Sphere Resources Inc.

Sphere Resources Inc.

October 11, 2011 08:45 ET

Sphere Resources Inc. Status of Exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2011) - Sphere Resources Inc. ("the Company") NEX Board of the (TSX VENTURE:SPH.H) is pleased to make the following announcement:

The Company's summer drilling program, announced on July 22, 2011, is progressing better than expected and is scheduled to be completed in mid October, 2011.

The Company as the Operator of the project and Duncan Park Holdings Corporation (TSX VENTURE:DPH) ("DPH"), engaged Chibougamau Diamond Drilling Ltd. of Chibougamau, Quebec, a highly respected drill contractor in the Red Lake gold camp to conduct diamond drilling operations on its Dome Project which comprises the Dome Claims and McManus Patents at Red Lake, Ontario, which commenced in early August 2011.

The program was initially planned to encompass nine holes on land-based claims, three on the Dome property and six on the McManus property. However, due substantially to the speed and efficiency of the drill contractor, coming in well below budget, the program was expanded to fifteen holes (4,895 meters), five on the Dome property and ten on the McManus property.

The Company does not expect to have the results of all of the assays and geochemical analysis before the middle of November, 2011, and, after suitable analysis, will publish the results and future drilling plans. However, on the northern section of the Dome Property (McManus) a sulphide zone appears in a structurally deformed section of the Howey Diorite which have led to the drilling of one 650 meter hole, the final hole in the Company´s first drilling program. The good news is that the system patterns the structural pattern (strike and dip) of the Red Lake Mine system.

In general terms, subject to raising additional flow-through funding by DPH, the Company currently anticipates that its future drilling plan will be to continue drilling the land claims this winter, and the lake claims at the confluence of the Madsen-Goldcorp (NE) Trend and the Chukuni River (WNW) Trend on the Dome property when ice conditions are suitable.

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.

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.

Contact Information