SIRIOS Resources Inc.
TSX VENTURE : SOI

SIRIOS Resources Inc.

October 23, 2006 11:24 ET

Sirios Resources Inc.: $550,000 Financing With Mavrix and Sodemex II

MONTREAL, QUEBEC--(CCNMatthews - Oct. 23, 2006) - SIRIOS RESOURCES INC. (TSX VENTURE:SOI) closed last Thursday October 18, a private placement totaling 1,333,333 million units at a price of 30 cents per unit. Each unit consists of one flow-through share and one warrant which can be exercised into one Common Share at a price of 32 cents for a period of one year.

A second financing was recently negotiated with SODEMEX II, with the Caisse de depot et placement du Quebec as Limited Partner. It consists of 600,000 Common Shares of SIRIOS at $0.25 per share and 600,000 warrants for a total amount of $ 150,000. One warrant will entitle SODEMEX II to subscribe for one Common Share of SIRIOS at $0.30 per share for a 12 month period after closing and at $0.35 for a further 12 months.

The MAVRIX financing was completed through Desjardins Securities, as agent, in the province of Ontario, and for which an agent's fee was payable in cash while the SODEMEX II private placement is non-brokered. Under applicable TSX Venture Exchange securities legislation and policies, all securities issued under these private placements are subject to a four-month hold period.

The proceeds of these placements will be allocated to exploration purposes on Sirios' properties in the Opinaca-Eleonore Gold Area, James Bay, Quebec, Canada and for general purposes.

Following these share issuances, the company will have a total of 48,719,680 outstanding shares.

SIRIOS is actively exploring the Opinaca gold area James Bay, Quebec where it owns the largest area of mining rights adjacent and in the vicinity of the Eleonore gold deposit where Goldcorp Inc. (NYSE :GG, TSX:G) is proposing to spend several hundreds of millions dollars in developing the deposit.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information