SPHERE RESOURCES INC. NEX: SPH.H Contact: Malcolm Stevens, President and Executive Chairman Canadian Office: 204 Black Street Ste. 300 Whitehorse, Yukon Canada Y1A 2M9 Phone: 647-986-8940 E-Mail: info@sphereresources.com Web Site: www.sphereresources.com Shares Outstanding: 136 million 52 Week Trading Range: Hi: C$0.12 Low: C$0.02

Forget those long shot exploration gambits that rarely justify the money and effort spent in the search for precious metals. Sphere Resources (NEX: SPH.H) -- www.sphereresources.com -- has a much better idea – to explore for those precious metals in major global mining camps where large deposits of gold and silver already exist.
       To that end, Sphere’s management has assembled highly prospective projects in the historic Red Lake gold camp in northwestern Ontario, Canada and on Nevada’s Carlin and Northumberland Gold Trends.
       The Red Lake gold mining camp is quite simply one of the world’s richest gold camps. The area in northwestern Ontario is home to the highest grade gold mine in the world, the world’s lowest cost gold producer, historic gold production of more than 25 million ounces, remaining proven gold resources of more than 30 million ounces, the probability that yet another 30 million ounces of gold remains to be discovered, and current annual production of more than 600,000 ounces of gold.
       The Carlin Trend hosts the world’s second-largest known gold resource estimated to contain up to 180 million ounces of gold – and is North America’s most prolific gold-producing region where seven gold deposits each exceed 20 million ounces of gold.
       “Our properties are located right in the middle of superior mining camps that are endowed with world class gold deposits,” says Malcolm Stevens, President and Executive Chairman of Sphere Resources. “Our previous experience and success as an explorer and developer of gold assets in Australia, Asia and Africa now allows us to turn in a new direction – finding major gold deposits in the leading gold camps of North America.”
Extensive

High-Grade Gold Discovered within
150 Meters of Poker Flats Project in Nevada

       Sphere’s decision last fall to spend $375,000 to acquire control of its Poker Flats Project now seems prescient. In late February, the company learned that neighboring Gold Standard Ventures struck high-grade gold in drill holes barely 150 meters from the boundary with Poker Flats.
       “News of Gold Standard Ventures’ new discovery a stone throw’s away from the Poker Flats property is so encouraging we have made its vicinity our #1 priority for drilling,” says Stevens. “In my career this is the highest gold grade open pit discovery I have ever heard of.”
       Hole RR11-16 in Gold Standard Ventures’ ongoing 2012 drill program intersected 56.4m of 4.26g/tonne gold from 169.2m to 225.6m. The mineralization at this depth could be accessible by open pit, according to the company, which plans to conduct additional drilling to define the orientation and thickness of the mineralized zone.
       Poker Flats definitely lies in a gold-rich neighborhood – it is within 1.4 miles of Newmont’s Emigrant 1.6 million ounce gold mine. The property comprises non-contiguous blocks containing 92 unpatented lode mining claims and 2.75 sections of private mineral leases, totalling approximately 3,600 acres of generally flat sagebrush-covered desert, with elevations gradually increasing westward. The climate is favorable for year-round mining, with all supplies and services needed for successful exploration and mining programs available in the area.
       Sphere also acquired control of its Ziggurat property from Spartan Gold. Ziggurat is 20 km north of Kinross-Barrick’s giant 15+ million ounce Round Mountain open pit, heap leach gold mine, and borders Fronteer Gold’s +3 million oz Northumberland Mine gold property (recently acquired by Newmont). Sphere recently updated a NI 43-101 Technical Report on the two properties and can be viewed on the company’s website.
       Stephens says the two Nevada properties have a market value of about $30 million – a number that could well grow even more if mineralization from Gold Standard Venture’s discovery extends onto the Poker Flats property.
       Sphere Resources’ second area of exploration focus in Nevada is on the Pequop Gold Trend where Newmont recently paid $2.33 billion to acquire Fronteer Gold’s Long Canyon Project. Newmont predicted the Pequop area would become the next Carlin Trend, which produced over 70 million ounces of gold, worth around $90 billion at 2010 prices placing it among the world’s richest gold mining districts.
       Sphere Resources holds an option to acquire a 75% interest in the Gold Jackpot gold-silver-tellurium-copper project located on the Pequop Gold Trend. Under its agreement with Mexivada Mining Corp., Sphere will finance exploration and complete a prefeasibility study upon successful completion of the exploration program.
       “Gold Jackpot enables Sphere Resources to explore and potentially mine a concession situated near both lucrative producing mines and industry leaders,” says Stevens.

