Sphinx provides an exploration update on its projects in Quebec

MONTRÉAL, QUÉBEC--(Marketwired - May 3, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) provides an update on its projects in Quebec. Since the beginning of 2017, two (2) drilling programs have been completed on the Corporation's projects and one (1) drilling program is expected to commence during the month of June. This year's exploration activities are as follows:

Calumet-Sud (zinc-lead-silver-gold project), partnership with SOQUEM inc. - A 13-hole drilling program totalling 1,098.5 m, has been completed. Three holes intersected semi-massive to massive sphalerite horizons with thicknesses ranging from one centimeter to several centimeters spread over several metres. Assay results are expected in late spring.

Green Palladium (palladium-copper project), 100% owned. - A drilling program of ten (10) holes totalling 969 m, has been completed. Geological continuity of the mineralized reef over an 800-metre length, has been confirmed. Complete assay results are expected at the beginning of summer.

Chemin Troïlus (gold), 100% owned. - In 2016 Sphinx defined a prospective area of 1.2 km by 1.0 km, up-ice from the dispersion train of mineralized boulders and till samples containing pristine gold grains. An induced polarization survey over the prospective area was completed in April 2017. Interpretation of the survey results is underway to identify drilling targets that can be tested during the month of June.

Cheechoo-Eleonore Trend (gold), partnership with Sirios Resources Inc. 50-50% - Results from the till sampling program completed last October will be available shortly. Field work planning is underway with our highly-qualified and experienced team.

Somanike (nickel, gold, base metals) 100% owned. - Compilation of all historical drill data in conjunction with the helicopter-borne survey performed by Sphinx in 2014 identified previously unrecognized sulphide iron formations occurring across the project. These formations may be prospective for gold mineralization. Numerous drill targets have been generated. The Corporation is actively seeking a partner to fund the next exploration program.

Sphinx continues to review acquisition opportunities with a focus on precious metals and high-grade zinc.

The technical information presented in this press release has been approved by Normand Champigny, President and Chief Executive Officer of Sphinx, and a Qualified Person as defined by NI 43-101.

About Québec

Ranked 6^th globally, Quebec has established itself as one of the world's most attractive mining jurisdictions. The Quebec government has created market confidence by following a proactive approach to mining policy. Quebec's mining sector has also been encouraged by the clarity and certainty of the legal and regulatory framework adopted by its government.

About Sphinx

Sphinx is engaged in the generation and acquisition of exploration projects in Québec, a Canadian province which is recognized as an attractive mining jurisdiction worldwide.

For further information, please consult Sphinx's website.

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.

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