Sphere Resources Inc.

Sphere Resources Inc.

February 08, 2011 11:00 ET

Sphere Resources Inc. Commencement of 2011 Exploration Program on the Expanded Dome Property in Red Lake District, Ontario and Acquisition of Further Claim

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2011) - Sphere Resources Inc. (TSX VENTURE:SPH.H) (the "Company") is pleased to announce that, in conjunction with Duncan Park Holdings Corporation has hired Abitibi Geophysics based in Val-d'Or, Quebec ("Abitibi") to perform a high resolution induced polarization ("IP") survey using their state of the art "IPower 3D" technology and a detailed ground magnetic survey on 100% of the expanded Dome property in Red Lake, Ontario. The IP survey is designed to provide a 3-dimensional resolution for narrow feature detection with the capability to penetrate depths of ~500 metres. The data from this highly sophisticated IP survey will then be integrated with historic information from the area using the latest state of the art 3D exploration earth modelling to determine high priority drill targets.

The 3D exploration approach will incorporate all historic data, and new innovative deeper technologies to assist the geological team to target to depths that have remained untested in a very favourable known and historic district.

Abitibi is scheduled to commence the IP survey on the Dome property this week with the survey taking approximately 30 days to complete. Once the company receives the results of the survey and the targeted areas it will plan a drilling program.

The Dome property lies about 3 km southwest of Goldcorp's Red Lake mine and about 1 to 2 km north and east of the historic Howey, and the Red Lake Gold Shore mines. The past producer Cochenour Willans and Goldcorp's new Bruce Channel gold zone are 5 km north. Much of the Dome Property overlies the Howey Diorite, a quartz diorite intrusion associated with several past producing gold mines (e.g. Howey Mine and Hasaga Mine) and several gold occurrences.

Historic drilling on the McManus Patents dating back to 1936 had assays ranging from nil to assayed results of high grade ore of 1oz/ton gold over 0.6m, 1oz/ton over 0.3m and 0.55oz/ton over 0.6m. The Dome property consists of 19 McManus freehold mining patents and 17 mining claims totalling an equivalent of 58 mining units totalling approximately 835 hectares in the core of the Red Lake gold camp.

To view a map of the expanded Dome property please click on the link provided. 


Due to the acquisition of the McManus Patents property in December 2010 the company has been able to expand its geophysical programs to include this property and the Dome property. Further, drilling targets indentified on the southern block of the Dome property will be reassessed based upon the outcomes of the current geophysical program.

Malcolm Stevens, CEO of Sphere Resources stated, "The 2011 exploration program will enhance our knowledge of the Dome property which has been under explored. The use of the best available exploration techniques will minimize the time and the cost for success. Red Lake in northwestern Ontario remains one of the richest and most prolific producing gold camps in Canadian mining history with more than 30 million ounces of gold recovered."

Acquisition of Further Claim

The company also announces it has acquired one claim from Daniel Wesolowski for the consideration of $2,000 cash and 300,000 common shares. This claim 4252901 is part of the Dome property. 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.

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

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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