Sphere Resources Inc.

Sphere Resources Inc.

June 20, 2011 16:10 ET

Sphere Identifies 2 Major Anomalies and 20 Other Targets At Its Dome Property In Red Lake For the Summer 2011 Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 20, 2011) - Sphere Resources Inc. NEX Board of the TSX Venture Exchange (TSX VENTURE:SPH.H) is pleased to make the following announcement:

The Company has received updates on the Dome Project in Red Lake by an audio-visual presentation by Mr. Gordon Yule, P.Geo., the project geologist who conducted a reconnaissance-type geological field assessment of the land based claims of the Dome and McManus properties, and a preliminary presentation by Abitibi Geophysics which conducted both a walking magnetic survey and an Induced Polarization ("IP") study of the combined Red Lake properties. The ongoing exploration work has identified a number of coincident geophysical and geological "targets" characterized by high chargeability, magnetic contrast, observed alteration, mineralization and structure.

Mr. Yule defined and spotted on his field map a potential 22 land-based drill targets which he discussed during a meeting of the Sphere/ Duncan Park Technical Committee that was held last Friday. He has also submitted 49 chip and grab samples to Accurassay Laboratories in Thunder Bay for analysis, the results of which are not yet available.

Mr. Yule identified a number of very interesting targets on both the Dome and McManus properties. Mr. Yule's priority target was identified as a sulphide bearing zone of structural weakness at the contact between the Howey Diorite and mafic volcanic rocks within the NW trending Chukuni mineral trend on one of the patented McManus claims, which, to the best of our knowledge, have not had any exploratory drilling.

Abitibi Geophysics presented the results of its walking magnetic survey and its IP survey that utilized its advanced "3D - IPower" technology. The presenters focused on two primary land based targets, one on each of the Dome and McManus properties.

Significant results of the geophysical work include the identification of the highest priority target of a zone at the north east part of the McManus patents claims of anomalous chargeability 810 meters in strike length by 330 meters in width by 450 meters in depth which may extend deeper as the IP's survey's limit was to a depth of 450 meters is coincident with structural and lithologic projections based on observed alteration, veining and sulfide mineralization.

Historic drilling completed in 1936, and recorded in proprietary and government files has encountered significant gold values of ranging from nil and trace amounts up to one ounce gold over 24" in holes McManus #1 & #11 in small shallow veins on the McManus Main Showing within and in proximity to this geophysical zone. Geological mapping has identified a series of outcrops with high sulfide content approximately 300 meters to the east on strike with the geophysical anomaly. It was encouraging that Mr. Yule's geology based primary target was confirmed by the entirely independent Abitibi surveys, and has been selected as the first targets to be drilled.

A second significant target located at the south eastern block on the Dome claims identified by the geophysical work is a chargeability anomaly of 725 meters in strike length by 250 meters in width by 450 meters plus in depth which may extend deeper. This anomaly is also surrounded by other smaller anomaly targets.

Images of these anomalies are posted on Sphere's website and can be seen by clicking on the following link: http://www.sphereresources.com/show_info.php?page_id=14&osCsid=4c17ce3ac42de4dac4eb0bb8bdd7366d.

Mr. Yule is in the process of planning and obtaining the required permissions and is in discussions with several drilling companies who are developing proposals for the planned summer drilling program.

Further analysis of the Abitibi data will be required to identify drill targets for next winter's lake based claims drilling program. Abitibi reported that the signals returned on the lake based claims were weaker than those received over the land based claims. It was thought that this may be due to the masking effect of the high conductivity of the sediments of the lake bottom. This will be elaborated upon in their final report.

The Company is the operator of the project and its partner Duncan Park has sufficient flow through funds presently on hand for at least 5 holes of ~300m (1500m in all). Duncan Park is contemplating a share issuance to access additional flow through funds later in the year to fund an intended winter drill program on the ice for the lake based claims.

Mr. Gordon R. Yule, P. Geo., a qualified person under NI 43-101 standards has reviewed the contents of this news release.

About Sphere Resources Inc.

Sphere Resources Inc. is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario.

The proposed transaction remains subject to, among other things, receipt of all requisite Regulatory and other approvals, including the approval of the NEX board of the TSX Venture Exchange.

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.

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

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