Sphinx and Sirios Announce the Generation of the Chechoo-Eleonore Trend Project, Eeyou Istchee James Bay Region

MONTREAL, QUEBEC--(Marketwired - Aug. 23, 2016) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) is pleased to announce the execution of a binding letter of agreement to form a 50-50% joint venture with Sirios Resources Inc. ("Sirios") to explore 551 claims that are presently under request (the "Project") by this consortium along the northwest extension of the Cheechoo-Éléonore trend, located in the Eeyou Istchee James Bay region, Québec. A map showing the perimeter of the Project may be consulted by clicking here.

Under the terms of this joint venture agreement Sphinx and Sirios have agree to:

• spend a minimum of $ 500,000 by each party over the next five years;
• create a management committee to design and oversee the exploration program on the Project;
• have Sirios act as operator of the Project; and
• provide that if of a party's interest dilutes to 10% or less, its interest shall be converted to a 2% net smelter return royalty (the "Royalty"). At any time, the non-diluted party may purchase half of the Royalty-holder's rights to all future Royalty payments for an immediate payment of $1,000,000.

Sphinx and Sirios join their robust and complimentary technical expertise to carry out an exploration program which aims to identify gold deposits along this promising and underexplored corridor. This trend comprises Sirios' Cheechoo gold discovery (see Sirios' press releases of March 29, June 8 and August 10, 2016) and the Éléonore mine, a world-class gold operation owned by Goldcorp Inc. The Project's southeastern extremity is situated about 24 km northwest of the Éléonore mine and road access is available within 14 km of this location. On the basis of the same high degree of metamorphism and similar gold-arsenical paragenesis, Sphinx considers that the geological setting of the Project is of a similar character to the Cheechoo discovery and the Éléonore mine.

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. The transaction is an exempt transaction under Policy 5.3 of the TSX Venture Exchange.

About Sirios

Sirios' goal is to discover world-class gold deposits in the Eeyou Istchee James Bay region of Quebec in eastern Canada.

About Sphinx

Sphinx is engaged in the generation and acquisition of exploration projects in Québec, Canada which is recognized as an attractive mining jurisdiction worldwide.

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.