NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: SIRIOS RESOURCES INC. TSX VENTURE SYMBOL: SOI MAY 6, 2004 - 10:21 ET SIRIOS: Acquisition of the VAL D'OR NICKEL Property and Beginning of Diamond Drilling MONTREAL, QUEBEC, CANADA--(CCNMatthews - May 6, 2004) - SIRIOS RESOURCES INC. announces that it has signed an agreement with BROADBACK RESOURCES INC. ("Broadback"), whereby SIRIOS obtained the right to earn a 100% interest in the VAL-D'OR NICKEL copper-nickel property located 60 km north-east of Lebel sur Quevillon, Quebec. The property is formed of 158 claims covering an area of 80 square kilometers. Geological and geophysical surveys were previously carried out by Broadback including a gravimetric survey completed in November 2003. These surveys result in a new structural geological interpretation with major implication for the exploration of the area. It also outlines a 100 square km ultramafic to mafic intrusive complex associated to a strong gravimetric anomaly. This anomaly supports the new structural and petrological interpretation. SIRIOS and Broadback's geologists agreed that the VAL-D'OR NICKEL property shows geological settings similar to the ones hosting major deposits and consequently has a very strong potential for the discovery of a significant nickel-copper deposit. Exploration effort to locate Ni-Cu (PGE) magmatic mineralisation will target on feeder dikes of the magmatic complex. Work will mainly consist of diamond drilling and geophysical surveys (gravimetric and "Bore hole Pulse EM"). SIRIOS has just started drilling one of two vertical 400-meter holes to test the presence of ultramafic rocks under the gabbroic rocks occurring on surface. To earn a 100 % working interest in the VAL-D'OR NICKEL property, SIRIOS will have to pay a sum of $20,000 and issue 300,000 common shares to Broadback on signing the agreement. In addition SIRIOS will have to spend a total of $1,500,000 on exploration expenses over a four-year period, including $125,000 in the first and second year respectively as well as issuing 300,000 and 400,000 additional common shares. A first 40% interest will be earn by SIRIOS following a first $500,000 in exploration expenses and the issuance of 1,000,000 shares. A $250,000 payment will have to be paid either in cash or in shares at the end of each of the third and fourth year. Broadback will keep a 2% Net Smelter Return royalty, which half of it being buyable by SIRIOS for $1,000,000. The agreement is subject to the approvals of the Board of Directors and regulatory authorities. Additional technical information will be available in the next few days on SIRIOS' web site. WITHDRAWAL OF REQUEST FOR WARRANT EXTENSION SIRIOS announces that it has withdrawn its application to the regulatory authorities to amend the terms of its previously issued warrants as announced in the April 20 Press Release. Consequently, the 500,000 warrants, initially issued on November 5, 2002 pursuant to a private placement expired on May 4, 2004.
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Dominique Doucet, CEO