Sphere Resources Inc.

Sphere Resources Inc.

March 29, 2011 11:35 ET

Sphere Receives 80.5% of the US$962,000 Proceeds from the Sale of Its Argentine Sodium Sulphate Concessions at Pocitos and Rio Grande

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2011) - Sphere Resources Inc. NEX Board of the TSX Venture Exchange (TSX VENTURE:SPH.H) is pleased to make the following announcement:

As announced on January 7, 2011; the Company was advised by Minutes Investments Limited ("MIL"), a company incorporated in the British Virgin Islands, that the sale of its 100% owned Concessions at Salar de Pocitos ("Pocitos") and Salar de Rio Grande ("Rio Grande") in the Province of Salta, North West Argentina to Rincon Lithium Limited was due for settlement on January 15, 2011 subject to due diligence.

The Company has been advised that the due diligence process has been now successfully completed and settlement of sale took place on March 24, 2011. The Company has received $775,118 and the balance will be received on June 24, 2011 after 90 days in escrow in Argentina in case of any tax liabilities arising from the transaction. The company's share of the sale is US$962,668.

Malcolm Stevens, commented, "This successful outcome for the Company adds significant cash resources to Sphere's balance sheet and will ensure the continuation of the Company's aggressive exploration work on the assets we have acquired in the gold rich Red Lake district of Ontario".

A finder's fee is payable in regards to this transaction.

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.

Successful Gold Exploration Begins In The Best Mining Camps

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

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