VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/23/12 -- 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 announcements:
Red Lake, Ontario
At its Dome Property in Red Lake, Ontario the Company, as the operator of the project, and Duncan Park Holdings Corp. (TSX VENTURE: DPH) as optionee have completed construction of the ice roads and ice pads on Red Lake and have commenced with its 2012 winter drill program.
The proposed minimum 3 hole 1,400 metre drill program will test for further gold mineralization along strike of the 1.3 km mineralized system discovered in last summer's drill program as announced in the Company's press release of November 14, 2011 available on our website at http://www.sphereresources.com/file_list.php. The drill program will also test for gold mineralization where the company believes the northwest trending Chukuni River deformation zone and the northeast trending Madsen deformation zone structural trends intersect.
Malcolm Stevens, executive chairman of Sphere Resources Inc. commented, "It is very pleasing to see our plans and the 2012 winter drill program come to fruition. The intersection of the structural trends has never been drilled before. The intersection of these two proposed major structures may have acted as a conduit for a mineral plumbing system allowing for gold deposition".
Carlin Trend, Nevada
In Nevada, USA the Company is encouraged by significant drill results announced on February 22, 2012 by Gold Standard Ventures at its Railroad property which is adjacent to our Poker Flats property. Gold Standard Ventures' Hole RR11-16 intersected 56.4m of 4.26g/tonne gold from 169.2m to 225.6m. This mineralization at depth could be accessible by open pit. The Company and its partner Spartan Gold Ltd, (OTCBB: SPAG) have an undivided 75% interest in the Poker Flats property. The Company also has a 2.5% NSR royalty on the property.
Mr. Stevens comments, "News of Gold Standard Ventures new discovery a stone throw's away from our Poker Flats property boundary is so encouraging that we have made the area our number one priority for drilling. In my career this may be the highest gold grade open pit discovery I ever heard about".
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.
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.