SRI Sparton Resources Inc

SPARTON RESOURCES INC. (TSX VENTURE:SRI), (the "Company') is pleased to announce
today that it has executed a joint venture agreement ( "JV") with Osisko Mining
Corporation ("Osisko") (TSX:OSK)(FRANKFURT:EWX) pursuant to which Osisko will
spend $1,000,000 on exploration during 2011 to maintain its option (the
"Option") to acquire up to a 70% interest in approximately 7500 hectares of
mining claims held under option from third parties or wholly owned by Sparton
(the "Properties") in the Atikokan Gold Area, Ontario. 


The Properties straddle Osisko's Hammond Reef Project property which hosts a NI
43-101 compliant inferred resource of 6.7 million ounces of gold (259.4 million
tonnes at a grade of 0.8 grams per tonne, using 0.3 grams per tonne cut-off), of
which 97% lies within 300 metres of surface. 


The terms of the JV mirror the original terms of the Letter Of Intent ("LOI")
signed with Osisko on November 10, 2010 (see Sparton News Release dated November
11, 2010). 


Osisko will be the manager of the project. A management committee will be formed
during the Option Period with two representatives from each party. This
management committee will be formed shortly to review all past exploration data
generated for the West Hammond and Clement Lake Claim Groups and plan the next
phase of exploration. It will be responsible for reviewing programs submitted by
Osisko and for approving and evaluating the results of all programs. In the
event of a tie, Osisko shall have the casting vote during the Option Period.
Upon acquiring a 60% or a 70% interest in the Property, a joint venture would be
formed between Osisko and Sparton with pro rata cost participation. 


DISCUSSION

"Ongoing work at Hammond Reef by Osisko has clearly indicated the potential for
a new gold mining camp in the Atikokan area." stated Lee Barker, Sparton's
President and CEO. "We are committed to working diligently with Osisko to
advance the potential of the Properties". 


Mr. Barker further added: "Osisko currently has 19 drills operating in the area
demonstrating its commitment to developing both the Hammond Reef deposit itself
and conducting new exploration on their claim areas. We continue to believe the
Sparton Properties can add new opportunities and value to Osisko's overall
potential in this developing gold mining camp."


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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