VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2010) - Sphere Resources Inc. (TSX VENTURE:SPH.H) ("Sphere" or the "Company") is pleased to note that Li3 Energy Inc. recently announced it has completed a Geophysical study over three targeted areas for potential to host mineral rich lithium, potassium, magnesium, etc, brine aquifers adjacent to the Company's recently acquired interest in Salar de Pocitos in La Puna district of Argentina.
As announced by the Company on April 26, 2010 it has entered into an Agreement with CanAustra Holdings Limited ("CHL") to acquire CHL's 30.25% holding of Salar de Pocitos ("Pocitos") and Salar de Rio Grande ("Rio Grande") in the Province of Salta, North West Argentina. The concessions are well served by infrastructure with access by sealed road and nearby high voltage electricity, gas pipelines and rail with easy access to the Argentinean industrial cities to the south and to the countries to the north. The City of Salta has an international airport with regular services to Buenos Aires.
The Pocitos concession covers an area of 98 km2. A drilling program was carried out over two properties covering 200 ha in 2007.
A qualified person has not done sufficient work to classify any of these resources as current mineral resources.
Pocitos and Rio Grande are located in the elevated and arid Puna region in the north western part of the country close to the Chilean border and form part of a number of highly mineralized Salars in production and development. Within the vicinity are: Salars Cauchari Olaroz, Pocitos, Arizaro and Incahuasi currently owned by Lithium Americas Corp. which recently listed on the TSX.
Salar de Olaroz currently being developed by Orocobre Limited; Salar de Rincon previously owned by Admiralty Resources NL and now being developed by the Sentient Group a private equity investment group specializing in resources; Salar de Hombre Muerto where FMC Corporation has a lithium producing plant; and adjacent and across the border in Chile is Salar de Atacama, the largest Lithium producer in the world.
Mr. Stevens stated, "I'm pleased to see the increased activity near our Pocitos concessions and the recognition by other major players of the significance of the La Puna district. My long involvement in this region for over 15 years is coming to fruition. The momentum is now with those involved in the region's development and this will see the creation of industrial minerals complex(s) over the immediate future involving lithium carbonate, sodium carbonate, sodium sulphate, potassium, borates and other minerals associated with the brines in the various Salars. I am particularly pleased to see Li3 Energy is advancing in Pocitos which is one of the Salars connected to all essential infrastructure, particularly, a natural gas spur pipeline, to make this a success".
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.
The proposed transaction remains subject to, among other things, meeting certain milestones, receipt of all requisite regulatory and other approvals, including stock exchange approvals.
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 the NEX Board of the 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.
For more information, please contact
Sphere Resources Inc.
Malcolm L Stevens
+34610616548
+61396023554 (FAX)
mls@canaustra.com.au
As announced by the Company on April 26, 2010 it has entered into an Agreement with CanAustra Holdings Limited ("CHL") to acquire CHL's 30.25% holding of Salar de Pocitos ("Pocitos") and Salar de Rio Grande ("Rio Grande") in the Province of Salta, North West Argentina. The concessions are well served by infrastructure with access by sealed road and nearby high voltage electricity, gas pipelines and rail with easy access to the Argentinean industrial cities to the south and to the countries to the north. The City of Salta has an international airport with regular services to Buenos Aires.
The Pocitos concession covers an area of 98 km2. A drilling program was carried out over two properties covering 200 ha in 2007.
A qualified person has not done sufficient work to classify any of these resources as current mineral resources.
Pocitos and Rio Grande are located in the elevated and arid Puna region in the north western part of the country close to the Chilean border and form part of a number of highly mineralized Salars in production and development. Within the vicinity are: Salars Cauchari Olaroz, Pocitos, Arizaro and Incahuasi currently owned by Lithium Americas Corp. which recently listed on the TSX.
Salar de Olaroz currently being developed by Orocobre Limited; Salar de Rincon previously owned by Admiralty Resources NL and now being developed by the Sentient Group a private equity investment group specializing in resources; Salar de Hombre Muerto where FMC Corporation has a lithium producing plant; and adjacent and across the border in Chile is Salar de Atacama, the largest Lithium producer in the world.
Mr. Stevens stated, "I'm pleased to see the increased activity near our Pocitos concessions and the recognition by other major players of the significance of the La Puna district. My long involvement in this region for over 15 years is coming to fruition. The momentum is now with those involved in the region's development and this will see the creation of industrial minerals complex(s) over the immediate future involving lithium carbonate, sodium carbonate, sodium sulphate, potassium, borates and other minerals associated with the brines in the various Salars. I am particularly pleased to see Li3 Energy is advancing in Pocitos which is one of the Salars connected to all essential infrastructure, particularly, a natural gas spur pipeline, to make this a success".
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.
The proposed transaction remains subject to, among other things, meeting certain milestones, receipt of all requisite regulatory and other approvals, including stock exchange approvals.
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 the NEX Board of the 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.
For more information, please contact
Sphere Resources Inc.
Malcolm L Stevens
+34610616548
+61396023554 (FAX)
mls@canaustra.com.au
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