Sphinx Closes a $1 Million Private Placement

MONTRÉAL,QC / ACCESSWIRE / December 11, 2018 / Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX- V: SFX) announces ithas held a closing of a non-brokered private placement (the "Private Placement")for aggregate gross proceeds of $1,031,000. The Private Placement was comprisedof:

• 8,100,000units of the Corporation at a price of $0.05 per unit. Each unit consists of onecommon share in the capital of the Corporation and one half of one common sharepurchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire onecommon share of the Corporation at a price of $0.07 per common share until December11, 2021; and
• 9,630,769flow-through common shares at a price of $0.065 per flow-through share. The flow-throughshares shall qualify as "flow-through shares" within the meaning of the Income TaxAct (Canada).

The Private Placement includes $360,000 fromthree Québec-based institutional funds:

• CDPQ Sodémex Inc. ($160,000);
• Fonds de solidarité FTQ ($100,000); and
• Société d'investissement dans la diversification de l'exploration("SIDEX") ($ 100,000).

Management and directors of the Corporationsubscribed for an amount of $45,000 of the Private Placement. In connection withthe financing, the Corporation has agreed to pay finder's fees in the aggregateamount of $43,820.

The net proceeds of the financing will beused to fund the Corporation's zinc projects (Calumet-Sud, Tessouat, Tessouat-Sud andObwondiag) in the Pontiac regional municipal countyin southwestern Québec and for general working capital purposes.

The securities of the Corporation to be issuedpursuant to the financing are subject to a four-month hold period expiring April12, 2019. The Private Placement has been conditionally accepted by the TSX VentureExchange.

About Québec and Sphinx

Quebec has established itself as one of the world's most attractive miningjurisdictions, ranking 6th globally (Fraser Institute press release,February 22 2018). The Quebec government has created market confidence by followinga proactive approach to mining policy. Quebec's mining sector has also been encouragedby the clarity and certainty of the legal and regulatory framework adopted by itsgovernment. Sphinx is engaged in the generation and acquisition of exploration projectsin Québec with a focus on zinc.

For further information,please consult Sphinx's website or contact:

Normand Champigny
President and Chief Executive Officer
514.979.4746
info@sphinxresources.ca
www.sphinxresources.ca

Neither TSX Venture Exchange nor its RegulationServices 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-lookingstatements that are subject to known and unknown risks and uncertainties that couldcause actual results and activities to vary materially from targeted results andplanning. Such risks and uncertainties include those described in Sphinx's periodicreports including the annual report or in the filings made by Sphinx from time totime with securities regulatory authorities.

All forward-looking statements in this pressrelease are made as of the date of this press release. Sphinx does not undertaketo update any such forward-looking statements whether as a result of new information,future events or otherwise, except as required by law.

SOURCE: Sphinx Resources Ltd.