VANCOUVER, BC / ACCESSWIRE / April 7, 2015 / Sphere Resources Inc (TSX Venture: SPH-H) ("the Company or Sphere") subsidiary Spartan Gold Ltd. (OTCQB: SPAG) ("Spartan"), of which Sphere owns 46.4%, has for the last 18 months been working on identifying several past producing gold mines in Ecuador. After vigorous evaluations Spartan has identified a significant gold project in Southern Ecuador and is in the midst of a final due diligence of the properties for the expansion of gold resources and its production facilities. The acquisition will be completed after Spartan completes its final due diligence and financing is finalized.
The Portvelo - Zaruma gold mining district of Ecuador, where the properties are located has so far produced over 6 million ounces of gold. The properties which Spartan has identified consist of high grade epithermal sulphide gold systems similar to other gold mines in the area. Over 20 gold bearing quartz veins exist on the properties.
All infrastructure, mill, processing plant and flotation system are in full operation. Currently it has a 200 tpd flotation and leach recovery plant for gold, silver and copper. Spartan intends to do a Phase 1 drilling program to expand the mines further in order to increase production to initially, 300 tpd, with a target of 1,000 tpd within two years.
In the latter part of 2014 Mr. Ross Beaty, a well-known mining entrepreneur entered Ecuador via a $5 million investment in Odin Mining. Another high profile mining magnate, Mr. Lukas Lundin, CEO of Lundin Gold purchased Kinross Gold's 100% interest of the Fruta Del Norte gold project which contains approximately 7 million ounces of gold for $240 million. This shows the confidence these two mining moguls have in the district, Sphere and Spartan share the same vision.
Malcolm Stevens, CEO of Spartan and Sphere comments, "I am very pleased to be part of a group of exceptional stature who have worked hard in putting this all together. The goal of the companies of acquiring good quality assets within high grade gold camps and becoming a gold producer may soon be a reality. We will update our shareholders accordingly as events transpire."
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: +16232077784
mstevens@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.
SOURCE: Sphere Resources Inc