MONTREAL, QUEBEC, CANADA–(CCNMatthews – May 31, 2007) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI) announces that its partner Golden Valley Mines Ltd. (TSX VENTURE:GZZ) has initiated its 2007 Phase I exploration program on the Cheechoo Gold Project, James Bay, Quebec with the objective of detailed follow-up of encouraging rock sample results obtained in 2006 over the Sharks and Cheechoo B properties.
A Phase II, 5,000-metre diamond drill program is currently planned by GZZ to commence in the 4th quarter. The 2007 Golden Valley’s exploration budget is currently estimated at a minimum of $1,000,000.
Four detailed grid systems are to be established (total of 225 line kilometres), including one over the “Marchand” Showing (up to 11.96 g/t gold in rock grab sample results and “Garrioch” Showing (up to 0.39 g/t gold rock grab sample results) mineralized corridors (see News Release dated January 29, 2007). This will permit completion of geophysical surveying with follow-up prospecting, mapping and geochemical sampling
Additional follow-up prospecting, mapping and sampling are also planned over separate encouraging results obtained in 2006, including the “Letang” Showing on the Cheechoo A property block where a rock sample assayed an impressive 209.24 g/t gold, and along with other areas on the property deemed as high priority target areas.
The Cheechoo gold project includes the Cheechoo and Sharks Sirios’ properties both subject to option – joint ventures agreements with GZZ pursuant to which GZZ, in each case, will earn an initial 60% interest by funding $1,000,000 in exploration over 4-years. Following initial vesting, GZZ may then earn an additional 20% interest by completing a bankable feasibility study within 6 years of vesting. Should Sirios then elect to allow GZZ to provide the production financing, GZZ would then acquire a final additional 5% interest.
In addition to the CHEECHOO and SHARKS properties, covering 300 square km, SIRIOS owns close to 4,000 claims forming the PONTAX, KUKAMES and OPINACA NORD properties, which are covering more than 2,000 square km in the vicinity of the Goldcorp’s Eleonore gold deposit, James Bay, Quebec.
This press release was prepared by Dominique Doucet, P. Eng., President of Sirios, Qualified Person and based on information transmitted by Golden Valley Mines Ltd.
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information:
Dominique Doucet, CEO