Sphere Resources Inc.
TSX VENTURE : SPH.H

Sphere Resources Inc.

March 03, 2011 10:55 ET

Sphere Resources Inc. Expands the "Ziggurat" Project to 6800 Acres, Round Mountain-Northumberland Gold Trend in Nevada and Right to Conduct Geophysical Work on Cameron Island, Red Lake, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - Sphere Resources Inc. (the "Company") NEX Board of the TSX Venture Exchange (TSX VENTURE:SPH.H) is pleased to make the following announcement:

The Company has completed a significant project expansion plan for the Ziggurat prospect located in Nevada. In conjunction with its project partner and operator, Spartan Gold Ltd, (OTCBB:SPAG), ("Spartan or the Operator"), we have secured and augmented its 57 claims defined and previously announced under the Option and Mining Claim agreement dated December 27th, 2010. The Ziggurat Project survey team has placed additional location monuments on the ground, adding 286 new claims to this project, bringing the total claims to 343 claims for the Ziggurat property. All claim filings have been executed with the Bureau of Land Management ("BLM") expanding the project footprint to an estimated 6,800 acres from 1,140 acres. The new claims border Fronteer Gold's filed claims on the west, south and eastern side. 

The Operator has retained consulting geologist Mr. A. David Heyl who has extensive expertise in Carlin Trend style gold mineralization and is overseeing the geological mapping and geophysical interpretation work on the Ziggurat property.

The operating team is now conducting geological and geochemical mapping and analysis, in conjunction with geophysical mapping involving gravity and magnetic survey work to better define future drill and exploration targets for the Ziggurat project. Once mapping and interpretations are completed, an updated NI 43-101 compliant technical report encompassing the entire property will be produced. Mr. Heyl is a Qualified Person (QP) with the appropriate credentials and experience to issue a NI 43-101 technical report. 

The Company's Executive Chairman and President, Mr. Malcolm Stevens, commented "We believed the Ziggurat property had all the components necessary to establish a very promising future in one of the great area plays in the best gold state in the USA today. This made Ziggurat an attractive investment opportunity in the beginning and we were pleased to have closed this deal on behalf of the shareholders. The actions taken and advancements made to date by our management team and its partners in expanding this claim block and project footprint for Ziggurat are significant achievements. This adds tremendous potential to our exploration goals and improves the possibility of success exponentially."

William H. Whitmore Jr., President of Spartan Gold, Ltd. commented, "We are pleased to have assembled a competent and committed operating team which will continue to make step by step progress on this project. The operations team has exceeded expectations in completing the expansion of the Ziggurat Project despite obstacles, including extreme weather conditions."

Recent Developments:

It has been recently announced that Colorado-based Newmont Mining Corp. is in the process of buying B.C. based Fronteer Gold for an estimated US$2.3billion. Both Newmont and Fronteer have project interests located in close proximity to the Company's Poker Flats and Ziggurat properties respectively. The Company is not insinuating that Newmont Mining Corp, or any other entity has approached it for the potential purchase of the Company's nearby properties to Fronteer.

Right to Conduct Geophysical Work on Cameron Island, Red Lake, Ontario

The Company has signed a binding commitment with Sally and Filmer Hubble, the occupiers of Cameron Island, in the Red Lake district of Ontario, allowing the Company to lay three geophysical lines on Cameron Island as part of the IP program announced on February 7, 2011.

The Company will issue 100,000 common shares as consideration for such right of access. Further the parties have agreed to enter into formal discussions once the IP program is completed

This transaction is subject to 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.

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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