NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE – A SERVICE OF ITG
FOR: SIRIOS RESOURCES INC.
ME SYMBOL: SOI
JUNE 20, 2001 – 11:48 EDT
SIRIOS to Form a New Exploration Company
MONTREAL, QUEBEC, CANADA–Officers of SIRIOS RESOURCES INC.
(“SIRIOS”) are pleased to announce that the Board of Directors
unanimously approved the creation of a new exploration company
(“Newco”) specialized in base metals exploration. The project
includes the following steps:
1) Subscription of approximately 1,6 millions Common
Shares of Newco by SIRIOS for a par value.
2) Distribution of these 1,6 millions Common Shares
by SIRIOS to its Shareholders using a ratio of 8
shares of Newco for each block of 100 shares of
SIRIOS owned by the holder thereof.
3) Subsequent sale by SIRIOS of the TILLY and NOROIT
properties to Newco for 500,000 Common Shares of
Newco and a 1% NSR (Net Smelter Return) royalty,
with a CAD$ 500,000 buyback right effective for
half the royalty.
4) Public financing and application for exchange
listing by Newco.
This project is subject to the approval of all regulatory
authorities and will be submitted to Shareholders’approval at the
General Annual and Special Shareholders Meeting to be held in
September 2001. The creation of this new base metals exploration
company will enable SIRIOS to focus on diamond and gold
exploration while Shareholders will continue to benefit from base
metals discoveries. It is worthwhile to remember that SIRIOS
discovered molybdenum-copper-silver and copper-gold polymetallic
mineralizations on the TILLY property within a pluri-kilometric
porphyry copper system.
One of the most active mining exploration companies in Quebec,
SIRIOS is a very dynamic junior with some 20,492,474 Common Shares
issued and outstanding, trading on the Montreal Exchange under
For more information:
Dominique Doucet, CEO