Mr. Normand Champigny reports

SPHINX ANNOUNCES THE GENERATION OF THE TESSOUAT ZINC PROJECT, ZIAC DISTRICT, PONTIAC MRC

Sphinx Resources Ltd. has entered into an agreement with Resources Tranchemontagne Inc. and Gardin Inc. to acquire a 100-per-cent undivided interest in 22 claims (13 square kilometres) held by Tranchemontagne. The claims are known as the Tessouat project, located in the Pontiac regional county municipality (MRC) in southwestern Quebec.

Under the terms of this agreement, Sphinx acquires the claims for a consideration that consists of:

• A payment of $26,000;
• The issuance of 100,000 common shares of Sphinx;
• Carrying out exploration work totalling $70,000 over a period of two years with work completed prior to Aug. 1, 2019;
• The grant of a net smelter return of 2 per cent.

The shares to be issued have a deemed price of 4.5 cents per share and will be subject to a four-month hold period. The agreement is subject to TSX Venture Exchange approval and other customary closing conditions. Pursuant to Policy 5.9 of the TSX-V and Multilateral Instrument 61-101, the proposed transaction may be classified as a related party transaction as Gardin is a principal shareholder of the corporation. In reviewing the applicable valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, the corporation is relying on the exemptions from such valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and (b) and 5.7(a) of MI 61-101.

The project is located five kilometres northeast of the municipality of Waltham with excellent road access throughout the year. The project is located at the northern end of a northwest-trending corridor as defined by zinc-bearing dolomitic marbles. This corridor has a length of 40 kilometres and is named Ziac (abbreviation for zinc Pontiac). The corridor includes the historical New Calumet zinc-lead-silver-gold mine (30 kilometres southeast of the project), which was operated from 1943 to 1968; the Calumet-Sud project currently explored by Sphinx and its partner Soquem; and Sphinx's Green palladium project (see press release of Aug. 3, 2017).

Sphinx has designed a $20,000 exploration program to be completed this summer. The program will consist of soil sampling (approximately 400 samples) that will aim to identify the most prospective areas and define drill targets in this high-grade metamorphic environment.

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.

About Quebec and Sphinx Resources Ltd.

Quebec has established itself as one of the world's most attractive mining jurisdictions, ranking sixth globally (Fraser Institute press release dated Feb. 28, 2017). The Quebec government has created market confidence by following a pro-active 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 Quebec.

We seek Safe Harbor.