For Immediate Release Sphere Resources Announces Proposed $500,000 Private Placement

VANCOUVER, BRITISH COLUMBIA, April 27, 2012 - Sphere Resources Inc. ("the Company"), listed on the NEX Board of the TSX Venture Exchange (NEX - SPH.H), is pleased to make the following announcement:
The Company has arranged a non-brokered private placement of up to 7,142,857 units at a price of $0.07 per unit to raise gross proceeds of $500,000. Each unit will consist of one common share of the Company and one-half of one common share purchase warrant of the Company. Each whole warrant will be exercisable to purchase one common share of the Company for a term of 12 months from the date of issue of the warrant at a price of $0.10 during the first six months of the term and $0.15 during the last six months of the term.
The securities issuable in the private placement, including any common shares issued on the exercise of warrants, will have a hold period of four months from the closing. A finder's fee is payable in respect of this placement.
The gross proceeds of up to $500,000 are intended to be used to provide funds for exploration and working capital. The private placement is subject to acceptance for filing by the NEX Board of the TSX Venture Exchange.

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: +16479868940
Fax: +61396023554 info@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 responsibility

for the adequacy or accuracy of this release.

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