Mr. Normand Champigny of Sphinx reports

SPHINX AND SIRIOS COMMENCE EXPLORATION ON THE CHECHOO-ELEONORE TREND PROJECT, EEYOU ISTCHEE JAMES BAY REGION

Sphinx Resources Ltd. and its partner, Sirios Resources Inc., have begun exploration work on the Cheechoo-Eleonore Trend 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-kilometre trend that comprises the interpreted northwest extension of the Cheechoo-Eleonore corridor. This trend hosts Sirios's Cheechoo gold discovery and the Eleonore mine, a 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.

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 jamesienne de concertation miniere). The sampling will use a spacing of 200 metres and the program is designed along a line perpendicular to the ice-flow direction, as well as down ice from the interpreted Chechoo-Eleonore corridor. This survey is oriented in a northwest-southeast direction within the project's claims and will include a quality control program.

On Aug. 23, 2016, Sphinx and Sirios announced the signing of a letter of intent to form a 50-per-cent/50-per-cent joint venture for the project, which consists of 551 claims (286 square kilometres).

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 National Instrument 43-101.

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