MONTREAL, QUEBEC--(Marketwire - Aug. 29, 2012) - The Board of Directors of SIRIOS RESOURCES INC. ("Sirios") (TSX VENTURE:SOI) invites its shareholders to a Special Meeting in order to ask for their approval for the consolidation of Sirios' common shares on a basis of one (1) new share of Sirios for every tranche of seven (7) old shares of Sirios currently issued and outstanding. This consolidation will allow the number of Sirios' shares issued and outstanding to be reduced to around 17.4 million.
The Board of Directors considers this consolidation as an essential step in order to continue raising capital for future exploration programs. In the short and medium term, Sirios is focusing its efforts on its Cheechoo gold project where a drilling campaign is planned for this fall, as well as on its Aquilon high grade gold property, and on the generation of new projects such as AAA.
The Special Meeting will take place in Montreal, on October 12, 2012. The consolidation is subject to the approval of shareholders and the TSX Venture Exchange.
As previously announced, Sirios recently signed an agreement with Golden Valley Mines Ltd. for the Cheechoo project allowing Sirios to increase its current interest in the project from 40% to 100% under certain obligations (June 15, 2012 press release). The project is adjacent to the east of the property on which the Eleonore gold mine is being built by Les Mines Opinaca Ltd., a subsidiary of Goldcorp Inc. This future gold mine has an estimated annual production of 600,000 ounces of gold, over a period of around 15 years beginning in 2014.
Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.
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.