TORONTO, June 25 /CNW/ - Sparrowtech Resources, Inc. ("Sparrowtech")
(Pink Sheets: SPMC) is pleased to announce that it has completed its due
diligence regarding its proposed acquisition of Minera El Porvenir, S.A.
("Porvenir"), and its gold mining properties located in the western end of the
Ecuadorian metallurgical gold belt.
Sparrowtech's independent geologist, Larry Sostad of Vancouver, British
Columbia, travelled to the Porvenir mining property in Southern Ecuador to
inspect the mine and prepare a detailed geological report. Sparrowtech also
received two additional technical reports from Ecuadorian geologist Jaime
Piedra and Ecuadorian mining engineer Mario Falquez Andrade.
"We are pleased with the three reports we received from the two
geologists and the mining engineer as they confirm the active mining
operations and potential of the Porvenir mining property," stated Cornelia
Volino, President. "We look forward to completing this acquisition and
implementing the required modernization to assist Porvenir in increasing and
maximizing its production potential."
Sparrowtech is currently in the process of finalizing the definitive
purchase agreement with Overseas Mining, S.A., a Panama corporation, to
acquire 80% of the mineral rights, mining interests, claims, equipment and
other assets of the Porvenir mining property. The analysis of the geological
and technical reports will be released upon the signing of the definitive
A number of statements contained in this press release may be considered
to be forward-looking statements. These forward-looking statements involve a
number of risks and uncertainties including but not limited to: competitive
market conditions, successful integration of acquisitions, and the ability to
secure sources of financing. The actual results that Sparrowtech may achieve
could differ materially from any forward-looking statements due to such risks
For further information:
For further information: Sparrowtech Resources, Inc. Cornelia Volino,
President, 905-773-4277 Fax: 905-773-4677 Email: email@example.com