Donner Metals Ltd.

Donner Metals Ltd.

October 14, 2014 09:00 ET

Donner Metals: Strategic Update

MONTREAL, QUEBEC--(Marketwired - Oct. 14, 2014) - Donner Metals Ltd. ("Donner" or the "Corporation", name to be changed shortly to Sphinx Resources Ltd.) (TSX VENTURE:DON), is pleased to provide an update on the Corporation's advancement and to highlight its strategy.

The Corporation is executing a roll-up strategy that includes the acquisition of mining projects and operating mines. Donner has a team of mine finders in the province of Quebec, which is recognized as an attractive mining jurisdiction worldwide. Members of its Board of Directors and Advisory Committee include professionals that have been involved in mine discovery and project generation in Quebec, Canada and internationally.

In the last year, Donner has concluded 4 acquisition and option agreements with leading Quebec-based project generators and operators. The deals are with Cartier Resources Inc. (Dollier gold project), Midland Exploration Inc. (Samson nickel-copper-platinum group elements project and Valmond gold project) and Virginia Mines Inc. (Preissac nickel-copper-platinum group elements project). For each agreement, Donner has earned a 100% interest or has the opportunity to earn an interest from 50% up to 100%. Drilling will be performed at the Dollier and Valmond projects before the end of the year while drilling is likely to take place during the winter of 2015 on each of the Preissac and Samson projects.

The Corporation continues to review acquisition opportunities in Quebec with a focus on gold, base and strategic metals. To fund the acquisition and first-year exploration expenditures commitments, financings totaling approximately $ 2.6 million were completed in 2014.

The Corporation also announces that a total of 1,525,000 stock options have been granted to its directors, officers, Advisory Committee members and investor relations consultant. Of this number, 1,300,000 have been granted to its directors and officers and the balance of 225,000 to its Advisory Committee members and investor relations consultant. These options have an exercise price of $0.125 per share and are exercisable during a 10-year period.

About Donner

Donner is an exploration company focused on the development of mineral exploration projects in Quebec and on executing a roll-up strategy that includes the acquisition of mining projects and operating mines. The Corporation is committed to a leading standard of practice with respect to health, safety, community relations and environmental management.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Donner's periodic reports including the annual report or in the filings made by Donner from time to time with securities regulatory authorities.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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