Sphinx identifies drill targets on the Chemin Troilus gold project, Eeyou Istchee James Bay Territory

MONTRÉAL, QUÉBEC--(Marketwired - May 11, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) is pleased to report that high priority drill targets have been identified following the completion of a ground magnetic survey and an induced polarization survey ("IP") conducted earlier this spring on the Chemin Troïlus gold project (the "Project"). The integration of data from these geophysical surveys with the results obtained in 2016 from both the till sampling program and prospecting campaign (press release of January 10, 2017) has generated targets that will be validated by drilling starting around mid-June 2017. The objective of the drilling program is to discover the primary source of the mineralized boulders.

The areas to be drill-tested shown on Figure 1 (attached) are characterized by:

• An axis defined by moderate to weak IP responses and coincident, strong magnetic anomalies trending 1.0 km northeast from the mineralized boulders; and
• A parallel axis 400m to the southeast defined by weak to locally moderate IP responses immediately to the northwest of a newly-defined magnetic high.

In addition to the drilling program, a new till sampling program will be carried out by a team of specialists to cover the entire Project area. The program will be under the supervision of the Table Jamésienne de Concertation Minière of Chibougamau and Consultants Inlandsis of Saint-Alexis-des-Monts, Québec. The objective of the till sampling program is to identify other proximal source areas for gold.

The ground geophysical work was conducted by Geosig Inc. a geophysical services firm based in Quebec City, from April 12 to 20, 2017, under the supervision of MB Geosolutions of Fossambault-sur-le-Lac, Québec. The surveys covered a total of 15 line-km with wood pickets and surveyed lines. Line cutting was carried out by Native Exploration Services (Sam Bosum) of Ouje-Bougoumou, Québec.

The Project is located at the southwest end of a gold-copper corridor trending north-east. This corridor is located at the northern limit of the Frotet-Evans greenstone belt, in the Opatica geological subprovince of the Superior Province and it includes the Troïlus Mine. The Project consists of 61 claims (33.2 km²). It is located 110 km north-north-west of the town of Chibougamau along existing road access to the Troïlus Mine and therefore exploration can be carried out at a relatively low cost. Funding for the program includes funds provided by the Société de développement de la Baie-James.

The technical information presented in this press release has been approved by Normand Champigny, President and Chief Executive Officer of Sphinx, and a Qualified Person as defined by NI 43-101.

About Québec and Sphinx

Quebec has established itself as one of the world's most attractive mining jurisdictions, ranking 6^th globally. The Quebec government has created market confidence by following a proactive approach to mining policy. Quebec's mining sector has also been encouraged by the clarity and certainty of the legal and regulatory framework adopted by its government. Sphinx is engaged in the generation and acquisition of exploration projects in Québec.

For further information, please consult Sphinx's website: www.sphinxresources.ca.

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.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx's periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.