Sphinx and Sirios Commence Exploration on the Chechoo-Eleonore Trend project, Eeyou Istchee James Bay region

MONTRÉAL, QUÉBEC--(Marketwired - Sept. 29, 2016) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) and its partner Sirios Resources Inc. ("Sirios") announce the beginning of exploration work on the Cheechoo-Éléonore Trend project (the "Project"), in the Eeyou Istchee James Bay region in Quebec. The objective of this first phase of exploration is to provide a preliminary evaluation of the gold potential of this promising and unexplored 50 km trend that comprises the interpreted northwest extension of the Chechoo-Éléonore corridor. This trend hosts Sirios' Cheechoo gold discovery and the Éléonore mine, a 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 (a map may be consulted by clicking here).

The management committee of the joint venture has approved a till sampling program that will be conducted and completed during the month of October by Consultants INLANDSIS with the collaboration with TJCM (Table jamésienne de concertation minière). The sampling will use a spacing of 200 m and the program is designed along a line perpendicular to the ice flow direction as well as down-ice from the interpreted Chechoo-Éléonore corridor. This survey is oriented in a NW-SE direction within the Project's claims and will include a quality control program.

On August 23, 2016 Sphinx and Sirios announced the signing of a letter of intent to form a 50-50% joint venture for the Project which consists of 551 claims (286 km²).

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 Sphinx

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

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

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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.