Mr. Normand Champigny of Sphinx Resources reports

SPHINX AND SIRIOS ANNOUNCE THE GENERATION OF THE CHECHOO-ELEONORE TREND PROJECT, EEYOU ISTCHEE JAMES BAY REGION

Sphinx Resources Ltd. has executed a binding letter of agreement to form a 50/50 joint venture with Sirios Resources Inc. to explore 551 claims that are presently under request by this consortium along the northwest extension of the Cheechoo-Eleonore trend, located in the Eeyou Istchee James Bay region of Quebec.

Under the terms of this joint venture agreement, Sphinx and Sirios have agreed 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;
• Provide that if of a party's interest dilutes to 10 per cent or less, its interest shall be converted to a 2-per-cent net smelter return royalty. At any time, the non-diluted party may purchase half of the royaltyholder's rights to all future royalty payments for an immediate payment of $1-million.

Sphinx and Sirios join their robust and complementary technical expertise to carry out an exploration program which aims to identify gold deposits along this promising and underexplored corridor. This trend comprises Sirios's Cheechoo gold discovery (see Sirios's press releases of March 29, June 8 and Aug. 10, 2016) and the Eleonore mine, a world-class gold operation owned by Goldcorp Inc. The project's southeastern extremity is situated about 24 kilometres northwest of the Eleonore mine and road access is available within 14 kilometres 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 Eleonore 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's 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 Quebec.

We seek Safe Harbor.