Sphere Resources Inc.

Sphere Resources Inc.

March 24, 2011 16:05 ET

Sphere Resources Acquires Historic Alcourt Gold Occurrence in Red Lake, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) - Sphere Resources Inc. (TSX VENTURE:SPH.H) (the "Company") announces that it has entered into an Agreement with Camp McMan Red Lake Gold Mines ("Camp McMan") to acquire a 100% interest in the historic Alcourt property in Fairlie township approximately 12 kms northwest of the Town of Red Lake, Ontario. The property a mining lease covers an area of 83 hectares and is well known to have gold occurrences.

The property was last explored in 1980 by Sherritt Gordon Mines Ltd. who completed detailed panel sampling on two of the three (3) narrow gold-bearing veins on surface. The No.1 Vein being the longest, was traced for 120 m. Approximately 3,000 m of drilling was performed on both the No. 1 and 3 veins. Sherritt Gordon took 31 panel samples on the No.1 Vein that ranged from 1.8m to 3.0m of quartz vein material ranging from 60 to 180kg in weight. The average gold grade of four determinations of each panel sample returned grades that ranged from 0.0105 to 1.649 ounces gold per tonne. On the No.3 Vein, the average grades of four determinations of each of 8 panel samples, each 2m of quartz vein material ranging from 50 to 120 kg in weight, ranged from 0.0584 to 1.2759 ounces gold per tonne.

There are a reported 48 diamond drill holes completed on the property for which logs and assays are available. Of that, approximately 24 holes were focused on the No. 1 Vein. Historic drilling encountered additional gold-bearing veins which need to be assessed. In 1981, a non- National Instrument 43-101 compliant property evaluation report written by James Tilsley and Associates suggested the property may host a potential resource of 20,000 tonnes grading 0.45 ounces gold per tonne. This resource estimate is not to NI 43-101 reporting standards and because historic drill core has been lost, the estimates cannot be verified. The resource estimate should not be used to evaluate the property other than to suggest that there was gold mineralization found at depth on the property. 

The terms of the option agreement are as follows:

$5,000 cash and 50,000 common shares of the Company upon signing and the approval of the NEX board of the TSX-Venture exchange.

  Cash Work Commitment Shares
1st Anniversary: $5,000 $75,000 100,000
2nd Anniversary: $8,000 $125,000 100,000
3rd Anniversary; $15,000 $300,000 150,000

Malcolm Stevens, the Company's Executive Chairman and President said, "The acquisition of the Alcourt property is another great addition to our portfolio of properties in the Red Lake mining camp. Sphere will treat the Alcourt property as a property of merit and our immediate plans are to perform a geophysical IP survey to identify targets for a mechanical stripping program along with channel sampling of the veins. Once this work is completed we will have a NI 43-101 property report and will be applying to graduate to the TSX-Venture Exchange".

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

A finder's fee is payable in regard 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 and Nevada U.S.A.

The proposed transaction remains subject to, among other things, meeting certain milestones, receipt of all requisite regulatory and other approvals, including stock exchange 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.

Neither the NEX Board of the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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