Sphinx receives a $540,661 tax refund

MONTREAL, QUEBEC--(Marketwired - Jan. 30, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) is pleased to announce that it received a $540,661 payment for a tax refund, from Revenu Quebec in connection with the notices of objection filed by the Corporation relating to tax credits for the years 2012, 2013 and 2014. This is in addition to the amount of $1,171,935 received by the Corporation in 2016 (see press release of May 31, 2016).

The Corporation also announces that, in connection with the extension of the convertible debenture maturity date until December 19, 2018 with Société d'investissement dans la diversification de l'exploration s.e.c. ("SIDEX") announced on December 21, 2016, the extension also applies to each common share purchase warrant that entitles the holder to purchase one common share at $0.17.

About Sphinx

Sphinx is engaged in the generation and acquisition of precious metals exploration projects in Québec, a Canadian province which is recognized as an attractive mining jurisdiction worldwide.

For further information, please consult Sphinx's website at 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.