SRI Sparton Resources Inc

SPARTON RESOURCES INC. (TSX VENTURE:SRI), (the "Company') is pleased to announce
that effective April 19th 2012 it has entered into an option agreement (the
"Agreement") with Waseco Resources Inc. (TSX VENTURE:WRI), whereby Waseco may
acquire a 75% interest in all of the Company's rights, and take on certain
obligations related to the SBD gold project near Battle Mountain, Nevada. The
SBD claims had previously been subject to an agreement with Purple Gold
Corporation which terminated unexercised in January 2012 (See Sparton News
Releases dated June 22 and July 14, 2011). Going forward, the project will be
referred to as the Battle Mountain Ridge Project.


AGREEMENT

Under the Agreement Waseco will spend $900,000 over a 3 year period to earn a
75% interest in the property, and will incur all other required costs (including
the year 2012 costs) to maintain the property in good standing during the option
period. Upon exercising the option the Company and Waseco will form a joint
venture (75% Waseco and 25% Sparton) to further explore and develop the
property. Waseco will be operator of the work programs on the claims and will
give Sparton the first right to tender for any contracted exploration activities
on the claims at normal industry rates.


Other terms of the Agreement include:



--  If either party is diluted down to a 10% interest in the joint-venture,
    that interest shall be converted into a 1% net smelter return royalty
    ("NSR"); 
--  If the property is subsequently sold to a bona fide third party, the 1%
    net smelter return royalty holder will forfeit the NSR and receive 10%
    of the net proceeds of the sale. 



The property is subject to a 5% NSR to the original lease holders, of which 2
1/2 % can be bought at any time for US$ 1.5 million.


The Agreement is subject to the Company and Waseco's respective board's and any
required regulatory approvals. 


WORK PROGRAM and PROPERTY

The SBD claims are in the heart of the Battle Mountain Area gold producing
district, located between Goldcorp-Barrick's Marigold Mine and Newmont's Phoenix
Gold Mine operations. The property is adjacent to one of Newmont's Trenton
Canyon Mine open pits and mineralization is very similar to that previously
mined at Trenton Canyon. 


There is a non-NI 43-101 compliant historical gold resource reported from the
claims for one of the three known gold zones containing 2,933,000 short tons
grading 0.023 (av.) ounces per short ton (0.80 grams per metric tonne) gold
(about 80,000 ounces). This was delineated by a previous operator in 1997.  This
grade is consistent with grades of other deposits in the Battle Mountain Area
and the zone is open at depth and along strike. Two other discrete zones of gold
mineralization were located by past drilling and incompletely tested. 


Work programs managed by Sparton since 2006 have generated numerous new
geophysical and geochemical targets on the claims and confirmed the older
drilling data with seven drill holes completed in 2007. One of these drilled in
the east central part of the claim group located a new zone of gold
mineralization. 


Sparton is pleased to be working closely with Waseco in planning the new work
programs. The property is fully permitted and bonded for a new drilling and has
the potential to host significant new gold mineralization. 


OSISKO OPTION TERMINATION 

The Company has received notice that Osisko Hammond Gold has terminated its
option agreement to acquire an interest in the West Hammond and Clement Lake
claim blocks near Atikokan, Ontario. Osisko completed extensive surface sampling
limited geophysical and geochemical programs, and one drill hole on the West
Hammond claims during 2011 and early 2012.


This drill hole was located behind three of the Sparton holes reported earlier
(see Sparton News Release dated May 10, 2010) on the South Shear zone of the
West Hammond Claims. The Osisko hole intersected a number of narrow zones of
gold mineralization below the Sparton intersections within a 200 metre wide
alteration zone with anomalous gold values. The best intersections were 3.36g/t
gold over 1.5 metres and 1.76 g/t gold over 1.5 metres (core lengths). 


The Osisko work report indicates that a significant number of induced
polarization and geochemical anomalies remain untested, particularly on the West
Hammond claims and recommends follow up work on these. Osisko's obligations
under the option agreement will terminate once the assessment work filed for the
work program is approved by the Ontario Ministry of Mines and Northern
Development and this is expected on or before April 30, 2012.


The Company is evaluating the data and planning follow up work on the highest
priority remaining targets on the claims this coming season.


Sparton's subsidiary drilling company EDCOR Drilling Services continues to
operate two machines under contract to Osisko Hammond Gold. These are doing
condemnation and infill drilling on Osisko's Hammond Reef program. The contract
work is expected to continue through the 2012 year. 


Sparton's international exploration, development, and evaluation programs are
being carried out under the direct supervision of A. Lee Barker, P. Eng., P
Geol., the Company's President and CEO who is a Qualified Person under National
Instrument 43-1


Statements in this release that are forward-looking statements are subject to
various risks and uncertainties concerning the specific factors disclosed under
the heading "Risk Factors" in the Company's filings with Canadian securities
regulators. Such information contained herein represents management's best
judgment as of the date hereof based on information currently available. The
Company does not assume any obligation to update any forward-looking statements,
save and except as may be required by applicable securities laws.


This news release and the information contained herein does not constitute an
offer of securities for sale in the United States and securities may not be
offered or sold in the United States absent registration or exemption from
registration.


We Seek Safe Harbour.

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