Sphere Resources Inc.

Sphere Resources Inc.

January 31, 2012 10:14 ET

Sphere Resources Drills 23.526 g/tonne Gold Over 0.7m, Plans Winter Drill Program in Red Lake, Ontario and Outlines Activity Near its Properties in Nevada, USA

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2012) - Sphere Resources Inc. ("the Company"), listed on the NEX Board of the TSX Venture Exchange (TSX VENTURE:SPH.H), is pleased to make the following announcement:

The Company, as the operator of the project, and Duncan Park Holdings Corp. (TSX VENTURE:DPH) as optionee are currently planning its 2012 winter drill program. All holes will be drilled on the frozen waters on Red Lake and thus the company is currently constructing ice roads and ice pads to accommodate the drill.

The proposed minimum 2 hole 1,000 metre drill program will test for further gold mineralization along strike of more than 1.3 km mineralized system discovered from last summer's drill program. Furthermore it will test for gold mineralization where the company believes the northwest trending Chukuni River and the northeast trending Madsen - Goldcorp structural trends intersect.

Further to assays received from last summer's drill program hole SM11-07 was re-assayed by a pulp metallic assay and resulted in 23.526 g/tonne gold over 0.7 metres. Refer to the company's press release dated November 4th, 2011 on its website, www.sphereresources.com.

Malcolm Stevens, executive chairman of Sphere Resources Inc commented, "We are very pleased to begin our winter drill program to test for a larger area of gold mineralization and our recent assay result of high grade gold of 23.526 g/tonne gold over 0.7m. The Company is well positioned in two of the best mining camps in North America being Red Lake, Ontario and Nevada, USA. Mr. Stevens continues, "The recent announcement's of Newmont and Premier Gold's joint venture for Premier's Saddle deposit as well as Gold Standard Ventures recent very encouraging drill results, a stones throw away from our Poker Flats property boundary will lead to an active drilling program in the spring and summer of 2012 on our Poker Flats and Ziggurat Projects owned by Spartan Gold Ltd ("Spartan") (OTCBB:SPAGD). Sphere has a 54% interest in Spartan.

To view an article in the Elko Free Press on the Premier Gold, Newmont JV please click on this link: http://elkodaily.com/mining/premier-newmont-form-joint-venture/article_4ee93bdc-4875-11e1-97a7-0019bb2963f4.html

The Poker Flats property is also approximately 2.5 kms south west of Newmont's Emigrant gold mine which will be in production by mid-2012. Mr. Malcolm Stevens comments, "We are right in the middle of the action with Gold Standard drilling to the south west, Premier's Saddle gold deposit to the north and Newmont's Emigrant gold mine to the north east, we are perfectly positioned".

Newmont's appetite for growth led to the acquisition of Vancouver based Fronteer Gold in Feb. 2011 for $2.3 billion (see news link below) to take control of the lucrative Long Canyon gold property in the Pequop Trend and its other property in the Northumberland trend. Sphere's Gold Jackpot and Spartan's Ziggurat properties are respectively in close proximity.

Mr. Gordon R. Yule, P. Geo., a qualified person under NI43-101 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 in Nevada, USA on the Carlin Trend.

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 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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