Sphere Resources Gets $375K from Spartan Gold (OTC:SPAG)

Oxford, MS 9/13/2011 (PennyPayDay) – Sphere Resources Inc., listed on the NEX Board of the TSX Venture Exchange (TSX VENTURE:SPH.H) is pleased to make the following announcement:

On September 7, 2011; the Company signed a secured Convertible Promissory Note with Spartan Gold Limited (OTC:SPAG), a company incorporated under the laws of the State of Nevada. SPAG promises to pay the Company the principal sum of US$375,000 on or before September 30, 2011 and shall pay interest of eight percent (8%) per annum on US$200,000 of the principal sum from August 26, 2011 and on the remainder of the unpaid principal balance (US$175,000) from the date of the Note until September 30, 2011 or until paid.

The principal sum of US$375,000 is made up of: (i) US$200,000 of cash payments made by the Company to SPAG, (ii) US$57,750 due to the Company under the terms of the Poker Flats Property and (iii) US$117,250 due to the Company under the terms of the Ziggurat Property Agreement (as announced in the news release of April 1, 2011). SPAG may prepay the principal and interest amount outstanding, in whole or in part, at any time without penalty. Any partial payment shall be applied first against accrued interest and then the principal amount outstanding and shall not postpone the due date of any subsequent payments or change the amount of such payment.

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