Sphere Resources Inc.

Sphere Resources Inc.

April 19, 2011 10:53 ET

Sphere Resources Completes Geophysical IP Survey and Exposes the 3 Previously Discovered Gold Veins on the Alcourt Property in Red Lake, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2011) - Sphere Resources Inc. (TSX VENTURE:SPH.H) (the "Company") announces that it has completed a Dipole-Dipole Induced Polarization (IP) and magnetic survey on the entire Alcourt property. The company has found and exposed the three previously discovered gold veins by mechanical stripping. The Alcourt property is 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 purpose of the IP survey is to identify other targets on the remainder of the property for future drilling. The data from this survey will be available in a few weeks to select top priority targets. The three exposed veins will be channel sampled after spring break-up and sent to a lab for assay results to verify and determine the grade of gold. A NI 43-101 property report is being prepared by a third-party independent QP and will be available in the next 4-8 weeks.

With the recent work performed and the proposed NI 43-101 report it will give Sphere the criteria needed by the NEX Board of the TSX Venture Exchange to apply for graduation to the TSX-Venture exchange.

Prior to this recent work program the property was last explored in the 1980's 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 which equates to approximately 9,000 oz gold. The resource estimate reported by Tilsley 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.

Malcolm Stevens, the Company's Executive Chairman and President said, "I am very pleased to see the speed and quality of the work performed to date and our field crew finding and exposing the previously discovered veins which can now be channel sampled. The geophysical IP survey performed will us give a better indication of other targets to focus on in the coming months. With the proposed NI 43-101 report Sphere 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.

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.

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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