MONTREAL, QUEBEC–(Marketwire – March 12, 2009) – The directors of Sirios Resources Inc. (TSX VENTURE:SOI) have the pleasure to unveil an agreement in order to complete the acquisition of all the shares of the private company Magmax Exploration Inc. Magmax is a private company that had obtained an exclusive option by Sirios in 2008 in order to acquire a 50% interest in the gold property ESCALE (press releases of August 5 and July 17, 2008). The option agreement will therefore be annulled and SIRIOS will regain complete control of the property. This acquisition aligns itself with SIRIOS’ plan to mainly focus its exploration efforts on its four gold projects.
Nine shareholders hold all 1,680,001 shares of Magmax that were previously issued in return for the sum of $226,000. SIRIOS will issue 2,520,000 common shares at a deemed price of $0.09 per share in exchange of all the shares of Magmax. Two officers of SIRIOS, Ms. Marie-José Girard and Mr. Dominique Doucet are also shareholders of Magmax, each holding 7,1% and 4,2% of the shares respectively. Mr. Doucet is also a director of Magmax and abstained from voting on the transaction. The agreement is subject to approval by the regulatory authorities.
The 2008-2009 fieldwork on ESCALE totalling $165,000 to date and paid for by Magmax has allowed the delineation of an 8 km2 area revealing an excellent gold potential in the meta-sedimentary and intrusive rocks. The property contains several gold showings (grab samples of up to 23.8 g/t Au), gold-molybdenum (up to 0.52 g/t Au and 0,16% Mo) and zinc (up to 3.5% Zn) in outcrops, drill holes or boulders (press releases of October 2 and November 25, 2008).
The ESCALE is wholly owned by Sirios and is located approximately 75 km south-east from the LG-4 hydro-electric complex and 320 km east of Radisson in James Bay, Québec. It is comprised of 178 claims covering approximately 90 km2.
This press release was prepared by Dominique Doucet, P. Eng., President of SIRIOS, Qualified Person.
The TSX Venture has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
For more information:
Dominique Doucet, CEO