Adelaide, Mar 17, 2006 (ABN Newswire) - Sphere Investments Limited (ASX: SPH) is pleased to announce the placement of 34,700,000 fully-paid ordinary shares to sophisticated and institutional clients of Euroz Securities Limited at $1.00 per share to raise $34,700,000 (before issue related costs).

The placement is subject to shareholder approval for which a Notice of Meeting will be dispatched shortly.

This is in addition to the placement of 10,300,000 fully-paid ordinary shares at $1.00 per share placed to Saudi Iron and Steel Company (Hadeed) announced last week that was settled today. The cumulative amount raised by the Company as a result of the placements is $45,000,000 before issue related costs.

The Company is now fully funded to:

1. Earn its 50% interest in the joint-venture with SNIM, Mauritania's established iron ore producer, and complete the Bankable Feasibility Study (BFS) on the joint venture's Guelb el Aouj Project.,

2. Carry out exploration on its other projects as well as meet working capital requirements beyond the completion of the BFS scheduled for the end of the first quarter of calendar year 2007.