Sphere Resources Inc.

Sphere Resources Inc.

January 06, 2011 10:51 ET

Sphere Resources Completes Sale of Its Interest in Two Salars in Argentina for Close to US $1,000,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 6, 2011) - Sphere Resources Inc. (TSX VENTURE:SPH.H) - Completion of the Sale of the Company's interest in two Salars in the Puna Region in Argentina for nearly US One million Dollars.

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

As announced on September 13, 2010; the Company had been advised by Minutes Investments Limited ("MIL"), a company incorporated in the British Virgin Islands, that it has received a formal written offer, subject to due diligence to be completed in 60 days, of US$5,000,000 from Rincon Lithium Limited, a member company of Sentient Capital Group, for its 100% owned Concessions at Salar de Pocitos ("Pocitos") and Salar de Rio Grande ("Rio Grande") in the Province of Salta, North West Argentina.

The Company entered into an Agreement with CanAustra Holdings Limited ("CHL") on April 26, 2010, to acquire CHL's 30.25% holding of Pocitos and Rio Grande it held in MIL.

The due diligence process has been completed successfully and settlement is scheduled to take place in late January, 2011. The Company can expect to receive its share of the proceeds of nearly US One million dollars at that time.

Malcolm Stevens, commented, "It has been a successful outcome for the Company's entry into the clean energy business during 2010 and with this injection of funds the Company will be able to increase its exposure to the assets it has been acquiring in the gold rich Red Lake district of Ontario and the Carlin Trend of Nevada and any other significant gold and silver opportunities in best gold provinces in North America as well as other very select clean energy opportunities".

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 and the Carlin Trend in Nevada, USA.

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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