Sphere Resources Inc.

Sphere Resources Inc.

March 02, 2012 08:55 ET

Sphere Resource's Subsidiary Spartan Gold Ltd Appoints Pickwick Capital Partners LLC to Advise & Assist in Funding a Drilling Program at its Poker Flats & Ziggurat Properties in Nevada USA

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 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:

Spartan Gold Ltd ("Spartan") (OTCBB:SPAG), a subsidiary of the Company, has signed a Letter of Engagement with Pickwick Capital Partners, LLC, to advise and assist Spartan to raise sufficient funds for the exploration and drilling of its Poker Flats and Ziggurat properties in the Carlin and Northumberland trends, Nevada, USA. Spartan has an option with Mexivada Mining Corp. (TSX VENTURE:MNV) to acquire an undivided 75% interest in both the Poker Flats and Ziggurat properties. The Company owns a 53.46% interest in Spartan Gold Ltd and a 2.5% NSR royalty on each of the properties.

Spartan's budgeted exploration expenditure for 2012/2013 totals $7,554,312 and will be allocated between the two properties as follows:

Poker Flats: 2012 - $1,206,553
2013 - $2,420,975
Total: $3,627,528
Ziggurat: 2012 - $1,038,240
2013 - $2,888,544
Total: $3,926,784

Malcolm Stevens, executive chairman of Sphere Resources Inc commented, "We are very pleased to be involved with Pickwick Capital Partners in assisting us with the raising of capital to explore the properties. We are closely following the drilling results of Gold Standard Venture's Railroad Property a short distance from the Poker Flats property boundary after they announced on February 22, 2012 that Hole RR11-16 intersected 56.4m of 4.26 g/tonne gold from 169.2m to 225.6m. Our main focus at Poker Flats is to find possible extension of their gold discoveries".

Richard Redfern, president and CEO of Mexivada Mining stated, "We have a superb and competent team of individuals at Spartan Gold and Sphere Resources to advance both the Poker Flats and Ziggurat properties, and are confident their efforts will lead to a successful outcome at these strategically positioned properties".

Francis Calcagno, Managing Director of Pickwick Capital Partners LLC said, "We are pleased to be working with such a highly professional group and representing a company with considerable potential".

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.

About Pickwick Capital Partners LLC

Pickwick Capital Partners, LLC is a Registered Broker Dealer and Member of FINRA and SIPC. Pickwick acts as Strategic Advisors and Investment Bankers for their clients. In these capacities they offer a full range of Business Development services and a complete array of transactional services for emerging and middle market corporate clients.

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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