Mr. Normand Champigny reports

SPHINX AND SOQUEM IDENTIFY COINCIDENT GROUND GEOPHYSICAL AND GEOCHEMICAL ANOMALIES AND APPROVE A DRILLING CAMPAIGN ON THE CALUMET-SUD ZINC PROJECT, QUEBEC

Sphinx Resources Ltd. and its partner, SOQUEM, have released positive results following a ground gravity and induced polarization (IP) survey over zinc soil targets at the Sonny and Sonny West zones on the Calumet-Sud project. These geophysical surveys identified several high-priority targets for an 11-hole drill program that will start around mid-March, 2017.

These results are in addition to the results obtained in 2016 from the following surveys:

• Helitem30C Multipulse airborne survey (press release of Sept. 7, 2016);
• Soil geochemical survey (press release of Dec. 20, 2016).

The Sonny zone and the Sonny West zone (located 150 metres west of the Sonny zone) are:

• Delineated by strongly anomalous values in soil for zinc and lead (with a peak value of 37,200 parts per million zinc (3.72 per cent) and 1,678 parts per million lead (0.17 per cent);
• Spatially correlated with the airborne conductors, chargeability anomalies as well as certain gravimetric highs; the Sonny zone in particular represents a zone of coincident gravity, IP, soil and zinc in bedrock.

These two zones are new, and have not been tested by drilling or other surveys in the past.

In addition, the Sonny zone, identified in 2014, has revealed a number of one-metre-long channel samples (the true thickness of the mineralization cannot be determined) in carbonate bedrock that returned: trench No. 1 -- 1.9 per cent Zn over five metres, 3.7 per cent Zn over four metres, including 5.4 per cent Zn over two metres, and trench No. 2 -- 3 per cent Zn over 10 metres, including 6.9 per cent Zn over one metre.

Following the work performed in 2016 and the encouraging results obtained, several anomalies have been selected and jointly approved as drilling targets by SOQUEM, manager of the project, and Sphinx. To test these targets, a diamond drilling campaign comprising a minimum of 11 drill holes, totalling 800 metres, will begin around the middle of March.

The ground geophysical work was conducted by Geosig Inc., a geophysical consulting firm based in Quebec City, from Dec. 6 to Dec. 23, 2016, under the supervision of SOQUEM and MB Geosolutions of Fossambault-sur-le-Lac, Que. The surveys covered a total of 17.5 line kilometres with wood pickets and surveyed lines, but with no vegetation clearing.

The project consists of 21 claims covering an area of 12 square kilometres optioned to SOQUEM in 2016. Under the option and joint venture agreement with SOQUEM, Sphinx grants SOQUEM the option to acquire an undivided 50-per-cent interest in the project. If the option is exercised, a joint venture will be created between Sphinx and SOQUEM. SOQUEM is operating the project's exploration program. The project is adjacent to the Green Palladium project held 100 per cent by Sphinx, which includes a significant strike length of the carbonate stratigraphy of interest.

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 Sphinx Resources Ltd.

Sphinx is engaged in the generation and acquisition of exploration projects in Quebec, a Canadian province which is recognized as an attractive mining jurisdiction worldwide.

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