Sphere Resources Inc. updated its shareholders to the previously announced offering of up to USD 10.0 million of a five year senior secured debt instrument through a private placement. In conjunction with the company's New York advisors and as part of the selection process of funding from financial institutions/broker dealers, the company's Executive Chairman and President will complete final discussions with selected investors in Norway and the Middle East over the next few weeks. Following these discussions the company will continue discussions in Latin America until the debt offering is fully subscribed.

Funds raised will be used to carry out drilling programs on both the Canadian and US properties in which the company has interests. The injection of new capital will also provide working capital for the company and its 52% owned affiliate, Spartan Gold Ltd.