Sphere Resources Inc
NEX BOARD : SPH.H

November 30, 2009 09:00 ET

Sphere Resources Inc (the "Company") Enters Option Agreement over Mining Claims in the Dome, Byshe and Heyson Townships in the Red Lake District of Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) -

Editors Note: There is a photo associated with this Press Release.

Sphere Resources Inc. TSX Venture Exchange (NEX BOARD:SPH.H) is pleased to make the following announcement:

As advised in the Company's press release of 27th October 2009 and in line with the company's new strategy of identifying and appropriating exploration targets in major global mining camps. The Company has completed a review of a further thirteen (13) gold exploration claims in the Red Lakes district of Ontario. These properties are additional to the Mining Claims at Scadding & Davis Townships, near Sudbury, Ontario reported in the previous press release.

The Company has entered into a Letter of Intent with Global Minerals Limited ("Global") in respect to Mining Claims at the Dome, Byshe and Heyson Townships in the Red Lake district of Ontario. Global is the beneficial owner of 100% of the rights, title and interest in and to 13 mining claims (34 units) situated in Red Lake, Ontario.

The Letter of Intent grants the Company the exclusive right and option to acquire an undivided 75% of the right, title and interest of Global in and to the Claims on the following terms:

In the First Year:

  • A cash payment of $25,000 to Global by December 3, 2009.
  • The issue of 500,000 Common stock of the Company to Global not to exceed 90 days after the date of the Agreement.
  • Spending $75,000 on exploration by the anniversary date of signing the Agreement.

In the Second Year:

  • A cash payment of $25,000 to Global by the second anniversary date of signing the Agreement.
  • The issue of 500,000 Common stock of the Company to Global.
  • Spending $350,000 on exploration by the second anniversary date of signing the Agreement.

In the Third Year:

  • A cash payment of $25,000 to Global by the third anniversary date of signing of Agreement.
  • The issue of 500,000 Common stock of the Company to Global.
  • Spending $500,000 on exploration by the third anniversary date of the signing the Agreement.

The property consists of 13 unpatented mining claims that cover approximately 500 hectares within the townships of Dome, Heyson and Byshe. The Property is located about 1 km east of the Town of Red Lake and 3 km southwest of Balmertown, Ontario, located in the Municipality of Red Lake, Ontario.

It's also approximately 3kms south east of the prolific Goldcorp Red Lake gold mine which has produced well over 600,000 oz of gold per year over the past 3 years and is 1 km from the historically producing Howey gold mine.

Upon full work commitment expenditure totaling $925,000 and issue of 1,500,000 Common stock of the Company, the option shall have been fully exercised and the Company will own 75% of the Red Lake properties.

Duration Resources Limited ("DRL") or it's its nominee, an associate of the Company, has agreed to fund the assessment work of $100,000 in the first year and $100,000 in the second year in return for any royalty Sphere earns resulting from the Letter of Intent.

A finders fee will be payable in shares upon approval of this transaction.

The transaction is subject to TSX and any other regulatory approvals.

On behalf of Sphere Resources Inc
Malcolm L Stevens,
Executive Chairman and President

Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward -looking statements. Forward -looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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