TORONTO , April 2, 2007 (PRIME NEWSWIRE) -- Sparrowtech Resources, Inc. (Pink Sheets:SPMC) ("Sparrowtech") has begun its due diligence process on Minera El Porvenir, S.A. ("Porvenir") located in the western end of the Ecuadorian metallurgical gold belt.
Sparrowtech anticipates that its independent geologist will travel to the Porvenir mining property in Southern Ecuador within the next few weeks to collect the necessary samples and information required to prepare a geological report.
Sparrowtech recently announced that it has signed a Letter of Intent with Overseas Mining, S.A., a Panama Corporation, to acquire 80% of the mineral rights, mining interests, claims, equipment and other assets of the Porvenir mining property, subject to the completion of its due diligence process.
A number of statements contained in this press release may be considered to be forward-looking statements. These forward-looking statements involve a number of risks and uncertainties including but not limited to: competitive market conditions, successful integration of acquisitions, and the ability to secure sources of financing. The actual results that Sparrowtech may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.