MONTREAL, QUEBEC–(Marketwire – Aug. 31, 2011) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI) presents an update on its current corporate and exploration activities.
SPIN OFF SUBSIDIARY INTO A PUBLIC COMPANY
In the coming days, Sirios will transfer its Tilly (100%), Pontax-Lithium (50%), and Murdoch (50%) projects to its subsidiary in exchange for 8,663,905 shares of the subsidiary at an established price of $0.20 per share. This transaction will be carried out at book value of the properties as at June 30, 2011, which totals $1,732,781. Sirios will then hold a total of 10,343,906 shares of its subsidiary consisting of the entirety of its share capital. Sirios will then 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.
Technical reports of the Tilly, Pontax-Li and Murdoch properties are currently being completed by independent consultants. The reports will be used, among other things, to complete the informational documents that will be distributed to shareholders for the annual general and special shareholders meeting.
AQUILON PROJECT (partnership with Golden Tag): PERMITTING
Required permitting process was started in August with the proper authorities in order to proceed with a bulk sampling programme on the high grade gold showing Lingo. The bulk sampling is planned for winter 2011-2012. Moreover, Sirios now has until June 2012 to complete its work commitment on Aquilon in order to increase its interest from 40% to 50%.
DRILLING ON PONTAX AND PROSPECTING: RESULTS PENDING
Sirios is still awaiting the first core sample assay results from the drilling on Pontax completed in June (see July 13, 2011 press release). The high level activity in the exploration industry is causing long delays for assaying in laboratories. Rock assay results from new projects (Baleine and Koala) are also expected, prospecting on these projects were undertaken in July.
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