MONTREAL, QUEBEC–(Marketwire – July 17, 2008) – Officers of SIRIOS RESOURCES INC. (TSX VENTURE:SOI) are pleased to announce an option agreement with a private exploration company to explore the ESCALE Gold Property. The new SIRIOS’ partner shall be granted a 50% interest in the property for exploration expenditures totaling one million canadian dollars over four years ($250,000 per year) including a firm $250,000 commitment the first year. In addition the partner should pay yearly installments of $10,000 (in cash or shares) totaling $50,000 including a first payment at the signature of the letter of intent. SIRIOS shall be operator during the earn-in period and the project shall thereafter be explored under a 50-50 joint venture. The option agreement is subject to the approvals of the regulatory authorities and the Company’s Board of Directors.
Before 2004, SIRIOS discovered numerous gold showings (grabs samples up to 4.9 g/t Au) on this property as well as a significant zinc showing. The discovery, in 2004-2005, of the Eleonore gold deposit by Virginia Gold Mines brought geologists to re-evaluate the ESCALE property using new geological criteria defined by this discovery, these being present on the property. In the past SIRIOS’ gold exploration was mainly focused on banded iron formations. Gold showings in sedimentary rocks, having some similarities with the Eleonore model, were found on the property. Furthermore, the showing grading 3.5% zinc over 1.5 meter was discovered by diamond drilling without any additional follow up. This showing is related to a 400-meter long electromagnetic anomaly.
The SIRIOS wholly owned ESCALE property is located approximately 75 km south-east from the LG-4 hydro-electric complex and 320 km east of Radisson, James Bay, Quebec. It comprises 169 claims covering approximately 90 square km with the southern part being a new unexplored area.
This press release was prepared by Dominique Doucet, P. Eng., President of SIRIOS, Qualified Person.
Forward-Looking Statement: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company’s ability to control or predict and are not to be interpreted as guarantees for future performance. These forward-looking statements could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof. Accordingly, readers should not place undue reliance on such forward-looking statements.
For more information:
Dominique Doucet, CEO