TABJ - June 1  - Spartan Gold Ltd., a U.S.-based junior gold mining company engaged in the exploration, development, and production of minerals properties, today released its intention of producing gold at its various mining sites.

Based in Scottsdale, Ariz., the company primarily explores for gold, silver, and other precious mineral resources. The company holds options to acquire mineral concession rights in the Poker Flats gold prospect in the Carlin-Rain region, and the Ziggurat gold prospect in the Round Mountain-Northumberland Mining District, both in Nevada.

Additionally, Spartan Gold also owns the mineral rights to a gold prospect in northeastern Alabama in the historical Arbacoochee Mining District.

Spartan Gold is focused on commencing drilling activities at its three mining prospects and exploring additional acquisition opportunities. Based on management estimates, the company’s total gold reserves are estimated at more than 4.1 million ounces.

In addition to gold, these properties are also expected to hold silver and other precious metal deposits. Based on estimated long-term future prices of these precious metals, estimated cost of extraction and production, the total value of these reserves is forecasted in excess of $1.5 billion. Accordingly, Spartan Gold has raised the necessary initial capital to initiate drilling activities at its current asset base.

As anticipated, 2010 was an outstanding year for gold. Driven by the revival of the Indian market and strong momentum in Chinese market, demand for gold in 2010 reached a 10-year high of 3,812.2 tonnes, an estimated year-on-year increase of nine per cent, according to reports.