SIRIOS Resources Inc.
TSX VENTURE : SOI

SIRIOS Resources Inc.

August 23, 2006 15:46 ET

Sirios Resources Inc.: Cheechoo Project, James Bay, Quebec Exploration Program Update

MONTREAL, CANADA--(CCNMatthews - Aug. 23, 2006) - SIRIOS RESOURCES INC. (TSX VENTURE:SOI) announces that its partner Golden Valley Mines Ltd. started detailed geological mapping and prospecting work on SIRIOS' CHEECHOO and SHARKS properties located west and east of the Goldcorp Inc. "Roberto" gold discovery located in the James Bay region of Northern Quebec.

Phase I of the 2006 exploration program is focussed on the Cheechoo A claim block located immediately west of Goldcorp Inc. Eleonore property and contiguous with Beaufield's Opinaca property where a first phase drill program was recently completed. This area represents the priority target area based on its' prospective geological setting, proximity to known gold mineralization and from the results of work (geophysics and sampling) completed through 2005.

The planned program includes detailed ground follow-up fieldwork based on significant gold-copper rock sample results obtained from the fall 2005 mapping and prospecting program. These results included 1.58 g/t Au / 1.63% Cu, 3.98 g/t Au / 1.73% Cu and 1.89 g/t / 774 ppm Cu and 237 ppb to 559 ppb Au respectively from two separate boulder field clusters 1.5 and 2.4 kilometres down-ice and down-slope from the location of the interpreted source where surface mineralization was mapped of similar character. Prospecting and mapping work outlined an altered and mineralized shear zone along a diorite-amphibolized basalt contact. This contact and related mineralized zone is associated with an interpreted airborne electromagnetic (AEM) conductor axis across the northeast property boundary over a distance of some 3 kilometres. Only a small portion of the AEM conductors strike length on the property has been prospected to date. Several regional scale northeast-trending cross-structures are evident in the magnetic data in this area suggesting a possible relationship to mineralization that will be assessed during the program.

The objective of the program is to define drill targets for testing over the northeast part of the property following completion of detailed grid-based geophysical (magnetic, induced polarization and electromagnetic), geological (prospecting, mapping, stripping) and geochemical (rock and soil) surveys.

Additional prospecting, geological mapping, and geochemical surveying are also planned to start immediately on the Cheechoo B, Cheechoo C and SHARKS claim blocks located contiguous to and east of Goldcorp's Eleonore gold discovery. Prospective AEM conductors and mineralized zones outlined during the 2005 program will be followed-up in order to better define drill targets.

Based on preliminary results obtained from the 2005 mapping and prospecting program, three new important gold anomalous targets in addition to two copper anomalous zones have been defined on Cheechoo B and SHARKS. The first priority target area to be ground checked is located in the southwest section of the Cheechoo B claim block. At this site, a rock grab sample assayed 859 ppb gold located along a prominent regional lineament along the northwest strike extension of an airborne electromagnetic (AEM) conductor. In addition, ground work is planned to be completed over areas along strike for follow-up along neighbouring properties based on results announced late 2005 and 2006.

SIRIOS owns a 100% interest in the CHEECHOO and SHARKS properties. Its partner may earn a 60% interest following exploration expenditures of $1,000,000 on each property respectively and may increase its interest by 20% by completing a bankable feasibility study. Please refer to the December 3 and 16, 2004 press releases for additional information.

SIRIOS owns the largest area of mining rights in the vicinity of the Goldcorp's Eleonore gold deposit in James Bay, Quebec. In addition to the CHEECHOO and SHARKS properties, covering 300 square km, SIRIOS wholly owns more than 3,000 claims forming the PONTAX, KUKAMES and OPINACA NORD properties, which are covering more than 1,500 square km in the Eleonore area.

This press release was prepared by Dominique Doucet, P. Eng., President of Sirios, Qualified Person.

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

Contact Information