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.


BluMetric Environmental (TSXV:BLM)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more BluMetric Environmental Charts.
BluMetric Environmental (TSXV:BLM)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more BluMetric Environmental Charts.