Sirios Resources Inc.

Sirios Resources Inc.

June 19, 2013 15:37 ET

Sirios Plans on Acquiring 100% of the Cheechoo Gold Project, James Bay, Quebec

MONTREAL, QUEBEC--(Marketwired - June 19, 2013) - SIRIOS RESOURCES INC. (TSX VENTURE:SOI) recently signalled its intention to its partner Golden Valley Mines Ltd. (TSX VENTURE:GZZ) to wholly acquire the Cheechoo gold project, located in the Opinaca area, in James Bay, Quebec. The terms for Sirios to acquire the remaining 55% held by Golden Valley Mines Ltd. are described in the April 9, 2013 press release.

Sirios obtained very encouraging drill results from the first three holes of the fall 2012 drilling campaign. Large gold zones were discovered with minimum lengths varying between several tens of metres to the entire length of certain drill holes of almost 200 metres, with grades varying between 0.21 and 1.09 g/t in gold (see February 12, 2013 press release).


Sirios proceeded today with the final closing of the private placement, as announced on May 6, 2013. The full amount of the placement totalled $423,960, which consisted of 3,190,000 Common Shares, 3,190,000 warrants and 807 783 Flow Through Common Shares. The number of shares of Sirios issued and outstanding is now 23,896,505.

There is a hold period of four months and one day on all securities issued under this financing. Finder's fees totaled $1,600 during this financing.

The proceeds of this placement will mainly be used by Sirios for a diamond drilling campaign on its Cheechoo gold project located in James Bay, as well as for general purposes. The TSX Venture has conditionally approved the private placement.

Neither the 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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