2012 Winter Drilling Program Testing
Gold Mineralization in Red Lake Gold District

       Sphere Resources recently began its 2012 drilling program at its Red Lake property where the company and optionee Duncan Park Holdings Corp. completed construction of the ice roads and ice pads on Red Lake.
       The proposed minimum 3 hole 1,400 metre drill program will test for further gold mineralization along strike of more than 1.3 km mineralized system discovered last summer. The program also will 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.
       Gold was first discovered in Red Lake in the 1920s with production beginning a decade later. Two of the original mines – the Campbell and Red Lake, both now owned by Goldcorp – are still in operation today. The Red Lake mine is among the highest-grade deposits in the world.
       Red Lake geology is similar to that in Canada’s other major gold camps, Timmins and Kirkland Lake. Red Lake lies within an Archaean greenstone belt characterized by a series of metavolcanic and metasedimentary rocks where gold is found mostly in structurally controlled vein-type gold deposits.
       Significantly, new gold deposits are still being discovered in Red Lake, including three major discoveries just since 2004. Existing mines are expanding known zones of mineralization. Premier Gold Mines’ Bonanza Project, operated by Goldcorp, is believed to host a major gold deposit. Rubicon Minerals has identified a 2 million ounce mineable gold resource that is scheduled to go into production by 2013.
       “We are right in the middle of the action,” says Stevens. “Red Lake is our primary focus to prove up a substantial gold deposit.”

Sphere Stakes Additional Claims in Red Lake

       Sphere Resources recently staked 8 claims to form its Brownstone Lake property, encompassing 1,920 hectares in Ontario just 200 meters north of the old Kostynuk Brothers Gold Mine which, from 1963 to 1966, reportedly produced 1,126 ounces of gold at an average grade of 1.95 oz/ton. The property is also 250 meters north of a gold-bearing deposit discovered by Golden Terrace Resources in 1986. The Argosy Gold Mine, which operated from 1934 to 1952 and reportedly produced 102,000 ounces of gold at an average grade of 0.37 oz/ton is 2.5 km to the south. Gold Canyon Resources recently discovered a major gold-bearing deposit at its Springpole Lake property which is about 10 km south of Sphere’s Brownstone Lake property.
       “This new gold project is in an area of Red Lake where there has been past gold discoveries and Gold Canyon’s recent much larger discovery on its Springpole gold project,” says Stevens. “The Company looks forward to exploring the Brownstone Lake property in 2012”.
       Last summer, Sphere Resources uncovered a substantial mineralization system (McManus-Chukuni Sulphide Zone) during its summer 2011 drilling campaign. The McManus system is more than 300 meters wide and 1 km long. Results from 56 samples contained gold quantities above an arbitrary 0.1 g/t gold. The sample with the highest grade was 23.526 g/t gold over a 0.7 m interval.
       Drilling on Sphere’s Dome property, which is only 4 km from Goldcorp’s massive Red Lake Mine and 1.8 km south of Premier Gold’s Bonanza deposit, focused on five geophysical anomalies. Out of 587 core samples, 84 were submitted for analysis with three samples containing gold quantities above an arbitrary 0.1 g/t gold with a maximum value of 0.232 g/t gold over a 1.0 meter sample interval.
       Historical data shows Sphere Resources’ 83-hectare Alcourt property, located about 12 km northwest of Red Lake, hosts high grade gold mineralization in quartz veins. A cross section of the deposit also indicates the presence of additional gold mineralization separate from the vein structure.
       “This suggests the possibility for the occurrence of multiple veins that are as yet undiscovered,” said Stevens.
       Sphere Resources has budgeted $763,800 to explore Alcourt this year. Phase 1 of the proposed exploration program would establish a survey grid and complete both MAG and IP/RES surveys to identify prospective targets.
       The exploration program also includes a MMI geochemical survey to help in the discovery of blind mineralization in the overburden covered areas associated with the magnetic corridor. A limited amount of diamond drilling, about 2,000 meters, would confirm the gold zone at depth and along strike, as well as verify the historical assays.

Investment Considerations

       Sphere Resources is led by a management team with 120 years of combined experience and a lengthy record of success in the international mining sector. The company is well financed for its planned Canadian and Nevada exploration programs, recently winning a $4.5 million settlement for property that was part of a 2006 joint venture on mining and gold projects in Zimbabwe.
       Sphere’s 100% funding partner of the Dome property in Red Lake is Duncan Park Holdings Corporation, which is financing the whole project for an earn-in stake that Sphere can later clawback to maintain 76% ownership. Sphere’s subsidiary, Spartan Gold Ltd., to which Sphere owns a cotrolling 53.46% interest, will explore and drill the Poker Flats and Ziggurat properties in Nevada is Spartan Gold Ltd., which recently announced a fund raising of $10 million.
       “Our goal as explorers is to be as risk-free and as low cost as possible,” says Stevens. “Sphere Resources has a track record of being in the right place, at the right time, with the right geological advisors. That is the case again in Red Lake and Nevada.”