Mr. Dominique Doucet reports
SIRIOS SIGNS OPTION AGREEMENTS FOR ITS LI-52 AND NISKA PROPERTIES
Sirios Resources Inc. has signed option agreements on the Li-52 and Niska properties located in Eeyou Istchee James Bay in Quebec with Bullrun Capital Inc., a private investment company. Pursuant to the agreements, Sirios has agreed to grant Bullrun an option to acquire up to a 100% interest in each of the lithium/gold properties, following an investment totaling $5 million as described below. Bullrun as a private entity intends to advance the projects and then assign them to a public exploration company.
If the option is completed, Sirios will retain a 1.5% NSR royalty on Niska and a 1.75% NSR on Li-52. In addition, Sirios will keep the right to buy back 100% of the mining rights on the non-critical minerals, which comprise, among other metals, gold, silver and PGE (Platinum Group Elements) and tungsten, by paying back to Bullrun its incurred exploration expenditures capped to a maximum of $2M per property.
Pursuant to the agreements, Bullrun can earn 100 percent interest in the two properties over three years by financing a total of $5 million in mineral exploration expenditures ($2.25M per property), by making payments on or before the first anniversary totaling $200,000 ($100,000 per property) in cash plus $200,000 ($100,000 per property) in cash or in shares plus $100,000 in cash on closing. In addition, Sirios will receive a payment of $250,000 either in cash or in shares upon the successful confirmation of drilling results indicating a lithium concentration of one percent (1%) Li2O or more over a minimum of twenty-five (25) metres.
About Sirios
Sirios is a Canadian mining exploration company focused on developing its portfolio of high-potential gold and lithium properties in the Eeyou Istchee James Bay region of Quebec.
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