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 IncMalcolm L StevensPhone: +16232077784[email protected] 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.