SPH.H Sphere Resources

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:


As previously announced on September 12, 2011, the Company accepted a secured
Convertible Promissory Note (the "Note") on September 7, 2011 from Spartan Gold
Ltd. (OTCBB: SPAG "Spartan"), a Nevada company. Spartan had promised to pay the
Company the principal sum of US$375,000 plus interest at 8% per annum on or
before September 30, 2011 in respect of monies owed to Sphere in connection with
the Ziggurat and Poker Flats mineral properties located in Nevada.


On October 6, 2011, the Company wrote to Spartan demanding the payment of the
US$375,000 plus interest. As Spartan advised the Company that it was presently
unable to pay the amount due, on October 19, 2011, the Company exercised its
right to fully convert the amount owing by Spartan under the Note into
375,055,200 shares of Spartan. After transaction fees of (arms' length) third
parties which the Company paid through the transfer of 75,000,000 Spartan
shares, the Company acquired 304,055,200 Spartan shares in connection with the
Note conversion.


Sphere now controls 53.85% of Spartan on an undiluted basis and, with its
holding of previously acquired Spartan warrants in related transactions, 55.88%%
on a fully diluted basis.


Nevada Properties Located on Three Gold-Rich Trends

Sphere Resources' second area of exploration focus is Nevada's Carlin, Round
Mountain and Pequop Gold Trends. The Carlin Trend alone is among of the world's
richest gold mining districts. Gold was first discovered in the area in the
1870s. By 2008, mines located in the Carlin Trend had produced over 70 million
ounces of gold, worth around $90 billion at 2010 prices.


Fittingly, Sphere originally sourced three properties on these prolific gold belts: 



--  Poker Flats - The 1,400 hectare property is located within the north-
    northwest-trending Carlin Gold Trend, which hosts the Rain/Emigrant,
    Gold Quarry, Carlin, and Blue Star/Genesis disseminated gold-silver
    deposits, as well as the Meikle, Rain, and Saddle/Tess fault-controlled
    vein-style gold-silver deposits. Newmont's Emigrant 1.6 million ounce
    gold deposit is within 1.4 km.
    

--  Ziggurat - The 2,750 hectare property is located 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). 



These two properties were originally joint ventured with Spartan and Mexivada
Mining Corp. ("Mexivada") Sphere sold its interest in these properties to
Spartan in late 2010 and early 2011 respectively. 




--  Gold Jackpot - The Company 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, Sphere will
    finance exploration and complete a prefeasibility study upon successful
    completion of the exploration program. 



Mr Stevens said "Gold Jackpot enables Sphere Resources to explore and
potentially mine a concession situated near both lucrative producing mines and
industry leaders."


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 Nevada U.S.A. 


On behalf of Sphere Resources Inc.

Malcolm L Stevens, Executive Chairman and President

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