Sphere Resources Group Achieves 51% Interest in Poker Flats Property, Carlin Trend, Nevada and Updates Comments on Financing
19 February 2014 - 1:09AM
Access Wire
VANCOUVER, BRITISH COLUMBIA / February 18, 2014 /
ACCESSWIRE / Sphere Resources Inc. (‘Sphere” or the
“Company”), listed on the NEX Board of the TSX Venture Exchange
(NEX – SPH.H), is pleased to make the following announcement:
As of December 20, 2013 (the third anniversary date), Spartan
Gold Ltd. (“Spartan”) (OTCBB:SPAG) has incurred $513,118 of
exploration and property expenditures on Poker Flats, thus earning
the initial 51% interest.
Spartan has completed the first round funding by way of a
Private Placement for $250,000 at ten cents per share in late
November 2013 and continues negotiating with select and
knowledgeable regional investors to take up a further Private
Placement to participate in funding the Phase 1 drilling program
and corporate overheads for approximately $1 million. See news
release dated October 21, 2013.
The Company has been advised by its New York advisors that
syndicated insurance of the Debt Instrument are still to be
finalised. The Bond will only proceed if the insurance is completed
which seems unlikely given the lapse of time.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sphere Resources Inc
Malcolm L Stevens
Phone: +16232077784
mstevens@sphereresources.com
www.sphereresources.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibilityfor the adequacy or
accuracy of this release.
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