Sphinx: Corporate Update

MONTREAL, QUEBEC--(Marketwired - Aug. 26, 2016) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) announces that the Annual General and Special Meeting will now be held on October 6 in Montreal. The record date is July 29, 2016.

Stock option plan

Sphinx announces that it has amended its stock option plan (the "Stock Option Plan"). The amendment increases the maximum number of shares issuable upon exercise of the options granted to directors, officers, key employees and consultants of Sphinx pursuant to the Stock Option Plan from 1,543,000 to 4,700,000. Such number represents less than 10% of the total number of shares issued and outstanding. The amendment is conditional to the approval by the TSX Venture Exchange.

Warrants extension

Sphinx also announce that, subject to the approval by the TSX Venture Exchange, the 8,389,615 warrants due to expire on September 5, 2016 and the 1,925,000 warrants due to expire September 12, 2016 respectively have been extended for two (2) years such that the new expiry dates are September 5, 2018 and September 12, 2018, respectively.

About Sphinx

Sphinx is engaged in the generation and acquisition of exploration projects in Québec, Canada which is recognized as an attractive mining jurisdiction worldwide.

Neither 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.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx's periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.