MONTREAL, QUEBEC–(Marketwire – Oct. 11, 2011) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI) announces the closing of an agreement with its wholly owned subsidiary Khalkos Exploration Inc. (“Khalkos”) which received the whole Tilly property as well as Sirios’ 50% interest in both the Pontax-Lithium and Murdoch properties.
Sirios received, in exchange of the properties, 8,663,905 shares of Khalkos (previously called “Magmax”) at an established price of $0.20 per share. This transaction was carried out at book value of the properties as at June 30, 2011, which totalled $1,732,781. Sirios now holds a total of 10,343,906 shares of Khalkos consisting of the entirety of its share capital. As previously announced, Sirios will distribute a portion of the shares to its shareholders. This distribution will be subject to the approval of the shareholders. Sirios will ensure to obtain the required approval from regulating authorities.
RESULTS RECEIVED AND PENDING ON SOME PROJECTS
Sirios received non-significant assay results of the core samples from the two first drill holes completed in June on Pontax (see July 13, 2011 press release). The remaining assay results, still pending, from the other ten drill holes were delayed by some logistical problems encountered before the shipment to the laboratory. Other rock assay results from new projects (Baleine and Koala) prospected in July were received with non-significant values.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information:
Dominique Doucet, CEO