MONTRÉAL, QUEBEC–(Marketwired – May 31, 2016) – Sphinx Resources Ltd. (“Sphinx” or the “Corporation”) (TSX VENTURE:SFX) is pleased to announce the execution of an option and joint venture agreement with SOQUEM INC. (“SOQUEM”) granting SOQUEM the option to acquire an undivided 50% interest in its Calumet-Sud zinc project (the “Project”). Upon the exercise of the option, a joint venture would be created between Sphinx and SOQUEM. Execution of this agreement follows a letter of intent signed in early 2016 (see press release dated February 2, 2016).

Under the terms of this agreement SOQUEM can acquire a 50% interest in the Project by carrying out exploration work totaling $450,000 over an option period of four (4) years and by making cash payments in the amount of $93,000 to Gardin Inc. (“Gardin”, wholly owned by Michel Gauthier, a director of Sphinx) and $7,000 to Sphinx. The two payments have been made. The Project consists of 21 claims (12.1 km2) and is located in the Pontiac regional county municipality of southwestern Quebec. The Project is currently owned 100% by Sphinx as a result of a purchase by the Corporation from Gardin in 2015. The Corporation is committed to issue 4,769,308 shares to Gardin under certain conditions. The Project is adjacent to Sphinx’s wholly-owned Green Palladium project. Sphinx is committed to complete $384,240 of exploration work on the Green Palladium project by January 2018.

The Project covers volcano-sedimentary rocks with a significant potential for various types of mineralization including:1) zinc, lead, gold and silver-rich volcanogenic massive sulphide deposits, 2) layered platinum group element-bearing reef and related nickel-copper deposit