Sphinx and SOQUEM continue to explore for zinc on the Calumet-Sud project, Quebec

MONTREAL, QUEBEC--(Marketwired - Aug. 3, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) and its partner SOQUEM are pleased to announce the continuation of the exploration work on the Calumet-Sud zinc project (the "Project"). The first phase of this additional work has been approved by Sphinx and SOQUEM following the receipt of the encouraging results from the 2017 drilling program (press release of July 13 2017). These results confirm the significance of the mineralization identified on surface and demonstrate the potential to identify high-grade, carbonate-hosted zinc on the Project. The work that will be conducted this summer include:

• A detailed soil survey at a spacing varying between 25 to 100 m centers to better delineate the strong zinc and lead anomalies identified during previous surveys. This new program will also investigate the trend of the anomalies to the south where no work has been conducted. The soil analyses will be performed directly in the field using a hand-held XRF; and
• A detailed analysis of drill core from the 2017 drill program to determine the geophysical rock properties and the lithogeochemical characteristics of both the zinc mineralization and host rocks intersected in drill holes. This will significantly refine the ability to utilize the 2016 and 2017 geophysical surveys in 3D in order to better target areas of potential for high-grade zinc mineralization.

The results of this work will allow robust planning and targeting of the next phases of exploration which will include a focus on additional drilling.

The Project consists of 21 claims (12 km²) and is located in the MRC Pontiac region in southwestern Quebec. To the north, the Project is adjacent to the historic zinc-lead-silver-gold New Calumet mine and Sphinx's Green Palladium project.

In addition, Sphinx issued a total of 2,846,154 common shares of Sphinx to Gardin Inc. ("Gardin", which is wholly-owned by Michel Gauthier, a director of the Corporation). This share issue was planned under the terms of the agreement between Gardin and Sphinx and the approval of the transaction received from the TSX Venture Exchange.

The Project is also adjacent to the Green Palladium project consisting of 86 claims (49 km²) held 100% by Sphinx. The latter project includes also a significant surface area of un-tested and potentially zinc-bearing rocks. In addition to the work on the Project, a soil sampling program (approximately 150 samples) will be carried out on the Green Palladium project in the area underlain by the potentially zinc-bearing rocks.

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 SOQUEM

SOQUEM, a subsidiary of Investissement Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.

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.

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.