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Sphere Resources Falls 9% As Announces Receipt of $962,000 Proceeds from Sale Argentine Sodium Sulphate Concessions

Sphere Resources (SPH-H.V) went down by 9% to 10 cents, but has earlier hit year high 12 cents, after announcing that that the sale of its 100% owned concessions at Salar de Pocitos and Salar de Rio Grande in the Province of Salta, North West Argentina to Rincon Lithium Limited was due for settlement on January 15, 2011 subject to due diligence.

The company has received $775,118 and the balance will be received on June 24, 2011 after 90 days in escrow in Argentina in case of any tax liabilities arising from the transaction. The company's share of the sale is US$962,668.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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