VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2010) - Sphere Resources Inc. (TSX VENTURE:SPH.H) (the "Company") announces that it has been advised by Minutes Investments Limited ("MIL"), a company incorporated in the British Virgin Islands, that it has received a formal written offer, subject to due diligence to be completed in 60 days, of US$5,000,000 from Rincon Lithium Limited for its 100% owned Concessions at Salar de Pocitos ("Pocitos") and Salar de Rio Grande ("Rio Grande") in the Province of Salta, North West Argentina.
The Company previously announced on April 26, 2010 that it had entered into an Agreement with CanAustra Holdings Limited ("CHL") to acquire CHL's 30.25% interest in MIL the owner of Pocitos and Rio Grande.
After deducting loans, corporate and management fees from the MIL gross proceeds, the Company will receive US$992,000 for its 30.25% share.
A finders fee to an arm's length third party will be payable in shares upon approval of this transaction.
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 StevensThe Company previously announced on April 26, 2010 that it had entered into an Agreement with CanAustra Holdings Limited ("CHL") to acquire CHL's 30.25% interest in MIL the owner of Pocitos and Rio Grande.
After deducting loans, corporate and management fees from the MIL gross proceeds, the Company will receive US$992,000 for its 30.25% share.
A finders fee to an arm's length third party will be payable in shares upon approval of this transaction.
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.
+61422235509
+61396023554 (FAX)
mls@canaustra.com.au
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