Sirios Closes the Sale of the Pontax Property
TSX-V : SOI April 12, 2023
Sirios Closes the Sale of the Pontax Property
Montreal (Quebec) – The management of Sirios Resources Inc. (TSX-V: SOI)
(the “Company”) is pleased to announce that it has completed the sale of the Pontax property ,
located in Eeyou Istchee James Bay, Quebec, pursuant to the term and conditions of the sale and
purchase agreement (the “ SPA”) entered into between the Company, Cygnus Metals Ltd.
(formerly Cygnus Gold Ltd) (“Cygnus”) and its wholly owned Canadian subsidiary Avenir Metals
(Canada) Limited, on February 16, 2023. As agreed, a ll ancillary agreements to the SPA were
signed and the Company received a $1.2M cash payment as well as 750,000 shares of Cygnus.
As previously announced in the press release dated February 16, 2023, further payments and share
issuances of up to $3 million and one million additional shares, respectively, are also anticipated
in the event of a future delineation of a lithium resource on the Pontax property. The Company
will also hold a 1.5% net smelter return royalty on the Pontax property with a buy-back clause by
Cygnus for 0.75% in consideration of a $600,000 cash payment.
About Sirios
Sirios Resources Inc. is a Canadian-based mining exploration company focused on developing its
portfolio of high-potential gold and lithium properties in the Eeyou Istchee James Bay region of
Quebec.
About Cygnus
Cygnus Metals Limited (ASX: CY5) is an emerging exploration company focused on advancing
the Pontax Lithium Project (earning up to 70%) in the world class James Bay lithium district in
Canada, as well as the Bencubbin Lithium Project and Snake Rock Project in Western Australia.
Cautionary note regarding forward-looking statements
This press release contains "forward-looking statements" within the meaning of applicable
Canadian securities laws based on expectations, estimates and projections as of the date of this
press release. Forward-looking statements involve risks, uncertainties and other factors that could
cause actual events, results, performance, expectations and opportunities to differ materially from
those expressed or implied by such forward-looking statements. Factors that could cause actual
results to differ materially from those indicated in such forward-looking statements include, but
are not limited to capital and operating costs that differ materially from estimates; the tentative
nature of metallurgical test results; delays or failures in obtaining required governmental,
environmental or other approvals; uncertainties related to the availability and cost of necessary
financing in the future changes in financial markets; inflation; fluctuations in metal prices; delays
in project development; other risks relating to the mineral exploration and development industry;
and risks disclosed in public filings of the Company on SEDAR at www. sedar.com. Although the
Company believes that the assumptions and factors used in preparing the forward-looking
statements contained in this news release are reasonable, readers should not place undue reliance
on this information, which speaks only as of the date of this news release, and there can be no
assurance that such events will occur or occur within the time periods presented. The Company
disclaims any intention or obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the Rules of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact :
Dominique Doucet, Eng., President
Tel. : 514-510-7961
Website : www.sirios.com