inc. Full information regarding the history of the Company’s VRB Energy investment is available in its various news releases and corporate filings available at www.sedarplus.ca, and on the Sparton website at www.spartonresources.com. As well, drill testing of selected geophysical anomalies will begin shortly on the Pense-Montreuil Critical Metals Project in Ontario. CHINESE JOINT VENTURE OPERATIONS The new Joint Venture in China plans to establish two new manufacturing sites, one in Changzhi City, Shanxi Province, with a 300-megawatt production line and a second in Huaihua City, Hunan Province, with a 200-megawatt production line. Combined, these production lines will provide approximately ten times the current production capacity of VRB Energy's existing facility in Tongzhou near Beijing. The Joint Venture will also construct a dedicated electrolyte plant. This facility, to be constructed in Shanxi Province, is expected to be completed in 2025 and have a production capacity of 5,000 cubic meters of electrolyte per year with the ability to expand as business conditions require. The stated goal is to build the joint venture into a leader in the field of all-vanadium flow battery manufacturing and energy storage in China over the next few years. This will confirm VRB Energy as an undisputed global leader in the field of sustainable development and make outstanding contributions to the global green energy transformation. Red Sun is a subsidiary of a privately owned enterprise ranked among the top 500 companies in China. It has over 10,000 employees. US OPERATIONS VRB USA will focu...