16:45:38 EDT Thu 11 Aug 2022
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Sparton Resources Inc
Symbol SRI
Shares Issued 146,941,537
Close 2022-02-02 C$ 0.10
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ORIGINAL: Sparton Says: “Let the Green Games Begin!”

2022-02-03 11:16 ET - News Release

TORONTO, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV: SRI) ("Sparton" or the "Company") is pleased to report that the Zhangbei wind and solar renewable energy project will provide 100 percent of the energy used during the Beijing 2022 Olympic Winter Games which begin today. Zhangbei, a county in Hebei Province in north China, is one of the four places where power stations were built to convert wind, solar and other green energies into flexible direct current.

An integral Part of the Zhangbei Project is an 8 Megawatt hour vanadium flow battery built by VRB Energy Inc.’s predecessor company and commissioned with funds provided by Sparton subsidiary, VanSpar Mining Inc. (Please see Sparton News Release dated February 25, 2016, for background.)

Zhangbei became operational after three years of construction. The project, the first of its kind, is one of the largest renewable energy distribution projects in the world, (Ref. https://english.mee.gov.cn/News_service/media_news/202011/t20201120_808927.shtml).

It currently can generate 14 billion kWh of electricity annually. This is all generated by clean sustainable sources in Zhangbei and is being transmitted to all Olympic venues, including those in the city of Beijing itself.

Zhangbei will meet all of the electricity needs of the 26 Winter Olympics venues in Beijing and the co-host city of Zhangjiakou in Hebei Province. The VRB Energy battery has been successfully operational for over 5 years and is an important part of the energy distribution system.

Green Commitment

Since Beijing won the bid five years ago to host the Winter Games, the focus has been on eco-friendly solutions not only for the planned 17 days of competitions but also to harness the green drive for national development.

In recent years, reducing carbon dioxide emissions has become an urgent requirement for all major sports competitions. In the past, such events usually achieved carbon neutrality through forestry management, energy conservation and emission reduction. Beijing 2022 will do more.

Beijing 2022 is the first Winter Olympics to be solely powered by green energy which will also be used to control carbon emissions.

During a UN General Assembly debate on sports for development and peace in December 2019, China reaffirmed the promise that green energy will be used in all Olympic venues in 2022 to strive for carbon neutrality. Natural carbon dioxide refrigerants, which have no impact on the environment, are being used in the Beijing 2022 speed skating, figure skating and short track venues, as well as the ice hockey venues.

This will be the first time the technology is used in China and at the Olympic Games. It will lead to a reduction in carbon dioxide emissions equal to the yearly footprint of almost 3,900 cars. A similar carbon reduction can only be achieved if more than 1.2 million trees were planted.

Details of the green nature of Beijing 2022 Winter Games are provided in the following Links:

https://olympics.com/en/news/olympic-winter-games-firsts-new-and-noteworthy-features-of-beijing-2022

https://www.bbc.co.uk/news/60067690

https://english.mee.gov.cn/News_service/media_news/202011/t20201120_808927.shtml

Discussion

“Sparton and its management are delighted to have been involved indirectly in providing a base for providing energy used in the first ‘Green Olympics'”, stated Lee Barker, Sparton CEO. “Our foresight in August of 2016 (when Beijing was awarded the 2022 Winter Games) to contract and finance the commissioning of the Zhangbei battery was a milestone for the Company and its supporters.”

Sparton’s Interest in VRB Energy:

Sparton’s 89.8% owned subsidiary, VanSpar Mining Inc., registered in the British Virgin Islands, owns 9.8% of VRB Energy which is registered in the Cayman Islands, which in turn owns 100% of VRB Energy Systems, registered in China and is the vanadium flow battery manufacturer. Full information regarding the history of the VRB Energy investment interest held by Sparton is in its various news releases and available at www.sedar.com, in its corporate filings.

For more information contact:
A. Lee Barker, M.A Sc., P. Eng.,
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: info@spartonres.ca Website:www.spartonres.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
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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