Sphere Resources Inc.
TSX VENTURE : SPH.H

Sphere Resources Inc.

December 22, 2010 10:35 ET

Sphere Resources Inc. Enters Option Agreement on Poker Flats Property Carlin Trend, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2010) - Sphere Resources Inc (the "Company") (TSX VENTURE:SPH.H) enters into an Option and Mining Acquisition Agreement to acquire mining claims at Poker Flats located within the Carlin Mining District in Elko County, Nevada.

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

The company has entered into an Agreement with Spartan Gold Ltd (OTCBB: SPAG), a U.S. based junior gold exploration company to acquire an equally shared 70% interest in the Poker Flats gold concession in Nevada's world renowned Carlin Trend. The Option and Mining Claim Acquisition Agreement is with Mexivada Mining Corporation (TSX-V: MNV). Under the terms of the agreement, Spartan Gold is responsible for financing of the first stage exploration activities at Poker Flats. The Company will assume the responsibility to complete the mining feasibility study for the project upon completion of the exploration program. 

Poker Flats Gold Property

The Poker Flats properties are located approximately 20 miles south-southwest of Elko, Nevada, and comprise two non-contiguous blocks containing 25 unpatented lode mining claims, covering approximately 500 acres. All of the claims are within the Carlin Mining District in Elko County. The property has a National Instrument (NI) 43-101 technical report prepared by a Competent Person. According to the NI 43-101 technical report, the exploration focus at Poker Flats will be on Carlin-type mineralization, which typically occurs as finely dispersed sub-micron gold and some silver. The properties are in the vicinity of the large Rain(Newmont), Emigrant Springs(Newmont), Railroad-Pinyon(Gold Standard Ventures) gold mines. The previous geophysical and geological interpretations indicate that the Poker Flats property has favorable characteristics for Carlin-type mineralization.

Additional drilling, geophysical and geological work is planned under a two-phase exploration program. Since the property is situated adjacent to other current gold mining properties such as Pinyon and Railroad, and the mineralized host rocks appear similar to Newmont's Rain Mine deposit, the Poker Flats property justifies additional exploration expenditure.

The exploration goal at the Poker Flats prospect is to identify a 500,000 to 1,000,000 ounce open-pittable mining resource. Similar mining projects are currently operated by Barrick Gold Corporation (which trades on the NYSE and TSE) and Newmont Mining Corporation ((which trades on the NYSE) which exist both north and south of the Poker Flats prospects respectable.

Malcolm Stevens, Chairman and President of the Company commented, "The Poker Flats agreement enables the Company to explore and potentially mine a concession surrounded by both lucrative producing mines and industry leaders. The existing data on The Poker Flats prospect is extremely encouraging because the mineralization is consistent with the producing adjacent properties."

Mr. Richard Redfern, CEO and President of Mexivada stated: "We are extremely pleased to be pursuing the historic and prolific Carlin gold mining camp with an extremely talented technical team working on the Property. We feel very confident in Spartan Gold's ability to explore and prepare the property to drill ready status and to have Sphere Resources guiding the completion of required formal studies to validate the prospect".

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.

About Spartan Gold Ltd:

Spartan Gold Ltd. is a publicly traded U.S. based junior gold exploration and mining company with gold exploration and development activity initially centered in the northeast region of Alabama. The company is currently pursuing opportunities in the Carlin Gold Trend, Nevada. The superior Carlin Trend gold camp of Nevada is endowed with world class mineral deposits. The directors, management and advisers of Spartan Gold have over 90 years of combined experience in the exploration and development of global mining projects.

Spartan's commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects, accelerated exploration activities and the acquisition of viable resources. Spartan has selected an international board of directors experienced in undertaking exploration, development and funding of numerous energy and minerals projects around the world. The company is currently exploring additional acquisition opportunities.

About Mexivada Mining Corp.:

Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, mining, and joint venturing high-grade Gold-Silver, Tellurium, Diamond, and Rare Metal exploration projects in Mexico, Nevada, Canada, and Africa. Mexivada is managed by experienced and successful board members and advisors.

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.

A finder's fee is payable in regards to this transaction.

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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