• Spartan sells non-core Glenburgh and Egerton Gold Projects to Benz Mining for A$1.0 million cash and 33 million Benz shares
• Spartan retains exposure to projects through contingent payments and board representation
• Sale allows Spartan to focus on its flagship Dalgaranga Gold Project

Spartan Resources Limited (ASX: SPR) has completed the sale of its non-core Glenburgh and Egerton Gold Projects in Western Australia to Benz Mining Corp. (ASX: BNZ). The gross consideration to Spartan is A$1.0 million in cash, with A$0.5 million paid on completion and A$0.5 million payable 12 months after completion, as well as 33 million Benz CHESS Depository Instruments, representing an approximately 15% shareholding in Benz. Additionally, Spartan is eligible for up to A$6.0 million in contingent payments based on Benz achieving certain Mineral Resource Estimate milestones for the projects. Spartan has also nominated its General Manager - Geology, Nick Jolly, to the Benz Board to maintain involvement in the exploration and development of the projects. Spartan's Executive Chairman, Simon Lawson, stated that the sale allows Spartan to focus on its flagship Dalgaranga Gold Project, which has seen a turnaround with the discovery of the high-grade Never Never and Pepper Gold Deposits. The company is committed to delivering high-grade ounces at Dalgaranga and creating value for its stakeholders.

Spartan is focused on continuing to deliver high-grade ounces at its flagship Dalgaranga Gold Project as the foundation for a sustainable long-term operating plan that will deliver strong returns for all key stakeholders.