MONTREAL, QUEBEC--(Marketwire - July 26, 2012) - KHALKOS EXPLORATION INC. ("Khalkos") (TSX VENTURE:KAS) and SIRIOS RESOURCES INC. ("Sirios") (TSX VENTURE:SOI) have signed an agreement allowing Khalkos to acquire a 50% interest in Hipo, Sirios' new property with gold potential, located in James Bay, Quebec. Khalkos may obtain a first 20% interest by incurring fieldwork for $192,000 on the property in 2012 and repaying Sirios $8,000, consisting of the claim acquisition costs. Moreover, Khalkos can increase its interest to up to 50% by completing additional fieldwork for a cumulative total of $500,000 by December 31, 2014. Sirios will keep the operatorship of the project.
The agreement was approved by the board of directors of both companies, and only the independent directors voted on the agreement, which is subject to the approval of regulating authorities.
The Hipo property consists of 63 claims separated in three non-adjacent blocks located at around 50 km south of the LG-4 hydroelectric complex in James Bay, Quebec. The property is centered on a volcano-sedimentary belt that has undergone little or no exploration until now.
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