Sphinx and Sirios identifies four prospective areas for gold on the Cheechoo-Eleonore Trend project, Eeyou Istchee James Bay Territory

MONTRÉAL, QUÉBEC--(Marketwired - June 1, 2017) - Sphinx Resources Ltd. ("Sphinx") (TSX VENTURE:SFX) and its partner Sirios Resources ("Sirios") are pleased to report that four prospective areas for gold mineralization have been identified on the basis of results received following the completion of the till sampling program carried out in 2016 on the Cheechoo-Éléonore Trend project (the "Project") located on the Eeyou Istchee James Bay Territory in Quebec. Based on these results. A follow-up program has been approved for 2017.

Thirteen (13) samples out of a total of 195 samples collected revealed gold values in heavy mineral concentrates greater than 100 ppb and up to 1,850 ppb distributed in four distinct areas (concentration factor of 300). These high values are accompanied by anomalous values in silver, arsenic, cobalt, copper, tin, molybdenum and tungsten in the fine fraction (-63 μm) of the tills with more than two standard deviations above the mean. Samples were taken at an average spacing of 200 m along the northwest-southeast axis of this promising 50-km corridor (Figure 1). Ten (10) of the 13 samples of heavy mineral concentrates with a value greater than 100 ppb in gold contain morphologically intact gold particles suggesting a local source up-ice of the glacial direction and within perimeter of the Project area.

Sphinx and Sirios consider that these results are indicative of the prospectivity of the sampled areas. The two objectives of this first till survey were to provide a preliminary assessment of the Project's gold potential and to identify prospective areas for follow-up in 2017.

The 2016 till sampling program was completed by Les Consultants Inlandsis ("Inlandis") of Montréal with the collaboration of the Table jamésienne de concertation minière ("TJCM") of Chibougamau. This survey included a quality control program that used 29 sample duplicates. The samples were examined, and sieved to extract fine fraction subsamples (-63 μm) as well as a heavy mineral concentrate (-4 mm fraction). The fine fraction of the till samples was prepared by Inlandsis and then chemically analyzed using ICP-MS (code 41L) by ALS Minerals in Val-d'Or, Québec, an analytical and testing laboratory with ISO 17025 accreditation. The heavy mineral concentrate was analyzed using neutron activation (code 3A-Large HMC) by Activation Laboratories Ltd. in Ancaster, Ontario, a laboratory with ISO 17025 accreditation.

A second till sampling program up-ice of the glacial flow direction with a tighter spacing than in 2016 as well as follow-up prospecting is underway on the four prospective areas. The program has been designed to ensure a rapid and efficient follow-up of the explored areas in the field through: 1) the multi-element determination of pressed till pellets using a portable XRF equipment, and 2) the identification of gold particles of the -4mm fraction of the till using a conical-shaped gold pan developed by Inlandsis followed by particle counting using a binocular microscope. The Project's Management committee approved a budget of $ 200,000 to carry out this first phase of the 2017 program. The till sampling program will be under the supervision of Inlandsis and the TJCM. Sirios acts as operator of the exploration program of the Project.

The Project is located along the extension of the axis that connects the Cheechoo gold discovery of Sirios and the Éléonore Gold mine owned by Goldcorp inc. The southeastern extremity of the project is situated about 24 km northwest of the Éléonore mine and road access is available within 14 km of this location. Sphinx and Sirios have created a 50- 50% joint venture to explore the 551 claims of the Project (press release of November 3 2016).

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 (Fraser Institute press release, February 28 2017). 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.